Smartcool Systems Inc. announces financing

Friday, May 21, 2010

VANCOUVER , May 21 /CNW/ - SMARTCOOL SYSTEMS INC. (SSC-TSX:V) (the "Company") is pleased to announce that it has arranged a non-brokered private placement of up to 2 million units at a price of $0.25 per unit for gross proceeds of up to $500,000 . Each unit (a "Unit") consists of one common share and one-half of a common share purchase warrant, each whole warrant entitling the holder to purchase an additional share at a price of $0.35 per share for a period of 12 months from the date of issuance.

The Company may, in its sole discretion but subject to the policies of the TSX Venture Exchange, pay a finders fee to agents of the Company consisting of (i) a cash fee in an amount of up to 7.5% of the proceeds raised by the agent as part of this offering of Units, and (ii) a number of agent's warrants, entitling the holder thereof to purchase that number of common shares that is equal to 10% of the number of Units placed through the agent as part of this offering of Units, for a period of 12 months from the date of issuance.

The proceeds from the private placement will be used for general working capital.

For further information we invite you to visit us at www.smartcool.net .

About Smartcool Systems Inc.

Smartcool Systems Inc. (SSC: TSX.V) manufactures and distributes the Smartcool Energy Saving Module (ESM)(TM) and the ECO(3)(TM), which make refrigeration and air conditioning systems more efficient, resulting in proven cost savings, reduced energy consumption, and a smaller carbon footprint. The Smartcool ESM(TM) can be retrofitted to existing refrigeration and air conditioning systems and is compatible with all known control systems. More than 26,000 units have been installed worldwide for customers such as supermarkets, food distributors, telecommunications companies, hospitals, and hotels. Smartcool's new ECO(3)(TM) provides the same environmental and cost-saving benefits to residential and commercial customers using one and two compressor cooling systems. ( www.smartcool.net )

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.