Technical analyst Ron Struthers outlines the impacts of record sales for this energy efficiency firm.
On Tuesday, Smartcool Systems Inc. (SSC:TSX.V; SSCFF:OTC; R3W:FSE) announced sales for the month of October exceeded CA$1,000,000. This is the highest monthly sales achieved in the company’s history. It took longer for this technology to gain sales momentum than I first thought, but the time is now arrived. I expect we will see strong numbers in the coming quarters, but expect volatility as with any start up but it will be from higher levels.
“This is a tremendous accomplishment for the company and is a function of what has been coming together for us in the last year,” explained Ted Konyi, Smartcool’s CEO, in a press release. “The acquisition of Total Energy Concepts (TEC) and the move from in house sales to an agency agreement in the UK have significantly contributed to this result. The global acknowledgement of climate change and the resulting drive to reduce carbon emissions, combined with ever increasing utility rates, improved costs of efficiency technologies and IoT based energy monitoring is driving companies and governments to seek efficiency measures.”
The majority of the sales generated in October are with national and international multilocation clients, which should lead to significant follow on sales activity.
On the chart, there is a solid base around $0.04.5 to $0.05. A break above $0.07 could signal higher prices and a solidify a new rally.
Ron Struthers founded Struthers’ Resource Stock Report 23 years ago. The report covers senior and junior companies with ample trading liquidity. He started his Millennium Index of dividend stocks in 2003 – $1,000 invested then was worth over $4,000 end of 2014 and the index returned 26.8% in 2016. He retired from IBM after 30 years in customer service, systems and business analyst, also developing his own charting software. He has expertise in junior start-ups and was a co-founder of Paramount Gold and Silver.[NLINSERT]
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