Smartcool Provides Update to Trading Halt
September 10, 2018
Smartcool Systems Inc. (TSX.V: SSC; OTC: SSCFF; FSE: R3W) (“Smartcool” or the “Company”) recently closed the acquisition of Total Energy Concepts Inc. (“TEC”). (See News Release dated August 28, 2018). Due to the length of time it took to get final corporate documentation and approval on closing of the TEC acquisition the company was unable to complete its financials on time and on September 5, 2018 a cease trade order was issued by the British Columbia Securities Commission for failing to file its interim financials for the period ending June 30, 2018.
This acquisition marks a significant expansion of Smartcool’s suite of energy efficiency products and required considerably more time to complete not only the acquisition but the also the financial statements. The Company now expects to have all financials filed in order to meet all the TSX Venture Exchange requirements shortly.
As previously reported The TEC acquisition: “Marks a growth catalyst for Smartcool and allows us to continue rapid revenue growth with an expanded product offering. As temperatures and energy costs rise, our products will become even more critical,” said Smartcool CEO Ted Konyi. “The synergies from this acquisition create significant worldwide revenue opportunities.”
Total Energy Concepts Inc., offers clients a holistic approach to Energy Savings. Solutions include LED lighting, Power Quality and Protection Strategies, Power Factor Correction, Intelligent Motor and Facility Controls as well as other energy efficiency upgrade technologies. The company has successfully delivered its products to thousands of companies across North America and includes a diverse customer base from C-stores to Fortune 500 Companies. Working through 14+ representatives it has generated significant sales and profitability providing the opportunity for continued growth.
Smartcool Systems Inc. provides cutting edge energy efficient and energy cost reduction solutions for businesses around the world. The ECO3, ESM and ECOHome are Smartcool’s unique retrofit technologies that reduce the energy consumption of compressors in air conditioning, refrigeration and heat pump systems by up to 40%.
For further information
WEB www.smartcool.net and www.smartcooleco3.com
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This news release contains “forward looking statements”. Forward-looking statements are projections of financial performance or future events. Forward-looking statements can be identified by the use of words such as “expect”, “anticipate”, “intend”, “plan”, “believe”, “estimate” and words of similar meaning. Forward-looking statements are based on management’s current expectations and assumptions and they are subject to risks that may cause actual results to differ materially from those expressed or implied by such forward looking statements. Forward-looking statements in this news release include those concerning the belief that the synergies from a strategic merger of these two companies presents a very attractive growth opportunity, its anticipation of significant benefits for all parties including growth in new sales opportunities. These statements are subject to risks that may cause the actual results to be materially different in future periods from those expressed or implied by such forward looking statements. Risks that may prevent or delay the forward looking statements from coming to fruition as anticipated include the availability of working capital, risks inherent in product development, as well as market factors that may increase costs or time to market. It is our policy not to update forward looking statements except to the extent required under applicable securities laws. Further information on the Company is available at www.sedar.com or at the Company’s website, www.smartcool.net.
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