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SMARTCOOL Announces Letter of Intent With Connected Holdings to Develop Wireless and Cloud based Technology for the Smartcool Proven Energy Savings Algorithm
SMARTCOOL Announces Letter of Intent With Connected Holdings to Develop Wireless and Cloud based Technology for the Smartcool Proven Energy Savings Algorithm.
About this update from Smartcool Systems Inc
[{"type":"text","content":"\n\n\n\nSMARTCOOL Announces Letter of Intent With Connected Holdings to Develop Wireless and Cloud based Technology for the Smartcool Proven Energy Savings Algorithm\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nSMARTCOOL Announces Letter of Intent With Connected Holdings to Develop Wireless and Cloud based Technology for the Smartcool Proven Energy Savings Algorithm\nCanada NewsWire\nVANCOUVER, Jan. 25, 2016\n\n\n\n\n \n \n\n\n\nVANCOUVER, Jan. 25, 2016 /CNW/ - Smartcool Systems Inc. (TSX-V: SSC))(OTCQB-SSCFF) Smartcool Systems Inc., CEO Ted Konyi, is pleased to announce today that the company has entered into an LOI (Letter Of Intent) with Connected Holdings of Newport Beach, California. The LOI is expected to lead to signing of a formal License Agreement during the first Quarter of 2016. \n\nConnected Holdings, a leader in M2M and IoT platforms, will be responsible for the development of a Smartcool cellular enabled device and a cloud based Smartcool application for integration with HVAC control systems. Connected Holdings will fund the development work and manage the production of these new devices and cloud services. \n\nConnected Holdings will form a subsidiary for the purposes of marketing this new connected solution. They anticipate leveraging their relationships with cellular network providers and under the license agreement, will be provided exclusive rights to sell through this channel.\n\nConnected Holdings and its associated entities, currently sell in excess of 100,000 cellular IoT devices per month. These are primarily sold into the automotive markets.  As a result of this existing business, Connected Holdings benefits from strong relationships with its manufacturers and cellular network providers. \n\nSmartcool will, as part of the License Agreement, be granted an ownership interest in the Connected Holdings subsidiary as well as a royalty on sales. Smartcool will also distribute products and services created by Connected Holdings through existing distributors and sales agents.\n\nEric Collins, Chairman and President of Connected Holdings, commente...