MANCHESTER, N.H., May 5, 2010 (GLOBE NEWSWIRE) -- QED Connect Inc. (Pink Sheets:QEDN), a New York Corporation, today announced that it has signed a letter of intent to enter into a Joint Venture with Sofame Technologies, Inc. (TSX-V:SDW), a Montreal, Canada based company.
Sofame has completed over 300 high efficiency, custom-engineered and manufactured, direct-contact heat recovery and hot water heating projects since 1984. Sofame has obtained several patents including "Hybrid Percomtherm," awarded in 1994, which is a process that provides boiler flue gas heat recovery from existing boilers and its heat source to completely satisfy the hot water demand. In addition to economically recovering heat from waste energy, Sofame's products significantly reduce greenhouse gas emissions as well as fuel costs. The Company has won over 20 industry, technology and engineering awards in the United States and Canada.
Sofame has recently begun expanding into the U.S. market and has received interest from several markets including: hospitals, universities, airports and food processors.
John Gocek, Chief Operating Officer of Sofame said, "We have been looking for the right partner for some time to help us establish Sofame in the U.S. QED is offering what we need now to help us capture opportunities to improve market penetration."
Tom Makmann, CEO of QED Connect stated, "We are excited about working with Sofame to assist them in expanding their marketing and corporate development efforts in the U.S."
The Joint Venture Agreement is expected to be finalized within the next couple months.
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.