Smartcool announces closing of private placement offering

VANCOUVER, Jan. 23, 2012 /CNW/ - SmartCool Systems Inc. (TSXV: SSC) (the "Company") is pleased to announce that further to its news release dated January 17, 2012, it has completed the non-brokered private placement consisting of 2,678,571 common shares at a price of $0.14 per share for gross proceeds of approximately $375,000 (the "Offering").

The common shares issued pursuant to the private placement are subject to four-month resale restriction that expires on May 21, 2012.

The proceeds raised will be used for general working capital and purchase of inventory.

About Smartcool

Smartcool Systems Inc. (TSXV: SSC) provides energy efficiency 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.

On behalf of SmartCool Systems Inc.

George Burnes, President and CEO

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE SmartCool Systems Inc.

For further information:

George Burnes
President and CEO

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SmartCool Systems Inc.

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