TAMPA, Fla., May 08, 2018 (GLOBE NEWSWIRE) -- Cool Technologies, Inc. (OTCQB:WARM), a leader in developing innovative mobile generation and cooling technologies, announced today that nine representatives from Mexico’s farming, banking, and government sectors flew to Fort Collins, Colorado for a successful live demonstration of CoolTech’s innovative generator-equipped truck. “As we had hoped, our guests were impressed with the capabilities of the system,” said Timothy Hassett, Chairman and CEO of Cool Technologies. “And as a result, the demonstration will lead directly to more than $20 million worth of new orders and rapidly increasing production.”
The observers included the president of the National Chamber of Commerce of Mexico, the General Secretary of the Association of Industrial Engineers of the Yucatan Peninsula, the president of the Euro-Latin American Forum of Women in Mexico, a representative of the State Procurator’s Office for the Protection of the Environment for the state of Veracruz, as well as an intermediary between agricultural producers and banks or public trusts which grant credit, guarantees, training, technical assistance and technology transfer to the agricultural sector of the country.
The Mexican officials were able to see CoolTech’s generator-equipped Ford F-350 truck in action. In strong contrast to standard heavy, unwieldy tow-behind generators, the CoolTech truck is a lightweight system that uses a truck’s own engine to power the generator. “Anywhere you can drive a truck, you can have power,” explained Hassett.
The demonstration showcased the capabilities and ease of operation of the system. CoolTech showed how an operator is able to control the generator from the comfort and safety of the truck’s cab using a Panasonic Toughpad. The company also demonstrated using the electricity from the truck to power a screw compressor, an industrial fan, and an industrial load bank. And it discussed additional capabilities, such as purifying water and operating seamlessly with batteries and solar power to make operations more sustainable and environmentally friendly.
Before the demonstration, CoolTech already had an order for ten trucks, worth more than $1 million. The successful demonstration will now allow the truck to go into production, fulfilling purchase commitments that have already been signed by Jatropha, Inc, and Veracruz, Inc, for 259 trucks as well as bringing in new buyers and many more orders from those in attendance.
Even more important, the trucks have the potential to transform lives of farmers, said Hassett. “Farmers will have power whenever and wherever they need it,” he said. “Businesses can develop, build or extract resources far from the electrical grid. And communities will be able to more easily respond to disasters, emergencies, and power outages.”
The demonstration took place in Fort Collins, Colorado at Czero, Inc, a mechanical engineering firm located at the Powerhouse Energy Campus of Colorado State University’s Energy Institute.
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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