VANCOUVER, Jan. 25, 2016 /CNW/ - Smartcool Systems Inc. (TSX-V: SSC))(OTCQB-SSCFF) Smartcool Systems Inc., CEO Ted Konyi, is pleased to announce today that the company has entered into an LOI (Letter Of Intent) with Connected Holdings of Newport Beach, California. The LOI is expected to lead to signing of a formal License Agreement during the first Quarter of 2016.
Connected Holdings, a leader in M2M and IoT platforms, will be responsible for the development of a Smartcool cellular enabled device and a cloud based Smartcool application for integration with HVAC control systems. Connected Holdings will fund the development work and manage the production of these new devices and cloud services.
Connected Holdings will form a subsidiary for the purposes of marketing this new connected solution. They anticipate leveraging their relationships with cellular network providers and under the license agreement, will be provided exclusive rights to sell through this channel.
Connected Holdings and its associated entities, currently sell in excess of 100,000 cellular IoT devices per month. These are primarily sold into the automotive markets. As a result of this existing business, Connected Holdings benefits from strong relationships with its manufacturers and cellular network providers.
Smartcool will, as part of the License Agreement, be granted an ownership interest in the Connected Holdings subsidiary as well as a royalty on sales. Smartcool will also distribute products and services created by Connected Holdings through existing distributors and sales agents.
Eric Collins, Chairman and President of Connected Holdings, commented, "I am extremely excited about this opportunity with Smartcool Systems. We have focused our efforts in the IoT (Internet of Things) primarily in the automotive arena to date. This has meant connecting vehicles with the Internet for the purpose of communicating data about the vehicles' location, condition, and other real-time information. By partnering with Smartcool, we can now apply their AC, refrigeration and heat pump efficiency technology to our cellular sensors product family and our cloud based Intelligent Services platform. This offering will provide businesses with real energy savings and the ability to manage their energy utilization dynamically. In addition, by leveraging our network relationships we expect to grow sales rapidly. We are looking forward to a long and fruitful relationship with Smartcool Systems."
Ted Konyi added, "We are thrilled to be working with Connected Holdings who are leaders in the growing IoT space. Their technical expertise, manufacturing capability and network connections provide an opportunity to significantly move the Smartcool technology forward. In addition, the goal of providing our existing distributors and sales agents updated tools to further develop existing markets and capture new markets will enhance Smartcool's sales."
Smartcool Systems Inc. (TSX-V: SSC) provides cutting edge energy efficient and energy cost reduction solutions for businesses around the world. The ECO3 and ESM are Smartcool's unique retrofit technologies that reduce the energy consumption of compressors in air conditioning, refrigeration and heat pump systems by 15% to 20%, giving customers a return on investment in as little as 12 months.
About Connected Holdings LLC
Connected Holdings, LLC. has successfully leveraged their engineering design talents, manufacturing, network relationships and market maker expertise to create a rapidly growing group of companies focused on specific vertical markets in the IoT space. By virtue of their design approach, they offer IoT devices and communications platform at market-disruptive values. More information about these companies can be found at the following link.
Legal Notice Regarding Forward Looking Statements
This news release contains "forward looking statements". Forward-looking statements are projections of financial performance or future events. Forward-looking statements can be identified by the use of words such as "expect", "anticipate", "intend", "plan", "believe", "estimate" and words of similar meaning. Forward-looking statements are based on management's current expectations and assumptions and they are subject to risks that may cause actual results to differ materially from those expressed or implied by such forward looking statements. Forward-looking statements in this news release include those concerning the company's belief in the growth opportunities in the North America. These statements are subject to risks that may cause the actual results to be materially different in future periods from those expressed or implied by such forward looking statements. Risks that may prevent or delay the forward looking statements from coming to fruition as anticipated include the availability of working capital, risks inherent in product development, as well as market factors that may increase costs or time to market. It is our policy not to update forward looking statements except to the extent required under applicable securities laws. Further information on the Company is available at www.sedar.com or at the Company's website, 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: WEB www.smartcool.net and www.smartcooleco3.com, EMAIL [email protected]; Investor inquiries: Mike Kordysz, Vice President, Investor Relations, TEL +1 604 904 8632, EMAIL [email protected]