TAMPA, Fla., June 06, 2017 (GLOBE NEWSWIRE) -- Cool Technologies, Inc. (OTCQB:WARM) (“Cool Tech”), an innovator in mobile power generation and heat removal technologies, announced today that it has executed a Strategic Alliance Agreement with Veteran Technology Group LLC (“Vet Tech”), a developer of artificial intelligence software for advanced troubleshooting of complex systems.
The agreement requires each company to identify business opportunities with their respective strategic partners, make referrals and then sell and produce products in tandem or on their own.
Vet Tech has a contract pipeline with the US Army and Marines due to their expertise in software development and AI combined with their previous military service.
Cool Tech’s Mobile Generation (MG) system can improve energy and basing support for both services. It eliminates tow-behind generators, increases transport mobility, retrofits onto existing Class 3 to 8 vehicles, and generates electricity from any on-board power source such as fuel cells. With the No Idle feature, the vehicle engine can be shut off and run on a Panasonic array of solar panels or their under-chassis, battery pack.
“Combining our combat ready software with Cool Tech's unique MG system is so compelling that it will deliver even more sales for our company and new sales for Cool Tech by delivering a superior, force-multiplying, dynamic product to our warfighters," said Michael Grimes, Chief Executive Officer of Veteran Technology Group. “It decreases the footprint of current power generation technologies and increases the efficiencies and capabilities of force generation power requirements at the tip of the spear."
"Cool Tech has validated its MG technology in the market with its recent orders,” said Timothy Hassett, Cool Technology’s Co-Founder and Chief Executive Officer. “Adding Vet Tech Group’s predictive and preventative maintenance software combined with self-teaching and self-learning capability will help turbocharge sales and give a strategic advantage for our product in the multiple verticals our two companies target.”
Each company will receive a portion of profits generated by their respective introductions. After five years, the agreement may be renewed.
Additional information on Cool Tech’s MG system can be found on the company’s website (cooltechnologiesinc.com). Additional information on Vet Tech’s software and artificial intelligence services can be found on their company’s website (vettechgrp.com).
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.
About Veteran Technology Group.
Founded by Veterans in 2009, Veteran Technology Group is a research and development company specializing in artificial intelligence (AI) applications for troubleshooting. The Company’s customers are the US Military and Military Manufacturers. VTG looks to provide the next generation tools to help soldiers survive in combat situations. Vet Tech Group’s products have been recognized by Informs and The US Army as a “Paradigm Shift” in creating next generation software that reduces costs in support and taken warfighters out of harm’s way.
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.