Ricepad
4 years ago
SMARTCOOL PROVIDES CORPORATE UPDATE
September 10, 2020
Vancouver, B.C. - Smartcool Systems Inc. (TSX.V:SSC; OTC:SSCFF; FSE:R3W) (“Smartcool” or the Company”) provides the following update.
COVID-19 has severely impacted the operations and financial position of the Company. Sales fell to near zero as numerous projects were cancelled or deferred. The lack of revenue was initially met with reductions in operating overheads, including wage reductions. In addition, the company applied for and received government support. Ultimately the lack of revenue led to the inability to compensate employees at even reduced wage levels. Unfortunately, this resulted in the resignations of Sharon Kordysz as COO and Mike Kordysz as VP Business Development and Investor Relations. The Company would like to take this opportunity to thank them both for their years of service and wish them well in their new endeavors.
Events that eventually led the Company to dismiss Damian Smith (as announced on May 26, 2020), have continued to have a negative impact on operation of the Company's subsidiary, Total Energy Concepts Inc.
The Company has retained legal counsel in Minnesota and continues to explore its alternatives. Additional updates on proceedings will be announced as available. The Company now finds itself at a crossroads, without sufficient resources to cover the costs of complying with applicable audit and disclosure requirements. The Company’s failure to file these documents has already resulted in a cease trade order from the British Columbia Securities Commission and, for so long as this order remains in effect, the Company has been unable to raise funds in the capital market to cover the costs of compliance and revocation. As a result, the Company has focused on generating revenue through sales and is considering several strategic alternatives.
With COVID lockdowns being eased, both domestically and internationally, the Company is beginning to see sales pick up again. New activity in the UK office includes the completion of a second installation in Germany at a meat processing plant, a new distributor in Portugal, new sales to distributors in Italy and India and pilot installations in the UK at a large Hotel chain, the NHS (National Health Service) and an international property management group in London. In North America, sales are also starting to flow with activity centered around warehouse installations of a major liquor distribution company and several water treatment service providers. These small steps suggest that the Company will manage to generate some cashflow allowing limited operations to continue until the pandemic abates further.
To be clear, until funding is available to cover accounting, audit and continuous disclosure costs, the Company will remain cease-traded. The Company hopes to generate sufficient cash flow to cover these costs through sales activities or other strategic options. In the interim, the Company looks forward to providing further updates over the next few months and as developments materialize.
About Smartcool
Smartcool Systems Inc. provides cutting edge energy efficient and energy cost reduction solutions for businesses around the world. The ECO3 and ESM 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%.
Ricepad
4 years ago
Smartcool Generates Efficiency Gains For University Group
Helps Meet its Goals of Reducing its Carbon Footprint
Vancouver, British Columbia--(Newsfile Corp. - November 19, 2019) - Smartcool Systems Inc. (TSX.V: SSC) (OTC Pink: SSCF) (FSE: R3W) ("Smartcool" or the "Company") is pleased to announce that it has received a first Purchase Order and completed the installation for 3 ESM (Energy Savings Module) systems at a London, England based University. The ESMs were installed on three large chiller sets.
Savings are estimated to be in the range of £40,000 ($60,000 CAD) annually.
Read the rest here.
Ricepad
4 years ago
Smartcool Provides Business Update; Sales and Installations in the US
November 14, 2019 - 9:00 AM EST
Smartcool Provides Business Update; Sales and Installations in the US
Vancouver, British Columbia--(Newsfile Corp. - November 14, 2019) - Smartcool Systems Inc. (TSXV: SSC) (OTC Pink: SSCFF) (FSE: R3W) ("Smartcool" or the "Company") is pleased to report that Total Energy Concepts Inc. (TEC), the company's wholly owned subsidiary, is currently completing several auto dealership projects with two different auto groups. One of the projects is a full system solution package, which includes Voltage Conditioning, Smartcool, and LED Lighting. The second project is a parking lot LED upgrade package that involves converting their existing T5HO fluorescent fixtures to LED, which results in 60% more energy savings per fixture for their outdoor lighting.
Damian Smith, President of TEC, commented, "These follow on orders are the result of an energy efficiency initiative that these dealerships started with us five years ago. It is continued proof of the effective financial benefits that we bring to customers through energy savings, reduced maintenance, downtime expenses and future cost savings. Reducing expenses is an excellent way to gain financial strength and improve the bottom line. Our optimization solutions can help provide that strength and in many cases result in a net positive cash flow each month through our $0 capital financing option. There are significant tax incentives, energy efficiency grants and in some areas utility rebates available for qualified businesses which further increase the financial benefits to customers. Combined with the environmental benefits, it is a win-win solution!"
