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Smartcool';s Third Quarter Revenue Up 61% Over 2009

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  Published in Science and Technology on Monday, November 29th 2010 at 6:05 GMT by Market Wire
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VANCOUVER, Nov. 29 /CNW/ - [ Smartcool Systems Inc. ] (TSX-V: SSC) announced its results for the third quarter of 2010 today.  The third quarter of 2010 saw revenues of $1,098,949, an increase of $417,138 or 61% compared to $681,811 for the third quarter of 2009.  This continued growth can be attributed to advances in both direct sales to end users which contributed 53% ($584,875) and distribution sales of 47% ($514,074) to the company's total revenue ($1,098,949).

Highlights:

• Gross profit for the quarter increased by $334,848 to $794,184 (72% of revenue) from $459,336 (67% of revenue) for the third quarter of 2009. 
• General and administrative expenses for the quarter decreased to $751,037 from $809,018 for the same quarter of 2009
• Net loss for the quarter was $259,725 ($0.01 per share), decreased by $248,284 or 53% from $471,100 ($0.01 per share),  for the third quarter of 2009
• The company had $622,422 in cash and cash equivalents at the end of the quarter, compared to $164,434 in cash and cash equivalent and short-term investments of $252,822 at the end of the third quarter of 2009.

With its distribution channels steadily expanding and positive cash flow being generated from operations this quarter ($142,742), management is confident that the company will continue executing on its strategic business plan in the next twelve months.

As of November 25, 2010, the outstanding shares are 46,821,396 and diluted are 55,482,096.

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

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

About Smartcool Systems Inc.

Smartcool Systems Inc. (TSX-V: SSC) manufactures and distributes the Energy Saving Module (ESM)™ and the ECO³™, which make refrigeration and air conditioning systems more efficient, resulting in proven cost savings, reduced energy consumption, and a smaller carbon footprint. More than 26,000 units have been installed worldwide for customers such as supermarkets, food distributors, telecommunications companies, hospitals, and hotels. [ www.smartcool.net ]