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Smartcool Announces Application for Partial Revocation of Cease Trade Order
Vancouver, British Columbia – May 19, 2021 – Smartcool Systems Inc. (“Smartcool” or the “Company”) announces that it has applied to the British Columbia Securities Commission (the “BCSC”) for partial revocation of a Failure to File Cease Trade Order issued by the BCSC on July 17, 2019 (the “FFCTO”). The FFCTO bars all trading and purchasing of Smartcool’s securities until such time as Smartcool files certain delinquent records and obtains an order from the BCSC revoking the FFCTO under Section 171 of the Securities Act (British Columbia) (the “Act”).
Smartcool is seeking partial revocation of the FFCTO in order to allow it to offer and sell up to 12.5 million common shares to raise funds required to pay accounting, legal, filing and audit fees that Smartcool anticipates it will incur in preparing and filing the delinquent records, obtaining a full revocation of the FFCTO and reinstating trading of its shares on NEX.
This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. In the event that the BCSC grants the requested partial revocation, the shares that Smartcool intends to sell will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About Smartcool
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%.
For more information please visit www.smartcool.net
Investor inquiries
Ted Konyi
President and Director
TEL +1 2086298397 EMAIL Ted.Konyi@smartcool.net
Legal Notice Regarding Forward Looking Statements
This news release contains certain forward looking statements and information (collectively, the “forward looking statements”) within the meaning of applicable Canadian securities laws, including, without limitation, the ability of the Company to obtain a partial revocation of the FFCTO, its ability to raise the funds it seeks to raise through the sale of its common shares, and that the funds raised, if any, will be sufficient for their intended purpose. 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. 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.