SmartCool Systems Inc. (TSXV: SSC) (the "Company") is pleased to report that the Company has now completed the acquisition of the business and assets of Abbotly Technologies Pty Ltd. of Australia ("Abbotly Australia").

 

Abbotly Australia specializes in energy and cost reduction technologies for commercial and retail businesses and is the owner, developer and manufacturer of the Energy Saving Module (known as the "ESM"). The ESM is specifically designed to reduce the electricity consumption, and maximize the efficiency of refrigeration and air conditioning compressors by improving their performance while maintaining temperature control.

Effective June 30, 2006, the Company's wholly owned subsidiary, SmartCool International Inc., has acquired the business and assets of Abbotly Australia for an agreed upon purchase price to be paid in cash in scheduled payments over two years. Previous deposits of CAD $100,000 will be applied towards the final payment. As security for the purchase price, SmartCool International Inc. has granted Abbotly Australia a charge over the intellectual property which SmartCool International Inc. acquired from Abbotly Australia. In addition, the Company has guaranteed the obligations of SmartCool International Inc. to Abbotly Australia.

"We are delighted that we have been able to compliment and enhance our existing business with the acquisition of the business and assets of Abbotly Australia" stated George Burnes, President and CEO of the Company. "This acquisition represents the culmination of our efforts over the past year and a half to complete the vertical integration of our business by now acquiring all of the intellectual property, manufacturing and distribution rights of the ESM."

The Company's association with the ESM started in October 2003 when the Company acquired the exclusive distribution rights of the ESM in Canada and certain states of the United States from Abbotly Technologies, Inc. ("Abbotly USA"). Throughout 2004, the Company acquired additional states as territories from Abbotly USA. In November 2004, the Company first announced preliminary discussions to acquire the business and assets of Abbotly Australia. While a memorandum of understanding was reached with Abbotly Australia in February 2005, the transaction did not close. The Company instead pursued discussions with Abbotly USA to acquire the exclusive distribution rights for all of North America and this resulted in the Company acquiring the exclusive distribution rights for the ESM for Canada, the United States, Mexico and the Caribbean in March 2006.

"We have always enjoyed a good working relationship with the principals of Abbotly Australia and we were successful in coming to new terms to acquire the business and assets of Abbotly Australia in May 2006" says Mr. Burnes.

As a result of the acquisition, SmartCool International Inc. acquires four existing distribution agreements for the ESM encompassing the following countries; Australia, Thailand, the United Kingdom, Spain, Portugal, Hungary, Czech Republic, Slovakia, Poland, Saudi Arabia and the Persian Gulf, as well as the distribution agreement with the Company for Canada, the United States, Mexico and the Caribbean.

According to Mr. Burnes, "Abbotly Australia has been successful, through its distribution agreements, in generating significant cash flow and sound relationships with its clients. As the new owner, manufacturer and worldwide distributor of the ESM, SmartCool International Inc. intends to work diligently to assist and support all of the existing distributors in Australia, Thailand and the United Kingdom to expand their customer base and increase their sales, as well as identify and develop new distributors in other territories around the world."

About Smartcool

Smartcool Systems Inc. (TSX-V: SSC) delivers cutting edge energy efficiency and cost reduction 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. Energy savings achieved by the ESM™ and ECO3™are quantifiable and the products can qualify for government and utility rebates. The technology has been validatedby rigorous third party testing, government organizations and private business installations.

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

 

Investor Inquiries

Mike Kordysz
Tel: +1 604 904 8632
mike.kordysz@smartcool.net

TSX-V: SSC
OTC: SSCFF
Frankfurt: R3W

Press Release RSS

Press Release RSS

Latest Press Releases

Smartcool Installs ECO3 at Premier League Football Club Stadium To Provide Energy Savings

The installation at a top UK Premier League Football Club Stadium will provide Energy Reductions and deliver significant Financial and Environmental BenefitsVancouver, B.C. December 12, 2017, Ted Konyi, CEO, Smartcool Systems Inc. (TSXV: SSC OTC: SSCFF) is pleased to announce that the company has...

Smartcool Introduces the ECOhome to the Residential Air Conditioning Market

Savings of up to 40% to the HomeownerVancouver, B.C. December 5, 2017, Smartcool Systems Inc. (TSXV: SSC OTC: SSCFF) is pleased to announce the release of a new product, the ECOhome, which will focus on the lucrative residential air conditioning market.

Smartcool Announces Valor Energia, A New Brazilian Distributor

Vancouver, B.C. November 21, 2017, Steven Martin, Smartcool’s Executive VP EMEA, Smartcool Systems Inc. (TSXV: SSC OTC: SSCFF) is pleased to announce the addition of a new distributor for its Energy Efficiency products in Brazil.

Smartcool Systems Inc. Adds Business Development Manager as Growth Continues to Accelerate in the UK

Vancouver, B.C. November 15, 2017, Steven Martin, Smartcool’s Executive VP EMEA, Smartcool Systems Inc. (TSXV: SSC OTC: SSCFF) is pleased to announce the addition of Julian Sylvester, an experienced Sales Executive who has an extensive background within the energy efficiency market.

Smartcool Continues to add Sales Staff as Growth Accelerates in the UK

Vancouver, B.C. October 25, 2017, Steven Martin, Smartcool’s Executive VP EMEA, Smartcool Systems Inc. (TSXV: SSC OTC: SSCFF) is pleased to announce the addition of a seasoned Sales Executive to the UK team with more to be announced soon. The additional sales executive, Jon Cullum, has an extensiv...

Smartcool Saves 30% Power Consumption At A Quick Serve Restaurant in Jamaica

Customer Operates 60 LocationsVancouver, B.C. October 17, 2017, Smartcool Systems Inc. (TSXV: SSC OTC: SSCFF) is pleased to announce the results from an initial installation at a Quick Serve Restaurant (QSR) in Kingston, Jamaica.

Smartcool Establishes North American Installation Network

Vancouver, B.C. September 26, 2017, Ted Konyi, CEO, Smartcool Systems Inc. (TSXV: SSC OTC: SSCFF) is pleased to announce that the company is establishing an installation and servicing network for its operations in North America.

Anesco Ltd., A Cleantech 100 Co. and Smartcool Progress Their Sustainable Technology and Energy Par…

The UK’s leading energy efficiency solutions provider and Sunday Times Fast Track 100 company, Anesco Ltd, have strengthened their No1 position in the UK by partnering with Smartcool to deliver further energy saving solutions.

Smartcool Distributor Installs at McDonald’s Chain in Riyadh

Achieves 20% Savings on Air-conditioning costs at The Luxury Tiara Hotel RiyadhVancouver, B.C. September 12, 2017, Smartcool Systems Inc. (TSXV: SSC OTC: SSCFF) is pleased to report that Kafaat Energy Company, its distributor in Saudi Arabia has been appointed by Riyadh International Catering C...

Smartcool 2nd Quarter Revenues Grow 300% over 1st Quarter

Vancouver, B.C. August 29, 2017, Smartcool Systems Inc. (TSXV: SSC OTC: SSCFF) is pleased to report that it has filed its Second Quarter Management Discussion and Analysis ("MD&A") and unaudited financial statements for the six-month period ended June 30, 2017, on SEDAR.

Follow Us

Twitter   RSS Feed   YouTube   Linkedin   Facebook

Translate

English French German Italian Portuguese Russian Spanish