VANCOUVER, Dec. 19, 2013 /CNW/ - Smartcool Systems Inc. (TSX-V: SSC) is pleased to announce the successful negotiation of an
agreement to reduce the balance owing by the Company to the Vendors of
two companies, Smartcool Systems UK Ltd. and Smartcool Systems EMEA
Ltd., which were acquired by the Company in 2008 and 2011,
Under this Debt Reduction Agreement, the total debt including interest
of $2,916,508 CAD has been reduced to $523,380 CAD, payable over five
years without interest. The Vendors of these two companies will either
be issued preferred shares or promissory notes for the sum of $523,380
George Burnes, President of Smartcool Systems Inc., states, "We are very
pleased to have successfully concluded this negotiation with the
Vendors of Smartcool Systems UK Ltd. and Smartcool Systems EMEA Ltd.,
as this has increased shareholder equity by approximately $2,393,128.
With this agreement in place, we are looking forward to starting a new
and positive phase of growth for the company in the new year."
The Settlement is subject to approval by the TSX Venture Exchange.
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 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 12 to 36 months.
SOURCE: SmartCool Systems Inc.
For further information:
WEB www.smartcool.net and www.smartcooleco3.com EMAIL firstname.lastname@example.org
Mike Kordysz, Smartcool Investor Relations
TEL +1 604 904 8632 EMAIL email@example.com