Smartcool Systems Inc. (TSXV: SSC), is pleased to report that the Company has completed the formation of it's new subsidiary Smartcool Systems EMEA Inc., located in the UK and has finalized the transaction to acquire the business and assets of TECC Services Limited of the United Kingdom ("TECC"). Prior to the acquisition, TECC held the exclusive re-sale rights to a selection of the Company's products in certain countries in Europe and the Middle East (the "Distribution Rights"). As previously reported, effective June 16, 2008, the Company's wholly owned subsidiary, Smartcool Systems (EMEA) Ltd., reached an agreement with TECC to acquire the Distribution Rights and related business assets for 1,035,000 pounds sterling in cash, payable over a four-year period, and the issuance of common shares that is equal to the value of 265,000 pounds sterling based on the 20 day trading average proceeding the transaction.

 

"This is a significant transaction for Smartcool in many ways and we see this as a pivotal point to expand our sales growth in Europe and the Middle East," states George Burnes, President and CEO of Smartcool Systems Inc. "It fulfills our goal of establishing a corporate presence in Europe to expand sales efforts in this region. It will also allow us to support existing and new relationships in the Middle East. We plan to build a strong team in Smartcool EMEA and focus on the currently untapped market in India through this organization as well. We will now be selling directly to clients in Europe, the Middle East and India. This will improve our margins by approximately 30% from sales in these regions and we will be in greater control of the sales and marketing process. As part of the acquisition, Andrew Sanders and Steven Martin, formerly with TECC, will be joining Smartcool EMEA in senior management roles. They have a great deal of experience in the energy efficiency field, have a wealth of contacts in Europe and the Middle East and have been vital in the growth of Smartcool's Energy Savings Module (ESM™) with sales to the likes of Tesco and Gate Gourmet."

"Smartcool is committed to deploying resources and capital to enable Smartcool EMEA to expand the sales and marketing team in this region,' added Chris Lefaivre, VP, Sales and Marketing. "The cost of power generation is a significant problem in Europe and the Middle East and their energy efficiency programs are further advanced than those in the U.S.A. We have an opportunity to accelerate our sales growth and we are going to make sure the resources are in place to take advantage of it."

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
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