Smartcool has also continued to grow its sales agency network with the additions of several new agents in the US and the UK. This has led to multiple projects that are progressing in Puerto Rico, California, the UK and India. Despite the delays in filing its continuous disclosure documents, the company continues to grow its businesses.
Finally, the Company wishes to advise its stakeholders that it continues to work with its auditors to complete the audit of its annual financial statements for the year ended December 31, 2018. While the process has been slower than expected, progress is being made and we continue to work on the filings to bring the Company current.
Read the full article here.
Ricepad
5 years ago
Smartcool's TEC Division Installs Power Factor Correction Technology at 2 U.S. Recycling Facilities
Vancouver, British Columbia--(Newsfile Corp. - May 23, 2019) - Smartcool Systems Inc. (TSXV: SSC) (OTC Pink: SSCFF) (FSE: R3W) ("Smartcool" or the "Company") is pleased to announce that its wholly owned subsidiary, Total Energy Concepts Inc. ("TEC") has successfully completed projects for two recycling/resource recovery companies. The installations involved TEC's full package solution, which included TEC's proprietary Power Factor Correction (PFC) technology on (18) electric motors of 10 HP and larger driving the crushing, shredding and conveying of materials.
Click here for the entire announcement.
Ricepad
5 years ago
Smartcool's UK Division Secures Purchase Order for Heath Club Group
Vancouver, British Columbia--(Newsfile Corp. - June 3, 2019) - Smartcool Systems Inc. (SSC) (otc pink:SSCFF) (R3W) ("Smartcool" or the "Company") is pleased to announce that its wholly owned UK subsidiary, has received its first purchase order for a UK based Health Club. The state of the art facility incorporates a gym, exercise studios, indoor and outdoor tennis courts, badminton and squash courts, indoor and outdoor pools and spa facilities.
Click here for MW article.
Ricepad
5 years ago
Smartcool’s global expansion for reducing emissions and saving companies money is well underway.
How cool is Smartcool. A company that reduces your emissions and saves you money.
Smartcool Systems Inc. (TSXV: SSC) is a global clean technology company helping some of the world’s largest organizations enhance their profitability while lowering their carbon footprint. Smartcool’s successful technology solutions have lowered operating costs for over a 1000 companies worldwide, including Fortune 500 companies. The Companies unique retrofit technologies can reduce the energy consumption of compressors in air conditioning, refrigeration and heat pump systems by up to 40%. This technology has been validated by rigorous third party testing, government organizations, and over 28,000 private business installations.
Click here for the rest.
Ricepad
5 years ago
Smartcool Announces Appointment of COO
April 3, 2019 (Source) — Smartcool Systems Inc. (TSXV: SSC) (OTC Pink: SSCFF) (FSE: R3W) Ted Konyi, is pleased to formally announce the appointment of Sharon Kordysz as Chief Operating Officer.
As COO, Ms. Kordysz will leverage her experience in leading diverse teams in fast paced industries to guide Smartcool’s aggressive growth strategy. Ms. Kordysz responsibilities will include the worldwide operations and development strategies of Smartcool as well as building out the team to exceed customer expectations.
Sharon has more than 20 years of leadership experience with Pitney Bowes, Oki Data Americas and most recently Drake International. Sharon has managed sales and service to national and government accounts, dealers and value-added resellers and has consistently exceeded revenue goals and growth.
“Sharon joins Smartcool with a wealth of leadership experience,” said Ted Konyi, President and CEO. “We are thrilled to have her expertise as part of our management group, and under her guidance will continue to expand our operational and sales teams.”
Original article here.
Ricepad
5 years ago
Smartcool and Knight Frank Collaborate to Reduce Energy Consumption in the UK
Completed Optimization on Initial 2 Buildings in the UK
Vancouver, British Columbia, Feb 05, 2019 (Newsfile Corp via COMTEX) -- Smartcool Systems Inc. (SSC) (otc pink:SSCFF) (R3W) are pleased to announce that Smartcool have successfully completed installations of their proprietary air-conditioning and heat pump optimization technology for Knight Frank LLP on two large office buildings in the UK, one in London and one in Bristol, with measured results of over 20% energy savings.
Click here for the entire article.
