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TAMPA, Fla., June 04, 2019 (GLOBE NEWSWIRE) -- Cool Technologies, Inc. (OTCQB: WARM), an innovator in efficient mobile electric power generation and power enhancement technologies for motors and generators, announced today that the Mexican government has passed a federal bill (fraction XV to Article 5o of the Law of Livestock Organization) into law that will allow Mexican entities such as farmers, fisherman, ranchers and other industries to receive financial assistance from the government for 37% of the total acquisition price of all CoolTech’s Mobile Generation (MG) systems and optional products. Financing for the balance of the cost is expected to come from other governmental agencies.
The new law was championed in the Mexican congress by Congressman Efraín Rocha Vega who is Secretary of the Commission of Development and Rural, Agricultural and Food Self-sufficiency Conservation, a member of the commission of Livestock and the commission of Environment, Sustainability, Climate Change and Natural Resources. Congressman Rocha has announced that in 2020, the Mexican Government will also support a Cool Technologies Center of Excellence to help integrate CoolTech’s entire green energy platform into other areas of the Mexican economy. The government also intends to explore the use of MGs for disaster relief in the aftermath of earthquakes and hurricanes.
On May 13th, 2019, CoolTech hosted Congressman Rocha, a delegation of fruit growers and other agricultural interests in St. Louis to demonstrate the Company‘s technology and another clean energy solution. Subsequent to the event, in an official Congressional Letter of Support, dated May 20th, 2019, Congressman Rocha wrote: “The successful demonstration of these technologies further strengthens the Mexican Government’s support of Mexican entities that desire to purchase CoolTech and KILO products, as well as affirms our position to provide financial assistance to such entities.” The letter can be viewed in its entirety at http://www.cooltechnologiesinc.com/content/pdf/MexicanLegislationandFinancialAssistanceLetter.pdf.
“The MG technology will help Mexican farmers and fruit growers dramatically improve crop yields because it will bring clean, dependable electric power to the fields and groves to run irrigation systems and other equipment that has been difficult to operate consistently in the past,” proclaimed Congressman Rocha. “We are committed to supporting agriculture, and this technology will help across the whole of Mexico.”
“This is a tremendous vote of confidence from the Mexican government for our technologies. Congressman Rocha has a deep understanding of their benefits to Mexican industry, plus the drive and vision to make it happen,” said Timothy Hassett, Cool Technologies’ Chairman and CEO. “CoolTech’s future in Mexico is very bright with our planned Center of Excellence and additional avenues to expand implementation of our green energy platforms in the Mexican economy.”
Under the new law, the Agriculture Secretary and other Secretaries, including Energy, are now accepting applications for projects to be funded by this initiative.
“All Mexican farming, fishing, livestock and other businesses are eligible to receive the funding because it’s clean, renewable energy that saves money,” said Congressman Rocha. “The Four Commissions with their representatives in Agriculture, Environment, Cattle and Energy will promote this program to fund the MG systems in their state, district or counties along with the local mayors, farmers, and fruit growers.”
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 and maintenance heavy cooling systems while increasing power output of motors, generators, pumps, fans, compressors, batteries 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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