Vancouver, BC. April 12, 2016 Smartcool Systems Inc. (TSX-V:SSC)(OTCQB-SSCFF) CEO Ted Konyi, is pleased to announce today that the company has signed a license agreement completing the earlier announced LOI (Letter Of Intent) with Connected Holdings of Newport Beach, California.
Connected Holdings, a leader in M2M and IoT platforms, will be responsible for the development of a cellular enabled device with a cloud based Smartcool algorithm 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 will also be providing a cellular enabled device which will allow connectivity and reporting for existing Smartcool ECO3 products.
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 these channels.
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 its existing distributors and sales agents.
Eric Collins, Chairman and President of Connected Holdings, commented, "Since signing the LOI in January, our team has been developing a go to market strategy for our Smartcool algorithm enabled products. Initial beta test sites have been established and a full rollout of the initial products is expected in the next few months. We are confident that our service model approach can provide a break-through value proposition for rapid sales growth. We are anticipating a successful relationship with Smartcool Systems."
Ted Konyi added, "Working with Connected Holdings is a major step forward for Smartcool. Staying abreast of changes in technology is a challenge for any small company. By teaming up with Connected Holdings, who are leaders in the growing IoT space, Smartcool will gain services, technical expertise, manufacturing capability and cloud network connectivity. This relationship will not only provide financial rewards from the success of Connected’s efforts but also assist in our goal of providing our distributors and sales agents updated tools to further develop existing markets and capture new markets."
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 www.connectedholdings.com
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