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Sofame Technologies (SDW.V) - bridge financing discussions
Objective Comment, Aug 31, 2009

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Sofame Technologies (SDW.V) - ambitious, but high risk growth strategy
Objective Report, Aug 24, 2009
Sofame has embarked on an ambitious strategy of expanding its manufacturing representative base (SMR) while investing in the infrastructure to support a much larger volume of business than it currently enjoys. Booked revenues this year have been extremely disappointing, although the latest sales for 3Q09 were encouraging; the company has been hit by the severe downturn in the capital goods cycle not helped by its own inability to close deals. Sofame has moved to remedy these issues by supporting its SMRs with its own technical personnel in a co-selling role in order to achieve quicker and higher closing rates. Its ‘project pipeline’ while very large, is lumpy and subject to innumerable vagaries/delays, it therefore lacks earnings visibility; this makes quarterly forecasts of the company’s performance extremely tricky. With actual financial 2009 revenues looking to dip below our ‘pessimistic’ scenario made last October and costs significantly above those anticipated, we have materially lowered our core valuation.  
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Soho Resources (SOH.V) - substantial upgrade to total resource
Objective Report, Aug 19, 2009
Soho’s series of aggressive drill programmes at Tahuehueto in northwestern Price chart (C$) Mexico have allowed the company to revise its NI 43-101-compliant mineral resource estimates for the polymetallic deposit, resulting in a substantial upgrade of the total resource. For the coming year, Soho will focus on completing a preliminary economic assessment of the project.

Meanwhile, the company has just added a new silver project, Jocuixtita, in Mexico. Although developing Tahuehueto remains the company’s priority, the Jocuixtita property will be the exploration focus this year as Soho continues to conserve its capital. Our revised model yields a valuation of C$0.35 per share, compared with C$0.27 as outlined in our update of July, 2008. The revised valuation, which is significantly higher than the current market price, is a reflection of our gathering confidence in the Tahuehueto project following the resource upgrade.  
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