Smartcool Finalizes Software Licensing Agreement
VANCOUVER, Dec. 12, 2013 /CNW/ - Smartcool Systems Inc. (TSX-V: SSC) has launched a new strategic initiative to market the intellectual property contained in its energy efficiency products with the finalization of a Software Licensing Agreement with SmartACR.
The agreement licenses SmartACR to embed Smartcool's proprietary software algorithms into a limited number of web enabled HVAC-R multi-function controller devices. Under the terms of the agreement, Smartcool retains title to the embedded software, earns a royalty for each device that the software algorithm is embedded in and has the right to purchase the new products developed by SmartACR at preferential pricing. Product development work by SmartACR has commenced and the new devices are expected to come to market in Q2 2014.
The signing of a Software Licensing Agreement marks the start of a new stage in Smartcool's development, as it explores new and complimentary means to monetize its compressor optimization software algorithms and deliver them to market in innovative and profitable ways.
The agreement marks a milestone for Smartcool, as it demonstrates the evolution of a distribution relationship into one that offers new opportunity for growth for both parties. SmartACR has been a Smartcool distribution partner since May 2012 experiencing rapid success with Smartcool's technology and this is expected to escalate moving forwards.
Additional information on the development of these new products incorporating Smartcool's proprietary software algorithms will be released as events progress.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
SmartACR is an independent distributor of Smartcool's ECO3 & ESM and a licensee of Smartcool's compressor optimization software algorithms in the USA. Operating out of offices in Boston and Houston, SmartACR is focused on developing and delivering energy efficiency solutions for air conditioning and refrigeration systems. www.smartacr.com
Smartcool Systems Inc. (TSX-V: SSC) provides cutting edge energy efficient and energy cost reduction solutions for businesses around the world. The ECO3 and ESM are Smartcool's unique retrofit technologies that reduce the energy consumption of compressors in air conditioning, refrigeration and heat pump systems by 15% to 20%, giving customers a return on investment in 12 to 36 months.
SOURCE SmartCool Systems Inc.For further information:
Mike Kordysz, Smartcool Investor Relations
TEL +1 604 904 8632