VANCOUVER, Jan. 24, 2012 /CNW/ - Smartcool Systems Inc. (TSX-V: SSC) is pleased to announce that the company has experienced the anticipated growth in its business and achieved profitability during the fourth quarter of 2011. In this quarter, Smartcool achieved the most revenue earned in any quarter in the company's history. The management-prepared financial statements show revenues of $1,998,000 and EBITDA of 365,000. Final confirmation of these figures is subject to the audit of the 2011 fiscal period, which is currently underway.
"Our ongoing work with several major food retailers in England and Europe provides us with the foundation required for profitability," stated George Burnes, President and CEO of Smartcool. "We have dedicated ourselves to becoming leaders in energy efficiency solutions for these types of customers. Our investment in this market has demonstrated its value, and we anticipate that this will lead us through a highly successful year in 2012 and beyond."
The company anticipates the continued expansion of its market share in 2012 by working with top tier food retailers, telecommunication and data processing companies in the United Kingdom, Europe, Asia, Australia and North America. The company's office in Alton, England has been provided the necessary resources to handle the level of business currently anticipated in the United Kingdom and Europe for 2012.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
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, with no risk to existing equipment performance. www.smartcool.net
For further information:
CEO of Smartcool
Tel. +1 604 639 5625