TAMPA, Fla., Jan. 15, 2020 (GLOBE NEWSWIRE) -- Cool Technologies, Inc. (OTCQB:WARM) (“CoolTech”), an innovator and intellectual property company in mobile power generation and heat removal technologies, has announced that the Company’s Board of Directors have elected a new external member. The new member of the Board of Directors is Steven Wilburn.
Mr. Wilburn brings vast industry experience, a successful track record and political clout to the Company. He is a chemical engineer with in-depth applications engineering experience and an executive with over 40 years of experience in alternative energy and water treatment.
Steve is also the founder, Chairman and CEO of FirmGreen, Inc., and founder and managing member of VerdeWatts, LLC. FirmGreen’s patented landfill emission cleanup process converts biogas into compressed natural gas (CNG) fuel. His company has subsequently added proprietary patented water treatment technology to its product mix.
He also invented the VerdeVault Energy Storage System for solar and battery powered technologies, then founded VerdeWatts to commercialize it. VerdeWatts currently has over $212 million in renewable energy and energy storage projects in development. One is a contract to develop and operate a 65 megawatt solar hybrid plant with 240 megawatt hours of battery storage in Nigeria.
After reviewing the Company’s technologies, Steve put forth a new application for CoolTech’s Mobile Power Generation System: make it an integral part of mobile microgrids to power farming villages throughout rural America and the developing world. VerdeWatts solar panels and battery storage systems would provide the sustainable energy. MG Systems would recharge or back-up the microgrids and simultaneously power FirmGreen water purification and desalination systems.
A combat wounded and disabled Marine who was awarded the Purple Heart, Mr. Wilburn has continued to serve his country, earning respect from Democrats and Republicans in the process. He’s testified before the House Financial Services Committee as an expert on the financing of international trade. The Obama Administration appointed him to the White House Business Council and the Trade and Finance Advisory Committee. Then, the current Secretary of Commerce, Wilbur Ross, reappointed him to the same committee.
His service on the advisory board of the Export Import Bank of the United States (the official export credit agency of the federal government which assists in the financing and facilitating of U.S. exports) could be the most important for the Company.
“The combination of CoolTech, VerdeWatts and FirmGreen technologies can be transformative for the health, livelihoods and economies of communities all over the world. Congress has mandated that the bank fund projects that benefit the environment and I believe this fills the bill,” stated Mr. Wilburn. “Furthermore, the synergy between our companies can be quite beneficial to both. In Latin America, CoolTech has incorporated our products in their projects. I see the same kind of pull through likely as we add their technology to our current and future projects.”
Regarding the new director, Timothy Hassett, Cool Technologies’ Chairman and CEO, said, “As we reach the tipping point in a very auspicious year for the Company, adding a professional like Steve will provide a unique set of skills and relationships to help the Company transcend its previous limitations, enter new markets and grow at a speed and scale beyond what we had previously imagined.”
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 three third parties -- Mohler Technologies, 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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