Business
Eco Innovation Group Announces Letter of Intent to Market and Sell Revolutionary PoolCooled™ Technology Solution
Eco Innovation Group Announces Letter of Intent to Market and Sell Revolutionary PoolCooled™ Technology Solution.
About this update from Eco Innovation Group, Inc.
[{"type":"text","content":"\n VAN NUYS, Calif., July 16, 2020 (GLOBE NEWSWIRE) -- Eco Innovation Group, Inc. (\"ECOX\" or the \"Company\") (OTC:ECOX), an innovative company aggregating investments in new technologies that are environmentally friendly, socially responsible, and promote green energy, is excited to announce the signing of a fully-executed Letter of Intent (the “LOI”) to establish an exclusive global licensing agreement (the “Agreement”) for full commercial rights to market and sell the PoolCooled™ technology solution developed by inventor Lance Nist. “PoolCooled™ is a perfect example of why we are in business at Eco Innovation Group,” commented Julia Otey-Raudes, CEO of ECOX. “Our mission is to provide a viable development, commercialization, and distribution pathway for great ideas that have the capacity to change how people interact with the planet on an ecological level.” PoolCooled™ utilizes proprietary technology to cool a home or building by taking cool water from an existing swimming pool and looping it through the existing air conditioning systems to boost air conditioning efficiency on a per-unit power consumption basis. Product testing suggests PoolCooled™ technology may reduce energy costs by as much as 50%. The Letter of Intent will require the Company and Nist to enter into a final material definitive agreement with terms and conditions. Pursuant to the Letter of Intent, Nist will retain the rights to select and approve product manufacturers, and ECOX will market and sell the PoolCooled™ product, retaining all rights to the proceeds derived from sales. The Company’s consideration for the transaction is five million shares of ECOX common stock. Otey-Raudes continued, “People use energy to make the air inside a building cooler because it’s too hot, and then use more energy to make the water in the pool warmer because it’s too cold – burning fossil fuels to accomplish both tasks, and sending toxins into the air, generating green house gases, and damaging our health along the way as we breathe in the pollution. PoolCooled™ is an elegant stroke of brilliance that disrupts the whole equation by simply moving the heat from the building air into the pool water, using a fraction of the energy and saving consumers money all at...