Sofame Carbon Division to Support Equipment Sales While Aggregating Carbon Credits
MONTREAL, February 18, 2009 - Sofame Technologies Inc. (TSX-V: SDW) has engaged four world class partners to assist with developing its Carbon Credit division: Sofame Carbon. Sofame Carbon will pursue the certification of investment grade carbon credits to help end-users maximize the benefits of their financial investments in Sofame's energy-saving equipment.
Torys LLP, PricewaterhouseCoopers LLP, ClimateCheck, and the Eco-Conseil Chair of UQAC will each provide specific expertise to the project, and will collectively work together to assist in establishing Sofame Carbon.
John Gocek, President and Chief Executive Officer of Sofame stated, "We are encouraged by the renewed emphasis on energy efficiency as a way to conserve finite fuel resources and to protect the environment by reducing greenhouse gas emissions. The experts joining with Sofame today understand the importance of encouraging carbon and energy reductions - and will provide Sofame with expertise on the mechanisms we can use to drive and support these behavioral changes. They will be valued partners as we move forward with this initiative."
Sofame has been successfully reducing CO2 and NOX emissions for over twenty years through individual projects typically providing 10,000 tons of carbon savings per project. By making the normal exercise of certifying carbon credits a repetitive process tied to Sofame's technology, the complications and expense will be reduced through economies of scale. This new business will complement Sofame's core engineering and equipment manufacturing activities, and help the company improve customers' return on investment.
Sofame Carbon will operate on a principle of recurring revenue by cooperating with end-users to document and aggregate certified carbon credits over a number of years, and then sharing any gains with customers. Over time Sofame will bring the carbon credits to market as sales increase and the pool of funds grows.
Sofame will work with our industry leading partners, each of whom is considered a highly qualified climate change advisor, to develop the Sofame Carbon business plan. The result will take into account actual opportunities to monetize NOX reductions and carbon offset credits, and to build on the expected sweeping changes in climate change legislation in the United States and Canada.
As Tom Baumann, CEO of ClimateCHECK says, "Sofame realizes that with the right people, knowledge, and tools in place, carbon saved is money earned. Their clients stand to benefit directly through the leadership and innovation Sofame is demonstrating by bringing this top-notch team together to assist their new Carbon Credit division".