SmartHeat Inc. (SmartHeat), formerly Pacific Goldrim Resources, Inc., is engaged in the manufacturing and sale of plate heat exchangers (PHEs) and various packages, thermometer testing devices and heat usage calculators through its wholly owned operating subsidiary in China. The Company is a provider of PHE products to China’s industrial, residential and commercial markets. It designs, manufactures, sells, and services PHEs units, which combine PHEs with various pumps, temperature sensors, valves, and automated control systems (PHE Units), and heat meters for a range of industries, including petroleum refining, petrochemicals, power generation, metallurgy, food and beverage, and chemical processing. On April 14, 2008, the Company acquired all of the equity interests in Shenyang Taiyu Machinery & Electronic Equipment Co, Ltd. (Taiyu). Taiyu became a wholly owned subsidiary of SmartHeat.