VANCOUVER, May 26, 2011 /CNW/ - Smartcool Systems Inc. (TSX-V: SSC) a leader in providing state of the art green technology,
proven to enhance the efficiency of refrigeration and air conditioning
systems, today reported fourth quarter results for the three months and
fiscal year ended December 31, 2010 (all figures in Canadian dollars
and Canadian GAAP and IFRS).
Revenue for the fiscal year ended December 31, 2010 was $4.2MM, a 75%
increase from $2.4MM in the prior year. Net loss narrowed by 54%.
Strong revenue growth was driven by providing unique energy efficient
technology through an enhanced distribution network and a focused sales
effort on customers with multi-site installations.
Throughout 2010, Smartcool continued to build a robust global
distribution network for the entire Smartcool product line. The
Smartcool global distribution network now consists of new partnership
agreements with multiple third-party distributors throughout the United
States, including several in Florida, California, and states in the
Midwest. New partnership agreements were also formed with third-party
distributers throughout Southeast Asia, and in early 2011, Smartcool
expanded its reach with a distribution agreement that serves several
countries throughout Eastern Europe. With the recent acquisition of a
well-established distributor in the UK, Smartcool also plans to
continue its revenue growth through additional installations in grocery
store chains, data centers, telecommunication firms, and convenience
stores throughout Europe and North America.
Smartcool's focused sales effort on a customer base with multi-site
installations has resulted in greater market penetration, and has
enhanced profitability by developing a more cost effective sales
The full 2010 Financial Results with MD&A are available at the Smartcool
Smartcool Systems Inc. (TSX-V: SSC) provides cutting edge energy
efficient and energy cost reduction solutions for businesses around the
world. The ESM™ and ECO3™ are Smartcool's unique retrofit technologies that reduce the energy
consumption of compressors in air conditioning, refrigeration and heat
pump systems. Energy savings and energy cost savings achieved by the
ESM™ and ECO3™ are quantifiable and these products may qualify for government
subsidies and utility rebates. Smartcool technology has undergone
rigorous testing and has been validated by governmental organizations,
public utilities, and private businesses. www.smartcool.net
Neither the TSX Venture Exchange nor its Regulation Services Provider
accepts responsibility for the adequacy or accuracy of this release.
SOURCE SmartCool Systems Inc.
For further information:
George Burnes, CEO of Smartcool Systems Inc.
Tel. (604) 639-5625
Luis J. Mejia, Managing Partner, Murdock Capital Partners Corp.
Steven Solazzo, Managing Director, Murdock Capital Partners Corp.
Jeff Walker, Howard Group Inc.
Tel. (403) 221-0915 ext. 222