TAMPA, FL--(Marketwired - Sep 7, 2016) - Cool Technologies, Inc. (OTCQB: WARM), an innovator in mobile power generation, energy efficiency, and heat removal technologies raised $650,000 from company insiders, existing shareholders and a new strategic shareholder to complete an MG (30) system on a Ford F350 Dually and to retire all existing convertible debt.
The truck will be demonstrated to target OEM's, up-fitters and future partners later this year. A key partner, Inverom Corporation/Innova EV, is handling the balance of the work to be done.
"Enabling work trucks to generate up to 200 kW of electricity from an onboard system is going to open a lot of eyes and generate a lot of orders. The applications are immense," said investor, current stockholder and former Navistar Chairman and CEO, Daniel Ustian.
Two hundred fifty thousand of the total investment is earmarked to complete the Ford F350 MG system. The balance is being used to retire the remaining convertible debt on the company's books.
"Since June, our stock price has experienced unusual pressure with extraordinarily high volumes generated as a result of then existing debt holders converting debt and selling the shares. Retirement of this convertible debt has removed a significant distraction as the management continues to commercialize our technology platforms," added Cooltech CEO, Tim Hassett. "What remains in order to deliver our demonstration vehicles to customers is simply the installation and testing of software, touchscreen controls, and telematics."
The Company will communicate its continued progress to shareholders, monthly, via press releases. blogs from the CEO, Tim Hassett, and video to be posted on the company's website.
About Cool Technologies, Inc.
Cool Technologies is an intellectual property and product development company commercializing patented thermal dispersion technology across multiple platforms. For example, it works with partners such as Emerson Electric and Nidec Motor Corporation to manufacture products utilizing their assets. The Company has additional patents-pending for other OEM applications of its proprietary heat removal technologies. Tested and validated by two third parties, ESSCO Pumps and Nidec, 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.