TAMPA, Fla., June 06, 2019 (GLOBE NEWSWIRE) -- Cool Technologies, Inc. (OTCQB: WARM), an innovator in efficient mobile electric power generation and power enhancement technologies for motors and generators, announced today that it has entered into a joint venture agreement (“JV”) with Turkish technology company Belirti Teknoloji, A.S. (“BelirtiTech”). To launch the business, BelirtiTech has awarded Cool Technologies a purchase order for up to $42 million USD for the purchase of several different models of its Mobile Generation kits. The purchase order will supply the JV with its initial inventory for resale into the Middle East and some African nations. The Company is actively working with the customer’s bank in addition to insurance companies and other financial entities to facilitate the financing of the orders.
“CoolTech’s Mobile Generation technology is needed throughout the region. Power is inconsistent, infrastructure not well developed, and water supplies are dwindling. We haven’t found any other technology that brings so much commercial grade power to the field or to a work site with as much mobility, flexibility and ease,” noted BelirtiTech Founder and Managing Partner Mehmet Kunter.
BelirtiTech, founded in 1987 in Istanbul, Turkey, is an engineering company that combines different technologies to develop turn-key solutions and products that serve many markets including geophysical exploration, soil investigation, groundwater investigation, and drilling.
“BelirtiTech has deep connections throughout the Middle East. We fully expect that this will lead to additional opportunities for the Company as we expand production and capacity with our OEM partners,” said Timothy Hassett, Cool Technologies’ Chairman and CEO. “We have specifically chosen OEM partners that have an international presence and can provide full supply chain support, including logistics, inventory, warehousing and service.”
This initial purchase order is for six hundred MG80, MG125 and MG200 Mobile Generation systems. The MG systems will be integrated into the end customer’s choice of vehicles. The systems output commercial grade power, both single and three phase, standby and prime, across a variety of voltages. With an MG system, users no longer a need to tow a generator. They can plug right into the truck and output up to 200 kilovolt amps of electric power. The in-chassis generator enables users to tow additional equipment and reach sites that might be inaccessible while towing a trailered generator.
Management expects that the financing negotiations with banks, customers and other entities will enable the Company to begin production of the systems within the 3rd quarter of 2019, and to generate revenues from the sales by the end of the year. The Company currently has inventory in place to start the initial first article production build.
The purchase order also includes an additional MG80 installed in a Ford F-450 with the 2,500 gallon per day Mobile Water Desalinization option included.
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 and maintenance heavy cooling systems while increasing power output of motors, generators, pumps, fans, compressors, batteries 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. Forward-looking statements are based on information available at the time they are made and/or management’s good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. An example of a forward-looking statement in this release includes, the Company receiving the needed financing to begin production of the kits, when the Company will begin production of the orders and the amount of the purchase order that will actually be sold by the Company. 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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