MANCHESTER, N.H., Aug. 9, 2010 (GLOBE NEWSWIRE) -- QED Connect Inc. (Pink Sheets:QEDN), a New York corporation ("QED Connect"), today announced that its Joint Venture partner, Sofame Technologies, Inc. ("Sofame Technologies") (TSX-V:SDW), has completed shipment of a Percotherm® heat recovery unit to a multi-national company in Monterrey, Mexico. Based on the early success and improved operating efficiency following successful start-up of this and other similar units Sofame Energy, the recently announced Joint Venture, and its local representatives are in the process of reviewing with additional plant locations for potential installation of the Sofame solutions in the United States.
Over the last four months, Sofame Technologies has confirmed orders totaling $2.1 million for five systems. Sofame is completing installation of two systems this month including the Mexico contract, and has accepted three additional orders that it expects to ship over the next four months. Sofame Energy continues to see indications of strong demand for Sofame's unique high-efficiency, direct-contact industrial hot water systems in the United States.
John Gocek, Sofame Technologies President and CEO, said, "Sofame Technologies will announce 3rd quarter financials as per the TSX exchange guidelines and has been experiencing an overall year to year reduction in operating costs which is essential to future profitability. With the US Joint Venture now in place, Sofame can participate fully in the US energy efficiency market which offers opportunities to increase revenues in fiscal 2011. "
Tom Makmann, President and CEO of QED Connect, stated, "The Joint Venture with Sofame provides QED with a good foundation for building its portfolio and delivering share holder value. We anticipate that QED will begin to realize revenue form the Joint Venture by the end of its fiscal year."
About QED Connect, Inc.
QED Connect, Inc. is a New York corporation holding company 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. This business model achieves the Company's goals and expands its overall revenue and profits and diversifies through entry into the multiple 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. www.qedconnect.com
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, 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 complete the Joint Venture with Sofame and to fund QED's overall expansion plans; (ii) build the management and human resources and infrastructure necessary to support the growth of its Joint Venture with Sofame and to fund QED's growth, generally; (iii) successfully obtain and fill potential Joint Venture product orders; (iv) generate sufficient revenue and efficiently manage operations to obtain profitability ; (v) competitive factors and developments beyond the Company's control; and (vi) other risk factors.