Smartcool Systems Inc acquires Smartcool Systems UK Ltd, distributor of its technology

Smartcool Systems Inc announced Tuesday 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. However, 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.

Smartcool Systems Inc 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.

The firm is a clean technology manufacturer that specializes in energy efficiency technology for commercial, industrial and retail businesses. The Energy Saving Module (ESM) and ECO3 are green technologies that provide substantial economic and environmental benefits for Smartcool's customers.

The firm boasts three wholly owned subsidiaries: Smartcool International Inc., Smartcool Systems USA Inc., and Smartcool Systems EMEA Ltd.  Smartcool International Inc. is the owner, developer, manufacturer and worldwide distributor of the ESM™ and ECO3™.

Smartcool Systems USA Inc. is responsible for the sales and distribution of Smartcool's technology in the United States, utilizing a rapidly growing network of independent sales channels.  Smartcool Systems (EMEA) Ltd. distributes Smartcool's technology through independent sales channels in Europe, the Middle East, the Indian sub-continent and Africa.

Smartcool Systems (UK) Ltd is an advanced energy conservation solutions company that has specialized in energy and cost reduction technologies for commercial, industrial and retail businesses since 1989.

The company is the United Kingdom’s exclusive distributor of the Energy Saving Module™ (ESM™). This green technology reduces the electricity consumption (kWh) and maximum demand (kW) of air conditioning and refrigeration compressors. Rather than replacing existing equipment, the ESM™ works in conjunction with existing controls  ensuring that the compressors work at maximum efficiency, while maintaining preset temperature levels without causing over-cycling.

18 Jan 2011.