Ricepad
5 years ago
Smartcool’s TEC Division Commence Energy Efficiency Installations for Light of Christ Catholic Schools of Bismarck
February 26, 2019 (Source) — Initial Installation at St. Mary’s High School – Savings of over 40%
Smartcool Systems Inc. (TSXV: SSC) (OTC Pink: SSCFF) (FSE: R3W) are pleased to announce that Smartcool’s wholly owned subsidiary, Total Energy Concepts Inc. is installing a full suite of energy efficiency technologies at St. Mary’s Central High School in Bismarck, North Dakota. These include Smartcool’s proprietary technology, LED lighting, Voltage Conditioning and other optimization technologies.
Read more here.
Ricepad
5 years ago
Smartcool Announces that 2018 4th Quarter Sales Exceed 2.4 Million Dollars
Highest Quarterly Sales Achieved in the Company's History
Vancouver, British Columbia--(Newsfile Corp. - January 9, 2019) - Ted Konyi, CEO, Smartcool Systems Inc. (TSXV: SSC) (OTC Pink: SSCFF) (FSE: R3W) is pleased to announce that sales for the 4th Quarter 2018 exceeded $2,400,000 CDN. This is the highest quarterly sales achieved in the company's history.
Read more at Stockhouse.
MC2 Atlantis
5 years ago
Smartcool Announces Multi-Location Rollout
8:46 AM ET 11/20/18 | Dow Jones
Vancouver, British Columbia--(Newsfile Corp. - November 20, 2018) - Smartcool Systems Inc. (TSXV: SSC) (OTC Pink: SSCFF) (FSE: R3W) (the Company) is pleased to announce that its UK subsidiary has received a purchase order for installation of its proprietary optimization technology at 16 casual dining restaurants.
After an initial installation of Smartcool technology on 3 restaurant locations for a National restaurant group, the company has received a purchase order for 16 additional locations. The initial installation encompassed application of the Smartcool technology on both heat pumps (which provide heating and air conditioning) and refrigeration for the restaurants. Results of the initial installations exceeded the customers criteria yielding over 20% savings on the energy consumed by the equipment it was controlling.
Ted Konyi, CEO, commented "this follow on Purchase Order represents significant additional revenue for the UK subsidiary of the Company. We have worked diligently to bring this business forward and expect that this order should be followed by many more with this customer. The successful installation has already generated interest from others in this market vertical of restaurants and other prepared food establishments."
This National Restaurant Chain operates over 500 locations in the UK, represented by 8 different brands, primarily in the casual dining space. The Chain continues to grow organically through additional locations and by way of acquisition. The installation of Smartcool's technology is assisting this company and many others in achieving their goals of corporate social responsibility. In addition to the economic benefit, more of the Company's customers are looking to achieve green targets.
About Smartcool
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%.
Total Energy Concepts (TEC) is a national leader in Power Protection, Energy Management, Power Quality, Facility Grounding, and Lighting Solutions that help companies improve their bottom line by reducing expenses that drastically cut into company profits. TEC focuses on a holistic approach to energy efficiency with proprietary technologies for power factor correction and third party technologies including LED, voltage conditioning and intelligent motor controls.
For more information please visit www: smartcool.net and www: totalenergyconcepts.com
Ricepad
5 years ago
Smartcool Announces Record Breaking Sales for October 2018
Sales Accelerating World Wide
Vancouver, British Columbia--(Newsfile Corp. - November 6, 2018) - Ted Konyi, CEO, Smartcool Systems Inc. (TSXV: SSC) (OTC Pink: SSCFF) (FSE: R3W) is pleased to announce that sales for the month of October exceeded $1,000,000 CDN. This is the highest monthly sales achieved in the company's history.
Read more at Stockhouse.
Ricepad
5 years ago
Smartcool HVAC optimization technology deployed in critical environment as CoolSave team secure win with central UK government organization
Providing a 30% ROI, and over 31,000 kg CO2 annual savings.
Vancouver, British Columbia--(Newsfile Corp. - October 31, 2018) - Ted Konyi, CEO, Smartcool Systems Inc. (TSXV: SSC) (OTC Pink: SSCFF) (FSE: R3W) is pleased to announce that agency partner CoolSave, has successfully installed Smartcool ESM technology in a critical environment for a department in the UK central government.
Read more here.
Ricepad
6 years ago
Smartcool's Total Energy Concepts (TEC) Energy Savings Solutions Installed at a Metal Fabrication Shop and Grocery Store.
