20 Apr 2018 | Aeroventic
5.0
Smartcool Installs at Apogee Condominiums Managed by Atlantic Pacific Companies

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Installed on Heat Pumps in Common Areas and on 90 Heat Pumps for 49 Beachfront Condominium Units

Ted Konyi, CEO, Smartcool Systems Inc (TSX-V: SSC, OTCQB: 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.

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