VAN NUYS, Calif., July 16, 2020 (GLOBE NEWSWIRE) -- Eco Innovation Group, Inc. ("ECOX" or the "Company") (OTC:ECOX), an innovative company aggregating investments in new technologies that are environmentally friendly, socially responsible, and promote green energy, is excited to announce the signing of a fully-executed Letter of Intent (the “LOI”) to establish an exclusive global licensing agreement (the “Agreement”) for full commercial rights to market and sell the PoolCooled™ technology solution developed by inventor Lance Nist.
“PoolCooled™ is a perfect example of why we are in business at Eco Innovation Group,” commented Julia Otey-Raudes, CEO of ECOX. “Our mission is to provide a viable development, commercialization, and distribution pathway for great ideas that have the capacity to change how people interact with the planet on an ecological level.”
PoolCooled™ utilizes proprietary technology to cool a home or building by taking cool water from an existing swimming pool and looping it through the existing air conditioning systems to boost air conditioning efficiency on a per-unit power consumption basis. Product testing suggests PoolCooled™ technology may reduce energy costs by as much as 50%.
The Letter of Intent will require the Company and Nist to enter into a final material definitive agreement with terms and conditions. Pursuant to the Letter of Intent, Nist will retain the rights to select and approve product manufacturers, and ECOX will market and sell the PoolCooled™ product, retaining all rights to the proceeds derived from sales. The Company’s consideration for the transaction is five million shares of ECOX common stock.
Otey-Raudes continued, “People use energy to make the air inside a building cooler because it’s too hot, and then use more energy to make the water in the pool warmer because it’s too cold – burning fossil fuels to accomplish both tasks, and sending toxins into the air, generating green house gases, and damaging our health along the way as we breathe in the pollution. PoolCooled™ is an elegant stroke of brilliance that disrupts the whole equation by simply moving the heat from the building air into the pool water, using a fraction of the energy and saving consumers money all at once.”
The Company is excited about bringing PoolCooled™ to market over the near-term and sees extensive opportunities in the residential market, as well as in marketing the product to hotels, motels, and apartment complexes, and in other similar commercial settings where large indoor spaces sit adjacent to large swimming pool structures.
About Eco Innovation Group
Eco Innovation Group was founded by Inventors and Business Professionals to help nurture and catalyze the most innovative and impactful products and services, and to deliver those innovations to the world, improving the quality of life in our communities and the world around us, while delivering value to our shareholders. At ECOX, we are dedicated to developing and commercializing successful products. But we will never lose sight of the fact that we exist, first and foremost, to help people and improve life on the planet we all share. We take our Social Responsibility Contract seriously in all our endeavors. It is not only what we do. It is who we are. For more information, visit www.ecoig.com.
FORWARD-LOOKING STATEMENTS: This release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements also may be included in other publicly available documents issued by the Company and in oral statements made by our officers and representatives from time to time. These forward-looking statements are intended to provide management's current expectations or plans for our future operating and financial performance, based on assumptions currently believed to be valid. They can be identified by the use of words such as "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "would," "could," "will" and other words of similar meaning in connection with a discussion of future operating or financial performance. Examples of forward-looking statements include, among others, statements relating to future sales, earnings, cash flows, results of operations, uses of cash and other measures of financial performance.
Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties and other factors that may cause the Company's actual results and financial condition to differ materially from those expressed or implied in the forward-looking statements. Such risks, uncertainties and other factors include, among others such as, but not limited to economic conditions, changes in the laws or regulations, demand for products and services of the company, the effects of competition and other factors that could cause actual results to differ materially from those projected or represented in the forward-looking statements. Any forward-looking information provided in this release should be considered with these factors in mind. We assume no obligation to update any forward-looking statements contained in this report.
Corporate Contact:
Eco Innovation Group, Inc.
Public Relations:
Tiger Global Management