MANCHESTER, N.H., Aug 9, 2010 (GlobeNewswire via COMTEX) -- QED Connect Inc. (Pink Sheets:QEDN), a New York corporation ("QED Connect"), today announced that its Joint Venture partner, Sofame Technologies, Inc. ("Sofame Technologies") /quotes/comstock/11v!sdw (CA:SDW 0.04, -0.01, -11.11%) , has completed shipment of a Percotherm(R) 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."
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