Business
Smartcool Signs License Agreement With Connected Holdings to Develop Wireless and Cloud Based Technology for the Smartcool's Proven Energy Saving Algorithm
Smartcool Signs License Agreement With Connected Holdings to Develop Wireless and Cloud Based Technology for the Smartcool's Proven Energy Saving Algorithm.
About this update from Smartcool Systems Inc
[{"type":"text","content":"\nSmartcool Signs License Agreement With Connected Holdings to Develop Wireless and Cloud Based Technology for the Smartcool's Proven Energy Saving Algorithm \n\nSmartcool Signs License Agreement With Connected Holdings to Develop Wireless and Cloud Based Technology for the Smartcool's Proven Energy Saving Algorithm\n\n\n VANCOUVER, BC--(Marketwired - April 12, 2016) - \n Smartcool Systems Inc.\n (TSX VENTURE: SSC)\n (OTCQB: SSCFF) Smartcool Systems Inc., CEO Ted Konyi, is pleased to announce today that the company has signed a license agreement completing the earlier announced LOI (Letter Of Intent) with Connected Holdings of Newport Beach, California. Connected Holdings, a leader in M2M and IoT platforms, will be responsible for the development of a cellular enabled device with a cloud based Smartcool algorithm 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. Connected will also be providing a cellular enabled device which will allow connectivity and reporting for existing Smartcool ECO3 products.Connected 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 these channels. Smartcool 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 its existing distributors and sales agents.Eric Collins, Chairman and President of Connected Holdings, commented, \"Since signing the LOI in January, our team has been developing a go to market strategy for our Smartcool algorithm enabled products. Initial beta test sites have been established and a full rollout of the initial products is expected in the next few months. We are confident that our service model approach can provide a break-through value proposition for rapid sales growth. We are anticipating a successful relationship with Smartcool Systems.\" Ted Konyi added, \"Working with Connected Holdings is a major step forward for Smartcool. Staying abreast of changes in technology...