"Smartcool retains distribution rights in Europe and Persian Gulf to
VANCOUVER, June 25 /CNW/ - Smartcool Systems Inc. (TSXV: SSC), is pleased
to report that the Company has entered into an agreement to acquire the
business and assets of TECC Services Limited of the United Kingdom ("TECC").
Prior to the acquisition, TECC held the exclusive re-sale rights to a
selection of the Company's products in certain countries in Europe and the
Middle East (the "Distribution Rights").
Effective June 16, 2008, the Company's wholly owned subsidiary, Smartcool
Systems (EMEA) Ltd., reached an agreement with TECC to acquire the
Distribution Rights and related business assets for an agreed upon purchase
price to be paid in cash and common shares in the Company, in scheduled
payments over four years.
"Europe and the Middle East represent a massive opportunity for
Smartcool," states George Burnes President of Smartcool Systems Inc. "This
acquisition will allow the company to generate significant growth and with the
application of capital to the sales and marketing efforts, it will enhance the
very strong technical foundation TECC has established in these regions."
"The acquisition of TECC will streamline Smartcool's distribution channel
thereby providing greater economics," added Chris Lefaivre, VP Sales and
Marketing. "We feel confident that this investment will provide Smartcool
better access to a market that is calling out for energy reduction solutions
and subsequently generate stronger revenue growth for the company."
Closing of this transaction is subject to the approval of the TSX Venture
About Smartcool - "A Clean-Tech Company Specializing in Energy Cost
Smartcool Systems Inc. is an advanced energy savings solutions company
specializing in energy and cost reduction technologies for commercial,
industrial and retail businesses. The company's wholly owned subsidiary,
Smartcool International Inc., is the owner, developer, manufacturer and
worldwide distributor of the Energy Saving Module (ESM(TM)) and the ESM
ECO(3)(TM). These green technology products reduce the electricity consumption
(kWh) and maximum demand (KW) of air conditioning and refrigeration
compressors through enhanced system performance. Rather than replacing
existing equipment, Smartcool's products work in conjunction with existing
HVAC controls in order to ensure that compressors work at maximum efficiency,
while maintaining preset temperature levels and without causing over-cycling.
Rising global energy demand is resulting in significant increases in
energy prices. Environmental concerns are causing both government and industry
to re-examine the way they do business. Smartcool provides companies around
the world with solutions to address the growing pressure to reduce energy
costs, increase profits and reduce green house gas emissions. For more
information, please visit www.smartcool.net.
The TSX Venture Exchange has neither approved nor disapproved the
contents of this press release.
For further information:
For further information: Allan Thompson, (604) 669-1388 or
1-888-669-1388 or email@example.com