Solutions Include Smartcool, Power Factor Correction and Nano LiquiTec(TM)
Vancouver, British Columbia--(Newsfile Corp. - October 23, 2018) - Smartcool Systems Inc. (TSXV: SSC) (OTC Pink: SSCFF) (FSE: R3W) is pleased to announce that its wholly-owned subsidiary, Total Energy Concepts (TEC) has successfully installed a number of solutions at a metal fabrication business and a grocery store. Both of these businesses have multiple locations and should result in additional installations. Total sales for these initial two locations exceeded $100,000 USD.
Read more here.
Ricepad
6 years ago
Savvy Investors Looking at Smartcool Systems As Revenues Continue To Grow
HVAC (heating, ventilation and air condition) systems use a lot of energy, particularly in the hot summer months when people crank up the A/C. There are many ways to help with the monthly bill, whether it is a business or residence, including proper maintenance of filters, parts and leaky ducts.
Technology can also play a big role in trimming expenses., such as that of Smartcool Systems (TSX-Venture:SSC) (OTCPK:SSCFF), a Vancouver-based provider of cutting edge energy efficient and energy cost reduction solutions.
Click here for Baystreet Staff.
Ricepad
6 years ago
Merger in Energy Efficiency Sector Creates Strategic Opportunities
A number of companies have arisen to service the market, including Smartcool Systems Inc. (SSC:TSX.; SSCFF:OTC; R3W:Frankfurt) and Total Energy Concepts Inc. Smartcool, a rapidly growing CA$11 million market cap enterprise, provides products that increase the energy efficiency of air conditioning, refrigeration and heat pump systems. Total Energy Concepts, a privately held firm, offers a holistic approach to optimize energy use.
Smartcool and Total Energy Concepts announced a strategic merger in March and on June 19 reported they have amended the letter of agreement. The amendment fixes the number of shares of the transaction. In exchange for 100% of Total Energy Concepts, Smartcool will provide 18 million common shares of Smartcool, 5 million non-transferable share purchase warrants and $150,000 in cash, paid out over a one-year period. Each warrant is for one common share at the closing price and is good for five years.
More from Streetwise Reports, click here.
Ricepad
6 years ago
Smartcool Announces 1st Quarter Results
www.smartcool.net/news/press-releases/378-smartcool-announces-1-st-quarter-results
Friday, 01 June 2018
Smartcool Systems Inc (TSX-V: SSC, OTCQB: SSCFF, FSE: R3W) is pleased to announce that it has filed its Condensed Consolidated Financial Statements for the three month period ended March 31, 2018 on SEDAR.
Ted Konyi, the Company’s Chief Financial Officer, commented, "I am very pleased to report that the 1 st Quarter financials continued the positive progress that we saw with our fiscal 2017 annual results. Based on the work we have in the pipeline, including various initiatives commenced in 2017, and our plans for the balance of the year, we expect to see this positive trend continue for the balance of 2018."
Selected Highlights
Revenue for the 1 st Quarter grew from $85,957 in Q1 2017 to $314,363 in Q1 2018, an increase of 265% and the highest quarterly revenue for the Company since the 1 st Quarter 2014.
Net loss for the period, net of tax, was $238,116 compared to a net loss of $360,949 for the 1 st quarter of 2017, a reduction of approximately 33%. This reduction in net loss was due primarily to an increase in gross sales and higher gross margins.
General and administrative expenses for the period were $519,098, compared to $265,646 for the 1 st quarter of 2017, representing an increase of approximately 95%. This increase was due to investments made during the period relating primarily to product development and preparations to launch the ECOHome Residential product.
For more information please see the Company’s Interim Financial Statements and Quarterly MD&A, both of which can be found at www.sedar.com
The Company also announces the retirement of Kim Nguyen, its Chief Financial Officer for the past 12 years, effective immediately. The Company wishes to thank Kim for her 12 years of dedicated service. Theodore Konyi has assumed the role of interim Chief Financial Officer temporarily until a suitable replacement can be found.
About Smartcool
Smartcool Systems Inc. (TSX-V: SSC OTC: SSCFF FSE: R3W) provides cutting edge energy efficient and energy cost reduction solutions for businesses around the world. The ECO3 and ESM 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%, giving customers a return on investment in as little as 12 months.
