SMARTCOOL SYSTEMS INC. is pleased to announce closing of its 5,000,000 unit brokered private placement announced July 24, 2007. An aggregate of 5,000,000 units at a price of $1.50 per unit for total gross proceeds of $7,500,000 were issued. Each unit consists of one common share in the capital of the Company and one-half of a transferable share purchase warrant. Each warrant entitles the holder thereof to purchase one additional common share on or before August 16, 2009 at a purchase price of $1.90 per share.

 

Haywood Securities Inc. acted as agent (the "Agent") in connection with this financing. The Agent was paid $525,000 in cash, equal to 7% of the gross proceeds of the units sold by the Agent. In addition, 350,000 non-transferable compensation options ("Compensation Options") were issued to the Agent, equal in number to 7% of the number of units sold by the Agent. Each Compensation Option entitles the Agent to purchase one unit in the capital of the Company for a period of twelve months from the date of issuance of the Compensation Options at a purchase price of $1.50 per unit. Each unit consists of one common share in the capital of the Company and one-half transferable share purchase warrant, each warrant entitling the holder to purchase one common share in the capital of the Company on or before August 16, 2009 at a purchase price of $1.90 per share.

All securities issued pursuant to the private placement are subject to a hold period until December 17, 2007.

The proceeds of the private placement will be used for production and marketing expenses, for working capital and for general corporate purposes.

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

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