VANCOUVER, March 2 /PRNewswire-FirstCall/ - Smartcool Systems Inc. (TSX-V: SSC) is very pleased to announce that it has completed the acquisition of Smartcool Systems UK Ltd., the most well-established and successful distributor over the past twenty years of the Smartcool technology.
In addition to a broad customer base, Smartcool UK has built an exceptionally strong technical, sales and management team during its many years of operation, and has gained extensive experience with Smartcool's technology across a variety of applications. In addition to a steady stream of installations for small and medium sized businesses, the UK team has successfully completed major roll-outs of Smartcool technology, including 675 Tesco markets, 104 Sainsbury's supermarkets, 20 large Colt telecommunications facilities and several other Fortune 100 companies.
The combination of the UK team with Smartcool Systems Inc. will provide a seamless support network for direct global sales as well as international distributors. The experience of the UK team with respect to large-scale roll-outs will accelerate the ability of Smartcool to execute on new and existing business opportunities.
"The European market represented over 50% of our 2010 revenue, with forecasted growth continuing for 2011," declares George Burnes, President and CEO of Smartcool Systems Inc. "This is one of the most important strategic steps we have undertaken, second only to the acquisition of the technology in 2006. It is expected that the impact of this acquisition will be demonstrated by dramatically increased gross revenues and profits in 2011 and beyond."
Steven Martin, who assumes the position of Executive Vice President, says; "The combined organization provides a solid platform from which we can rapidly build revenue in the UK and Europe due to enhanced resources and synergies. I am also very excited about the opportunity for the UK team to play a major part in the development of revenue and profitability around the world."
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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
SOURCE SmartCool Systems Inc.