For further information
www.smartcool.net | www.smartcooleco3.com | EMAIL info@smartcool.net
Investor Inquiries
Mike Kordysz,
Vice President, Investor Relations
TEL +1 604 904 8632 | EMAIL mike.kordysz@smartcool.net
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Forward looking statements in this release include those concerning the size and timing of the Offering and the proposed use of proceeds. These forward-looking statements reflect management’s current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, as well as other factors beyond the Company’s control. These forward-looking statements are made as of the date of this news release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Ricepad
6 years ago
Smartcool Installs at Apogee Condominiums Managed by Atlantic Pacific Companies
From Stockhouse.
Installed on Heat Pumps in Common Areas and on 90 Heat Pumps for 49 Beachfront Condominium Units
Vancouver, British Columbia--(Newsfile Corp. - April 19, 2018) - Ted Konyi, CEO, Smartcool Systems Inc. (TSXV: SSC) (OTC Pink: SSCFF) (FSE: R3W) is pleased to announce that the company has completed an installation at Apogee Beach Condominiums, Hollywood, Florida.
An initial installation of Smartcool's proprietary technology on 5 Heat Pumps serving the common areas of the Apogee Condominium tower provided in excess of 20% reduction in compressor run time. With this positive result the Apogee Beach Condominium Association chose to install Smartcool energy efficiency technology on all 90 heat pumps servicing the 49 Exclusive Beachfront Residences.
Apogee Beach Condominium Association is one of over 50 Condominium Associations managed by Atlantic Pacific Companies. With ever increasing utility costs, Atlantic Pacific Companies turned to Oscar Behncke of WWJD Engineering Inc. to recommend options for energy reduction.
Oscar had successfully installed Smartcool some years ago at the JW Marriott Hotel in Miami and recalled the effectiveness of the system. He believed that there would be an application at the Apogee and confirmed the efficacy and economics of the system to the managers at Atlantic Pacific.
The recent developments in Heat Pumps that both heat and cool spaces efficiently through the refrigeration cycle is providing a broader opportunity for the application of Smartcool's technology.
Ted Konyi commented "This installation is an extremely important step in Smartcool's aggressive growth strategy. The recent successes in the UK on Heat Pumps demonstrated that Smartcool has opportunities for sales even in temperate climates. Heat Pumps are being installed in more applications given their flexibility of providing both heating and cooling with one system and operating more efficiently than traditional heating systems. Given the application of reverse-cycle air conditioning, which basically uses refrigeration in reverse for generating heating, Smartcool's technology can be very effective on both heating and cooling in reducing overall compressor run time and thereby reducing energy consumption. This provides a much better economic return for the customer and a much broader base of potential customers for the company. Working with Oscar has been great as he both understands the potential applications for the technology and has a capable team of installation professionals."
Oscar Behncke said "The success at Apogee provides a platform for moving Smartcool into many other similar Homeowners Associations in Florida and elsewhere. Everyone is looking for efficiency and working with Smartcool provides an opportunity to reduce the costs of one of the largest consumers of energy in the household. I believe that working with company's like Atlantic Pacific will yield more opportunities for Smartcool and the consumers alike."
Smartcool would also like to announce that the Board of Directors have revoked the resolution, passed at the last AGM, authorizing the Board to complete a 5:1 consolidation of the common shares of the Company. The Board has determined that given the current business activities, including the previously announced residential initiative, agency agreement with Cool Save UK and the proposed acquisition of Total Energy Concepts Inc., a consolidation was not appropriate at this time. The Board believe that these business activities should have a significant positive impact on the revenue and profitability of the Company which mitigates the need for a consolidation at this time.
About Smartcool
Smartcool Systems Inc. (TSXV: SSC) (OTC Pink: SSCFF) (FSE: R3W) 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
EMAIL info@smartcool.net
Investor inquiries
Mike Kordysz
Vice President, Investor Relations
TEL +1 604 904 8632
EMAIL mike.kordysz@smartcool.net
Legal Notice Regarding Forward Looking Statements
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. 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Ricepad
6 years ago
Smartcool arranges financing for U.S. residential plan
From Stockwatch.
2018-03-06 13:12 ET - News Release
Mr. Ted Konyi reports
SMARTCOOL ANNOUNCES PRIVATE PLACEMENT OF PREFERRED SHARES TO FUND US RESIDENTIAL INITIATIVE
Smartcool Systems Inc.'s U.S. residential initiative is progressing to an anticipated launch and the company plans to finance that initiative with a private placement offering of up to 750,000 newly designated non-voting Series A preferred shares.
