Smartcool Systems Inc. (TSX-V:SSC) plans to acquire the business and assets of U.K.-based TECC Services Ltd.
Smartcool, which provides energy saving systems for businesses, is purchasing the distribution rights and related business assets for an undisclosed price. It will provide payment in cash and Smartcool common shares paid over the next four years.
The acquisition streamlines the company's distribution system and will give Smartcool direct access and exclusive rights to the European and Middle Eastern markets that TECC held prior to the acquisition.
Smartcool's share price range during the past week: $0.73 and $0.75; 52-week high: $1.75; 52-week low: $0.65.