Surge of Interest Forced Upgrade of Software & Controls
TAMPA, Fla., Aug. 15, 2017 (GLOBE NEWSWIRE) — A surge of interest from a number of diverse industries caused Cool Technologies, Inc. (OTCQB:WARM) to accelerate the planned upgrade of its Mobile Power Generation (MG) system’s controller code to ensure maximum adaptability and sell-through. The software was rewritten to accommodate new applications, vehicles and vehicle manufacturers.
On Monday, Tim Hassett, Cool Tech’s CEO, announced “The software upgrade to our 80 kVA MG system will be finished within weeks. The Company is now taking pre-orders with deposits.” He added, “We’ll follow the same accelerated strategy and sales plan with our MG 125 system which will be completed this year.”
The catalyst for the upgrade was the company’s April demonstration at Craftsmen Industries before a live audience and online via video streaming as well as subsequent demonstrations at events in Louisville, Chicago and Pittsburgh.
Originally, Cool Tech had planned to commercialize its technology by starting with the line of Ford Trucks it had successfully converted and expanding to other manufacturers and applications in a sequential process. All that remained to make the system production-ready were a few minor tweaks to the software.
Audience interest changed that. Disaster relief providers, buyers for the US Military and other truck manufacturers and distributors present wanted private demos for those who didn’t attend.
Viewers who watched on-line contacted the company and requested meetings. The company heard from a global battery manufacturer interested in the no-idle option, a truck up-fitter heavily invested in natural gas conversions and a developer of hydrogen fuel cells who flew in to meet with the CEO. Their interest: alternative energy (the MG System is fuel agnostic. It runs on whatever the vehicle runs on). Each saw a natural tie-in. Each offered a new revenue stream. And each had different software or vehicle requirements.
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.