VANCOUVER, Jan. 17 /CNW/ - Smartcool Systems Inc. (TSX-V: SSC) is pleased to announce that it has entered into a Letter
of Intent for the acquisition of Smartcool Systems UK Ltd., a
distributor of Smartcool technology.
Under the terms of the proposed acquisition, Smartcool Systems EMEA
Ltd., a wholly-owned subsidiary of Smartcool Systems Inc., will acquire
all issued and outstanding shares in the capital of Smartcool Systems
UK as well as assuming the obligations of all the company's employment
agreements. The effective date of the transaction is January 1, 2011,
with a closing date of February 28, 2011.
The transaction is subject to the Company reaching a definitive legal
agreement, raising sufficient capital to fund the acquisition, as well
as all the required approvals of the TSX Venture Exchange.
About Smartcool Systems Inc.
Smartcool Systems Inc. (TSX-V: SSC) manufactures and distributes the
Energy Saving Module (ESM)™ and the ECO3™, which make refrigeration and air conditioning systems more efficient,
resulting in proven cost savings, reduced energy consumption, and a
smaller carbon footprint. More than 26,000 units have been installed
worldwide for customers such as supermarkets, food distributors,
telecommunications companies, hospitals, and hotels. 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:
Further information for investors:
George Burnes, (604) 669-1388 ext. 102 or email@example.com
Jeff Walker, Howard Group, (403) 221-0915 ext. 222
Robert Bailey, G2 Consultants, (604) 742-9990 or firstname.lastname@example.org