(Tampa, FL: August 25, 2015) Cool Technologies, Inc., formerly HPEV, Inc. (OTCQB:WARM), an innovator in motor and generator power improvements, energy efficiency, and heat removal technologies, has officially changed its name, by an overwhelming shareholder vote, to Cool Technologies, Inc. (“Cool Tech”) and has made application to FINRA (the Financial Industry Regulatory Authority) to officially change the name in the public markets. Most importantly, the Company’s shareholders have, in the same fashion, elected four external members to the Board of Directors.
Cool Tech Chairman, CEO and co-founder, Timothy Hassett explained that, “The new Company name better reflects the larger context of our customers’ universal problem which is creating energy efficiency through the better cooling of their machine products. Better cooling means lower operating and manufacturing costs and higher output.” Hassett continued, “Regarding our new Board members, we are humbled to have four distinguished professionals officially join the Board of Directors to help lead our efforts as we commercialize. Their backgrounds are truly impeccable and each of them has a unique set of skills and relationships that are helping the Company move toward commercialization of our technology and the growth we expect in the coming months and quarters.” Hassett continued, “Over the past 6 months the Company has invested heavily in tooling, patterns, inventory, demonstration vehicles and allocated a large amount of money and resources to engineering to finalize our three MG lines (MG 30, 55 & 80kVA Mobile Generation products) as well as final tooling for the Drypit Submersible Pump motor for the water and wastewater industries.”
The four new Directors are also members of the Company’s Board of Advisors. They are: Daniel Ustian, Richard “Dick” Schul, Don Bowman and Chris McKee.
Daniel Ustian brings tremendous industry vision and 37 years of auto industry experience and connections to Cool Tech. He is helping to propel Cool Tech’s thermal technology solutions throughout an industry plagued with heat related issues. Cool Tech’s multiple platform heat solutions allow OEMs to capture cost savings and energy efficiencies for numerous products, giving them a technological advantage in the marketplace. Please see Mr. Ustian’s commentary on Cool Tech’s technology at: https://cooltechnologiesinc.com/investors/industry-interviews/.
“I am happy to become a part of the Board of Cool Tech. The Company has developed an exciting technology platform that I believe can influence dramatic changes in the vehicle marketplace on several different levels. The Company’s Mobile Generation technology is unlike anything on the market today and I’m excited to be a part of its growth,” commented Ustian. “The Company has a very impressive team of engineers with great intellectual property and excellent manufacturing partners.”
Mr. Ustian served as Chairman of Navistar, Inc. beginning in 2004, President and Chief Executive Officer beginning in 2003, and a director beginning in 2002 until 2012. Prior to serving in these positions, Ustian was President and Chief Operating Officer of the Engine Group of Navistar, Inc. Ustian was also director of Monaco Coach Corporation and of AGCO Corporation and a member of the Business Roundtable, Society of Automotive Engineers. He is a Member of the Society of Automotive Engineers and the American Foundry Association and participates in the Electrical Council for the Economy.
Dick Schul also brings tremendous experience, vision and industry wherewithal to the Company. Schul is a 43 year motor/generator veteran and industry insider. He recently retired from Emerson Electric as Group Vice President of Emerson Climate Technologies. Mr. Schul joined Emerson in 1981, and held positions of increasing responsibility throughout his tenure including: Marketing Manager, Director of Marketing and Vice President of Marketing for Emerson Motors through 1989. In 1990, he was named President of Alco Controls Division of Emerson; in 1997, President of Emerson’s Air Moving Motors Division; in 1998, President of Specialty and Air Moving Motors; in 2000, Group Vice President of Emerson’s Commercial Industrial Motors group; and in 2004 Group VP of Climate Technologies. Please see Mr. Schul’s commentary on Cool Tech’s technology at: https://cooltechnologiesinc.com/investors/industry-interviews/ .
“Cool Tech has developed and is now commercializing a revolutionary technology platform that can affect many products in a number of industries. I believe its impact on the industrial motor/generator industry will be tremendous. The technology provides a viable and cost effective heat removal solution that will produce significant increases in product power and profit for manufacturers,” commented Mr. Schul.