About the initiative
Historically, Smartcool Canada has focused its products and technologies on the commercial market. Now, through its wholly owned Nevada subsidiary, Smartcool Systems (USA) Inc., Smartcool proposes to market those products and technologies for retrofit in residential applications in the United States.
About the offering
The company proposes to finance its residential initiative in the United States through a non-brokered private placement offering of up to 750,000 Series A preferred shares at a price of $1 per Series A share.
The Series A shares are non-voting and may not be transferred without prior written consent of the company's board of directors. In addition, holders of Series A shares will:
Accrue interest at 8 per cent per year;
Be entitled to exchange their Series A shares for common shares of Smartcool (USA) if a liquidity event occurs prior to the second anniversary of the date the Series A shares were issued; for purposes of this right to exchange, a liquidity event will occur if: (i) all of the shares of Smartcool USA are sold to a single purchaser; or (ii) Smartcool USA becomes a reporting issuer in any province of Canada or in the United States; if a liquidity event occurs and the holder elects its right to exchange, such exchange would be on the basis of one Series A share being equal to 0.00333 per cent of the share capital of Smartcool USA on the date of the liquidity event;
If a liquidity event does not occur prior to the second anniversary, each Series A share will be convertible, at the option of the holder, into common shares of Smartcool Canada on the basis of the original purchase price of the Series A share plus accrued interest divided by the price per Smartcool Canada share; the price of each Smartcool Canada share shall be the closing price per share of the Smartcool Canada shares on the date of conversion less the maximum discount allowable by the TSX Venture Exchange, subject to a minimum price per Smartcool Canada share of 10 cents;
If the holder has not elected to convert its Series A shares into Smartcool Canada shares between the second anniversary and the third anniversary of the date the Series A shares were issued, all of the Series A shares outstanding on the third anniversary shall be automatically converted into Smartcool Canada shares at the conversion price in effect on the third anniversary.
The placement is expected to close by March 31, 2018.
Don Iannucci, vice-president of the ECOHome division, said: "Significant progress has been made to establish relationships with all facets of a successful launch of the ECOHome products this spring. Digital and social marketing of the products is being co-ordinated by Strawhouse, with other avenues to market being pursued as well. An execution group has been chosen in the initial target market and work is being done on the ECOHome module to incorporate IoT [Internet of things] communication protocols."
Finders' fees or brokers' commissions may be paid in accordance with the TSX-V policies.
The private placement offering of Series A shares is subject to approval from the TSX-V. All of the Series A shares issued and any securities into which they may be exchanged or converted will be subject to resale restrictions imposed by applicable law or regulation, including a four-month hold period that will begin on the closing date.
About Smartcool Systems Inc.
Smartcool 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 per cent, giving customers a return on investment in as little as 12 months.
We seek Safe Harbor.
© 2018 Canjex Publishing Ltd. All rights reserved.
nyctraydr
6 years ago
Smartcool /Anesco Energy Joint Venture Saves 31% At Sandford Springs Golf Club & Hotel for The Leaderboard Group
Golf Club installation provides a 31% Energy reduction, delivering significant Financial and Environmental Benefits
Vancouver, British Columbia--(Newsfile Corp. - February 6, 2018) - Ted Konyi, CEO, Smartcool Systems Inc. (TSXV: SSC) (OTC Pink: SSCFF) (FSE: R3W) is pleased to announce that the company has successfully completed an installation at Sandford Springs Golf Club & Hotel. in Kingsclere, Reading, U.K.
An energy reduction of 31% has been initially recorded and will provide significant financial and environmental benefits. An impressive return on investment was achieved, The Smartcool technology will now be installed on further Leaderboard sites, The Oxfordshire and Dale Hill golf resorts are due to be completed within the next few weeks.
The Smartcool technology was applied to a number of Mitsubishi Heat Pumps along with various other A/C units. Independent measurement of energy savings is being carried out by using Panoramic Power energy sub-monitoring in accordance with IPMVP (International Performance Measurement Verification Protocol).
Nick Weedon, Smartcool's National Sales Manager responsible for the Anesco and Leaderboard account said, " This install is another successful project designed and executed by the Smartcool UK team. The site was quick to install and has delivered instant savings that have already surpassed expectations. This further broadens the base of Smartcool installations bringing both financial and environmental benefits. Working with Tom Moran and his management team was a win-win experience accomplishing multiple goals for their enterprise. I look forward to working with Tom on subsequent sites and projects within his group."
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