Read this, the Sofame CEO says directly they want the J/V to get the USA government contracts!
Outlook:
Sofame reduced operating costs by $437,054 in Q2 2010 compared to Q2
2009. Despite a slow down in shipments due in part to the dramatic
restructuring of operations, Sofame was able to improve EBITDA to a
sustainable level. The new cost structure and outsourcing of some
manufacturing is providing a boost to quality and improving Sofame's
competitive advantage in terms of pricing and lead times. Sofame received
support from its supply chain partners and customers throughout the second
quarter. As a result Sofame was able to close $985,000 in new contracts from
April 1st to May 31, 2010. Lower costs and an increase in confirmed orders
position Sofame for further improvement in earnings in the second half of the
fiscal year. Sofame has also reached an agreement with a partner in the United
States to create a US joint venture company. The joint venture plans to
leverage Sofame's growing revenues in the US to attract additional capital
required to fund profitable growth in that market. The new company will be
eligible to supply energy efficiency equipment under the Buy America
provisions of the American Recovery and Reinvestment Act.
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