Electricity Dependence and Rate Rises Drive Cyprus to Energy Efficiency
VANCOUVER, Sept. 3 /CNW/ - Smartcool Systems Inc. (TSXV: SSC) is pleased
to report that the company has signed an exclusive agreement with Lumina Solar
Ltd., based in Nicosia, Cyprus, to distribute Smartcool's Energy Savings
Module(TM) (ESM(TM)) in Cyprus. Lumina Solar will also market Smartcool's
ECO3(TM) on a non-exclusive basis. Lumina Solar has agree to make minimum
annual purchases of Smartcool inventory to obtain and retain the exclusive
rights for the ESM technology.
The Republic of Cyprus is the third largest island in the Mediterranean.
It is a prosperous country with a diversified economy. It is one of Europe's
most popular tourist destinations attracting over 2.4 million visitors per
In recent years both industrial and residential users have experienced
rapid increases in electricity rates that have raised Cyprus' rates to well
over the average cost in the European Union. Residential rates are
approximately US$0.20 per kilowatt Hour (kWh) with industrial rates running
slightly lower at approximately US$0.18/kWh. As there is no supply of natural
gas, Cyprus is currently solely dependent on electricity.
"The island of Cyprus is reliant on electricity and with rapid rate
increases there is growing pressure to implement energy efficiency initiatives
to reduce costs and maintain control of energy demand," stated Steven Martin,
Director, Sales, Smartcool Systems (EMEA) Ltd. "We are very happy with the
relationship we have developed with Lumina Solar as they have the experience
within the marketplace to represent our line of products from a technical
perspective. In addition, they are already looking further afield in order to
expose the Smartcool brand to a wider audience in that area of Europe."
"We are pleased with the level of financial and technical commitment
being made by Lumina Solar to obtain these distribution rights in Cyprus "
commented George Burnes, President & CEO of Smartcool Systems, "as these
commitments continue to help build the global exploitation of our technology
and ensure future revenues for our Company".
About Lumina Solar Ltd.
Lumina Solar Ltd. is a subsidiary of the Lordos Group of Companies. The
Lordos Group is a highly diversified organization that constantly evaluates
very carefully new trends and market needs, and enters the market with
appropriate propositions and products to meet them. The Lordos Group was
founded in the early 20th century in Famagusta, Cyprus, by Mr. George D.
Lordos, the father of the Gorup's present chairman Mr. Constantinos G. Lordos.
The Lordos group has the following operating divisions; Property
development, Energy, Food trading & Processing, Hotels & Leisure,
Construction, Architecture, IT Services, Property Management, Investments,
Founded in 2007, Lumina Solar's mission is the consultancy, financing and
commissioning of renewable energy production and the sale and installation of
energy efficiency systems, based on new technologies, in markets ranging from
South Eastern Europe to North Africa.
About Smartcool Systems Inc.
Smartcool Systems Inc. (SSC: TSX.V) manufactures and distributes the
Smartcool Energy Saving Module (ESM)(TM) and the ECO(3)(TM), which make
refrigeration and air conditioning systems more efficient, resulting in proven
cost savings, reduced energy consumption, and a smaller carbon footprint. The
Smartcool ESM(TM) can be retrofitted to existing refrigeration and air
conditioning systems and is compatible with all known control systems. More
than 26,000 units have been installed worldwide for customers such as
supermarkets, food distributors, telecommunications companies, hospitals, and
hotels. Smartcool's new ECO(3)(TM) provides the same environmental and
cost-saving benefits to residential and commercial customers using one and two
compressor cooling systems. (www.smartcool.net)
The TSX Venture Exchange has neither approved nor disapproved the
contents of this press release.
For further information:
For further information: I.R - George Burnes, (604) 669-1388 or
1-888-669-1388 or firstname.lastname@example.org; Sales - Cameron Hunter, (604)
669-1388 or 1-888-669-1388 or email@example.com; Sales - Chris Lefaivre,
(604) 669-1388 or 1-888-669-1388 or firstname.lastname@example.org