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Smartcool to Acquire UK Distributor

^{Published on 2011-01-17 09:05:15 - Market Wire}
 

VANCOUVER, Jan. 17 /CNW/ - [ Smartcool Systems Inc. ] (TSX-V: SSC) is pleased to announce that it has entered into a Letter of Intent for the acquisition of Smartcool Systems UK Ltd., a distributor of Smartcool technology.   

Under the terms of the proposed acquisition, Smartcool Systems EMEA Ltd., a wholly-owned subsidiary of Smartcool Systems Inc., will acquire all issued and outstanding shares in the capital of Smartcool Systems UK as well as assuming the obligations of all the company's employment agreements.  The effective date of the transaction is January 1, 2011, with a closing date of February 28, 2011.

The transaction is subject to the Company reaching a definitive legal agreement, raising sufficient capital to fund the acquisition, as well as all the required approvals of the TSX Venture Exchange.

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 ]

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