Vancouver, British Columbia--(Newsfile Corp. - June 1, 2018) - Smartcool Systems Inc. (TSXV: SSC) (OTC Pink: SSCFF) (FSE: R3W) ("Smartcool" or the "Company") 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 1st 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.
Revenue for the 1st 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 1st Quarter 2014.
Net loss for the period, net of tax, was $238,116 compared to a net loss of $360,949 for the 1st 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 1st 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.
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%.
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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. Forward-looking statements in this news release include those concerning the Company's expectation that the positive trend in its financial picture will continue for the balance of the year. 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.
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