Smartcool Systems Inc. (The Company) (SSC – TSX V) today announced three and six month results ended June 30th for 2010 that far exceeded financial results for the corresponding periods of 2009. First half sales are now 74% of that achieved for all of 2009. Sales for the second quarter of 2010 represented a record for the Company.

Three months:

  • Revenues were $1.137 million, representing a 120% increase over the $510 thousand reported in the second quarter of last year.
  • Operating expenses declined slightly to just over $1 million, down from $1.176 million in Q2, 2009.
  • The quarterly loss fell dramatically to $249 thousand compared to $929 thousand in the second quarter of last year.

Six months:

  • Revenues were $1.772 million, representing a 140% increase over the $736 thousand reported for the first half of 2009.
  • Operating expenses fell significantly to slightly more than $2 million, down from $2.69 million for the first six months of 2009.
  • The first half loss was $917 thousand representing a major improvement over the $2.33 million reported for the same period of last year.
  • The Company had $514 in cash and equivalents and $688 thousand in receivables as of June 30th.
  • The weighted average number of shares at the end of the period was 45.14 million.

The Company remains focused on generating positive cash flow in the fourth quarter of 2010.

The detailed financial statements can be found at www.sedar.com.

The growth in revenue reflects the continuation of multiple site roll-outs with three major clients's world-wide directly managed by SSC. The next phase of rollout with these customers will be completed throughout the balance of the year. In addition distribution channels are progressing with development of increasing sales funnels that are being converted to equipment purchases and installation success.

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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