Smartcool Publishes Fourth Quarter Results for Fiscal 2010

Smartcool Systems (News - Alert) Inc. has announced fourth quarter results for the three months and fiscal year ended December 31, 2010 mentioned in Canadian dollars and Canadian GAAP and IFRS.

According to the financial report published, company’s revenue for the fiscal year ended December 31, 2010 was $4.2 million, a 75 percent increase from $2.4 million in the prior year. The company’s net loss has leaned out by 54 percent.  Strong revenue growth was driven by providing unique energy efficient technology through an enhanced distribution network and a focused sales effort on customers with multi-site installations.

The company had major breakthroughs throughout 2010, by establishing its global distribution network for the entire Smartcool product line. The company has also signed in new partnership agreements with multiple third-party distributors throughout the United States, including several in Florida, California, and states in the Midwest.  New partnership agreements were also formed with third-party distributers throughout Southeast Asia, and in early 2011,

Smartcool expanded its reach with a distribution agreement that serves several countries throughout Eastern Europe.  With the recent acquisition of a well-established distributor in the UK, Smartcool also plans to continue its revenue growth through additional installations in grocery store chains, data centers, telecommunication firms, and convenience stores throughout Europe and North America.

The company also made news when it announced that its Spanish sales channel Enertek had signed a contract with the largest Spanish telecoms service provider Telefónica Espana to implement Smartcool’s Energy Savings Module or “ESM” technology to over 40 site locations within the Spanish regions of Madrid, Catalunya, Pais Vasco and Valencia.

For years, Smartcool Systems has been offering cutting edge energy efficient and energy cost reduction solutions for businesses around the world.  The company reportedly launched the ECO3 solutions earlier in 2009. The solution makes refrigeration and air conditioning systems more efficient, resulting in proven cost savings, reduced energy consumption, and a smaller carbon footprint.