MANCHESTER, N.H., June 1, 2010 (GLOBE NEWSWIRE) -- QED Connect Inc. (Pink Sheets:QEDN), a New York Corporation, today announced that it entered into the Joint Venture Agreement with Sofame Technologies, Inc. (TSX-V:SDW), a Montreal, Canada based company ("Sofame").
The Joint Venture (JV) will form a US based company for the purposes of marketing, distributing, selling and supporting SOF's products within the United States. The JV will also establish strategic relationships and utilize the contacts of QED to assist the business development efforts and other corporate needs of Sofame in the United States.
John Gocek, Chief Operating Officer of Sofame, said, "The formation of the Joint Venture with QED is the first phase in our long term plans to establish Sofame as a major player in the engineering and manufacturing of high-efficiency direct-contact industrial hot water systems in the United States."
Tom Makmann, CEO of QED Connect, stated, "QED is continuing to move forward on our plans to invest and partner with promising, developing businesses, and sees the joint venture as a significant step toward achieving our goals and increasing shareholder value."
Formation of the Joint Venture Company is expected to be finalized this quarter subject to approval by the respective Boards of Directors.
About QED Connect, Inc.
QED Connect, Inc. is a New York corporation which makes acquisitions, investments, and enters into strategic business partnerships. The Company seeks businesses with strong potential which QED can assist in achieving their plans and realizing their maximum potential. QED maintains the goals of portfolio expansion and entry into various market segments. It is QED's intention to help its partners and subsidiaries realize growth, and that growth would, in turn, enhance QED's ability to increase shareholder value.
About Sofame Technologies Inc.
Sofame Technologies Inc. custom engineers and manufactures unique, high-efficiency direct-contact industrial hot water systems which extract up to 99 percent of heat from flue gases depending on the application, and return the energy in the form of high-temperature hot water or pre-heated make-up air. Sofame's products help hospitals, food processing plants, universities, central heating plants, utilities and many more large energy consumers to significantly reduce fuel costs and greenhouse gas emissions. Using world-leading, patented green technology, Sofame serves industrial, institutional and commercial markets through a network of dedicated engineering representatives. For more information, visit www.sofame.com.
Safe Harbor Statement
Certain statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as "anticipate," "believe," "expect," "future," "may," "will," "would," "should," "plan," "projected," "intend," and similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of QED Connect, Inc., (the "Company") to be materially different from those expressed or implied by such forward-looking statements. The Company's future operating results are dependent upon many factors, including but not limited to the Company's ability to: (i) obtain sufficient capital or a strategic business arrangement to fund its expansion plans; (ii) finalize the joint venture agreement with Sofame Technologies, Inc., (iii) build the management and human resources and infrastructure necessary to support the growth of its business; (iv) competitive factors and developments beyond the Company's control; and (v) other risk factors.