Business
Cool Technologies Announces Landmark Settlement
Cool Technologies Announces Landmark Settlement.
About this update from Cool Technologies, Inc.
[{"type":"text","content":"\n \n \n Cool Technologies Announces Landmark Settlement\n \n \nCool Technologies Announces Landmark Settlement\n\nUnited States District Court Dismisses Shareholder Derivative Case Filed by Spirit Bear\n\n \n TAMPA, FL--(Marketwired - May 5, 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 approved the Derivative Action Settlement Agreement (the \"DASA\") entered into by and between Cool Technologies, Inc. (the \"Company\"), Spirit Bear Limited, Timothy J. Hassett, Quentin D. Ponder, Judson W. Bibb, and Theodore H. Banzhaf in HPEV, Inc. v. Spirit Bear Limited 13-cv-01548 (JAD) (GWF) (D. NEV.). The final approval and Order also dismissed, with prejudice, the derivative case filed against the Company by Spirit Bear.\n \"It is critical for shareholders to understand the significance of the Spirit Bear settlement,\" stated Company CEO, Timothy Hassett, adding, \"Able to now fully execute our growth strategy, management is energized by the potential revenue impact this landmark settlement may represent as we continue our commitment to building long-term shareholder value.\"\n A complete and accurate copy of the fully executed January 28 settlement agreement, including a complete and accurate copy of the fully executed Derivative Action Settlement Agreement dated January 28, 2015, as amended effective May 1, 2015, was filed with the Securities and Exchange Commission as an attachment to the Schedule 13D/A filed by Spirit Bear on March 13, 2015. \n About Cool Technologies, Inc.\n 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.\n Safe Harbor Statement \n  This release contains forward-looking statements w...