Donald L. Bowman brings a remarkable breadth of industry and legal wherewithal to the Company. He currently serves as CEO of BVU (Formerly known as Bristol Virginia Utilities) since November 2013. BVU Authority is a utility system that provides electric, water, wastewater and fiber optic telecommunication and information services to the City of Bristol and the surrounding area. The utility industry is a terrific fit for Cool Tech’s MG technologies and water and waste water technologies. From 2011 to November 2013, Mr. Bowman provided consulting services to the legal industry and various California businesses. Mr. Bowman served as Operations and Business Development Manager and consultant to General Manager of Lemo USA Inc. from 2006-2011. Prior thereto, from 2004 to 2006, Mr. Bowman served as Vice President and General Counsel of WaveCrest Laboratories LLC, a technology company in Northern Virginia. Mr. Bowman has a Juris Doctorate from the University Of Virginia School Of Law (1998), a Master in Engineering Management from the Florida Institute of Technology (1993), a Master in Civil and Environmental Engineering from Old Dominion University (1992), and a Bachelor of Science in Civil Engineering with Highest Honors from Virginia Military Institute (1990). He is a licensed professional engineer in the state of Virginia. He has been a registered patent attorney with the U.S. Patent and Trademark Office for more than fourteen years. Mr. Bowman served five years on active duty as an officer with the United States Navy and retired as Commander from the U.S. Naval Reserves in 2011.
Chris McKee brings 20 years’ experience in driving growth and shareholder value in technology companies in addition to helping companies uplist and expanding company’s institutional shareholder base. Mr. McKee joined GTT Communications, Inc. (NYSE: GTT) in 2008, and serves as GTT’s General Counsel and EVP, Corporate Development and Corporate Secretary for the GTT Board. Mr. McKee is responsible for the GTT’s legal requirements, but also oversees the development of strategic business opportunities for the company, including all merger and acquisition activities. Prior to joining GTT, he served as General Counsel for StarVox Communications where he was responsible for the company’s legal department, mergers and acquisitions, employment law, litigation, and legal support for the sales teams. Mr. McKee also formerly served as Vice President and Assistant General Counsel for Covad Communications. Mr. McKee earned a law degree from Syracuse University and received his Bachelor of Arts from Colby College. Chris’s background brings great experience and knowledge of supply chain management in addition to experience in growth of micro-cap and small-cap companies. That coupled with his extensive M&A background and experience with regulatory compliance and company legal structure make Mr. McKee a great fit for Cool Tech as the company begins to grow.
“We are very pleased with the last few month’s accomplishments as we have moved well down the road toward commercialization and built out the Company’s Board with high profile and extremely well regarded industry professionals who are committed, along with management, to driving the Company and its technology platform to transform a number of markets and drive shareholder value,” commented Theodore Banzhaf, Cool Tech’s President. “Further, the name change better describes the Company’s vision and future. We make a number of technology and product platforms dramatically more efficient and there are many more applications beyond the three verticals that we are currently commercializing. This technology offers the potential for revenue and earnings growth in many industrial markets that we have yet to announce.”
As stated above, the Company’s shareholders have elected four new Board Members and the Company has begun the process of preparing for an eventual uplisting to one of the major stock markets. These preparations fit requirements by stock exchanges that are laid out in governance regulation including the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and Sarbanes-Oxley Act of 2002.
Further to the name change, the Company changed its name to reflect the true nature of its foundation technology and better lend itself to the myriad technology verticals to which the technology can apply. The foundation of the Cool Tech technology is the removal of heat from rotating equipment more cost effectively and efficiently than technology available today.
About Cool Technologies, Inc.
Cool Technologies, Inc. is an intellectual property and product development company that employs a license and royalty model. The company has expertise in thermal dispersion technologies and their application to various product platforms. The Company is currently commercializing its patented thermal technology and has additional patents-pending for various OEM applications of its proprietary heat removal technologies. The markets that will be addressed by these technologies include myriad industries such as pumps, fans, compressors, batteries, motors, generators and bearings. https://cooltechnologiesinc.com/
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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