TAMPA, Fla., June 11, 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 KeyOptions Pty Ltd, a privately-held technology and security provider based in Victoria, Australia.
KeyOptions develops and markets products for governments, defense contractors and other commercial applications to counter security and cyber threats. The Company will provide a license for the JV to market and sell CoolTech’s entire product platform in Australia and neighboring countries in Southeast Asia.
“KeyOptions is an excellent joint venture partner,” said Timothy Hassett, Cool Technologies’ Chairman and CEO. “Their team has a very strong track record of bringing cutting edge technology to the Australian military, federal and local governments as well as commercial customers throughout the region. And they move quickly. They have already begun to market our Mobile Generation technology to their customers.”
“A lot of mining, farming and livestock raising, here in Australia, Indonesia and the rest of the Malay Archipelago, takes place off the grid, far from the nearest infrastructure. We see a major opportunity that CoolTech’s MG Systems can easily fill,” said Rick Wylie, KeyOptions’ CEO. “Plus, the spate of floods, wildfires and long-term droughts in Queensland, New South Wales, Tasmania and even Perth has created an urgent need for portable power, water purification and desalination.”
“Our combined goal is to have MG systems with water purification options that produce 10,000 to 15,000 liters per day of fresh water on the ground in the third and fourth quarters of 2019,” added Hassett. “KeyOptions is currently sourcing local funding to make that happen.”
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’s receiving the needed financing to being 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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