SOURCE: Cool Technologies, Inc.

May 05, 2016 07:10 ET

Cool Technologies Announces Landmark Settlement

United States District Court Dismisses Shareholder Derivative Case Filed by Spirit Bear

TAMPA, FL--(Marketwired - May 5, 2016) - Cool Technologies, Inc. (OTCQB: WARM) ("Cool Tech"), an innovator in motor and generator power improvements, energy efficiency, and heat removal technologies that partners with multi-national corporations, announced today that the United States District Court, District of Nevada has approved the Derivative Action Settlement Agreement (the "DASA") entered into by and between Cool Technologies, Inc. (the "Company"), Spirit Bear Limited, Timothy J. Hassett, Quentin D. Ponder, Judson W. Bibb, and Theodore H. Banzhaf in HPEV, Inc. v. Spirit Bear Limited 13-cv-01548 (JAD) (GWF) (D. NEV.). The final approval and Order also dismissed, with prejudice, the derivative case filed against the Company by Spirit Bear.

"It is critical for shareholders to understand the significance of the Spirit Bear settlement," stated Company CEO, Timothy Hassett, adding, "Able to now fully execute our growth strategy, management is energized by the potential revenue impact this landmark settlement may represent as we continue our commitment to building long-term shareholder value."

A complete and accurate copy of the fully executed January 28 settlement agreement, including a complete and accurate copy of the fully executed Derivative Action Settlement Agreement dated January 28, 2015, as amended effective May 1, 2015, was filed with the Securities and Exchange Commission as an attachment to the Schedule 13D/A filed by Spirit Bear on March 13, 2015. 

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.

For more information, read the blog at cooltechnologiesinc.com or contact ir@cooltechnologiesinc.com.

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