TAMPA, FL--(Marketwired - Dec 20, 2016) - Cool Technologies, Inc. (OTCQB: WARM) ("Cool Tech"), an innovator in motor and generator power improvements, energy efficiency, and heat removal technologies, announced today that it has executed a Memorandum of Understanding ("MOU") with Veteran Technology Group LLC ("Vet Tech"), a developer of artificially intelligent software for advanced troubleshooting of complex systems.
The software is custom designed to provide predictive and preventative maintenance information for Original Equipment Manufacturers (OEMs) and end-users. Enhanced with artificial intelligence capability, Vet Tech's System enables anyone of any skill level to troubleshoot, repair and optimize the product or system the software is developed for as well as take advantage of diagnostics or mechanical processes others may have discovered and used successfully.
The objective of the MOU is two pronged: (1) to enable Veteran Technology Group to assist Cool Technologies to apply and market its Mobile Power Generation technology to military markets; and (2) to lay the groundwork for the integration of Vet Tech's proprietary software into the Mobile Generation System in order to expand both companies' customer bases.
"One of the goals of the US Military has always been to expand warfighter capability by increasing efficiencies as well as to make energy and basing support a combat multiplier," said Michael Grimes, Chief Executive Officer of Veteran Technology Group. "The MG system's ability to eliminate tow-behind generators and thereby improve transport mobility, retrofit onto existing Class 2 to 8 vehicles, and generate electricity from any on-board power source such as batteries or fuel cells hits the military's sweet spot dead center."
"When our Mobile Generation System is formally introduced at the end of January, we plan to hit the ground running on a number of fronts," said Timothy Hassett, Cool Technology's Co-Founder and Chief Executive Officer. "Vet Tech's deep understanding of military needs and culture as well as their ability to help provide access to existing sales channels should fast forward our military sales initiatives in a big way."
Cool Tech and Vet Tech intend to enter into a definitive agreement by January 30th, 2017 to market, spec and sell each other's products to the military, work truck, water/wastewater and other industries jointly.
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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