SmartHeat Inc. Acquires Gustrower Warmepumpen

SmartHeat Inc.

announced today that it signed a definitive agreement to acquire Gustrower Warmepumpen GmbH, a designer and manufacturer of high efficiency heat pumps, from Conergy AG. The transaction is expected to close at the end of February, subject to customary closing conditions, and is not expected to have a material impact to SmartHeat's revenue or EPS for the full 2011 fiscal year.