US District Court approves settlement in shareholder derivative case filed by Peak Finance
TAMPA, FL–(October 25, 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 formally approved the Derivative Action Settlement Agreement entered into by and between Cool Technologies, Inc. (the “Company”), Peak Finance LLC, Timothy J. Hassett, Quentin D. Ponder, Judson W. Bibb, Theodore H. Banzhaf and Mark M. Hodowanec in Peak Finance LLC v Timothy J. Hassett et. al (Case No. 2:15-cv-01590-GMN-CWH)(D. NEV.).
As a result of the order, the derivative action was dismissed with prejudice. No damages or compensation were awarded to either party. Instead, Peak Finance will be allowed to present investment and business opportunities to the Company’s board of directors within the next 30 days.
“The Company is pleased to have this matter behind us as we approach the demonstration of our Mobile Generation technology and the unveiling of our initial work truck,” stated Company CEO, Timothy Hassett, adding “Our singular focus has returned to the successful launch of our innovative technology to a targeted audience of OEMs, corporate and fleet users and up-fitters. Based on current progress, we are confident the demonstration will catalyze our growth strategy, positively impact revenues and showcase our commitment to creating long-term shareholder value”.
About Cool Technologies, Inc.
Cool Technologies is an intellectual property and product development company commercializing patented thermal dispersion technology across multiple platforms. Tested and validated by third parties representing a variety of industries: Mohler Technology and Nidec Corporation (electric motors), Innova UEV (electric vehicles) and ESSCO Pumps; the Company’s cooling system eliminates the need for costly modifications while increasing power output of pumps, fans, compressors, batteries, motors, generators, bearings and vehicle parts such as gear boxes, wet disc brakes, oil pan and exhaust gas recirculation coolers. Additional patents-pending for various OEM applications of its heat removal technologies are expected to be issued in early 2017.
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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