TAMPA, Fla., Dec. 13, 2017 (GLOBE NEWSWIRE) -- Cool Technologies, Inc. (OTCQB:WARM), an innovator in efficient mobile power generation and thermal dispersion technologies, announced today that it has received a purchase commitment for Mobile Generation (MG) systems from the National Union of Producers in Mexico for the state of Veracruz. Depending on the respective numbers of MG55 or MG80 kVA systems ordered, the company expects the value of the commitment to range between $1.2M and $3.9M USD.
"We continue to commit to our growth and marketing strategies in North America through customer targeting, product innovation and low overhead costs," said Tim Hassett, CEO of Cool Technologies. "This order demonstrates a commitment to our strategic plan to enhance and sustain shareholders' value and confidence in 2017 and beyond. The growing number of purchase orders affirms the appeal of enhanced mobile power generation.”
“Farming in VeraCruz, like so many parts of the world, is varied. Common crops such as sugar cane, tobacco, bananas, coffee, rice and vanilla are very labor and energy intensive,” added Mr. Hassett. “With an MG, farmers can tow and power pumps, harvesters and processing equipment with a single truck. Additionally, the lower cost and energy efficiency of the systems compared to tow-behind generators provide a notable economic advantage. As a result, the union expects a significant increase in yields, exports and incomes for its members and their communities.”
Mr. Hassett continued, “Veracruz also has a large forestry industry which could benefit from mobile power generation. As we start shipping MGs, we expect more orders will come from the region. Total commitments now amount to roughly $18.2M - $25.9M USD.”
CoolTech has set the process for the purchase cycle. As a student of Jack Welch at General Electric, Tim Hassett realized the benefits of the Six Sigma innovation sales process. The idea is that customers get what they want, when they want it, and it’s right the first time. This reduces customer requests for product variation and controls production costs.
According to the contract, the company will deliver an MG 80 retro-fitted onto a Ford F-350 truck within 60 business days. Then, to ensure the system fully addresses the application requirements, CoolTech, as a best practice of Six Sigma quality, will gather data and performance feedback. When CoolTech is satisfied that optimal performance has been achieved, the union will release the balance of the order: 24-50 MG units and production begins.
Production will start no later than April 2018. Payment terms require 50% down and 50% at time of shipment, each payable with a bank letter of credit. Product delivery will be considered FOB (Freight on Board) from Cool Technologies’ shipping dock.
About Cool Technologies, Inc.
Cool Technologies is an intellectual property and product development company commercializing patented thermal dispersion technology across multiple platforms. The Company has additional patents-pending for various OEM applications of its proprietary heat removal technologies. Tested and validated by two third parties, ESSCO Pumps and Nidec Corporation, the Company’s cooling system eliminates the need for costly modifications while increasing power output of pumps, fans, compressors, batteries, motors, generators and bearings.
Safe Harbor Statement.
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on plans and expectations of management and are subject to uncertainties and risks that could affect the company's plans and expectations, as well as results of operations and financial condition. A listing of risk factors that may affect the company's business prospects and cause results to differ from those described in the forward-looking statements can be found in company reports and documents filed with the Securities and Exchange Commission. The company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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