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, respectively.
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 CAD.
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:
Mike Kordysz, Smartcool Investor Relations
TEL +1 604 904 8632 EMAIL [email protected]