Cool Technologies Inc (WARM)

[kayak_wench]

In the S-1 they are saying license, but a lot of that is cut and paste from old filings. Then they go through and update a few sections (at least that is what it seems to me because they sometimes have conflicting information in them and a previous filing will fill in what is newest).
They refer to the pump business as a joint product markup in their the investor slides (http://www.cooltechnologiesinc.com/content/pdf/DeepDiveInvestorDeckJanuary2016.pdf).
In previous presentations they had only referred it it as a license agreements. Note this is the same model they have for the mobile generation. Which is basically get a OEM to build the equipment then they contract with someone to install it. For MG they are trying to work with others to market it, but so far no one has sold anything despite all the PRs proclaiming pre-orders being taken.

In addition the PR and blog updates from last winter on the pump business don't describe licensing to someone like Siemens but instead having manufacturing partners who they will work with to bring the product to market.
In the PR (http://cooltechnologiesinc.com/cool-technologies-readies-its-heat-removal-technology-to-enter-water-and-waste-water-markets/) it says its manufacturing partners are Nidec and ESSCO pumps. ESSCO is a tiny pump company with revenue of ~2 to 4 million a year from what I could tell. From the PR I don't get the idea that it will be an "ESCCO" branded pump nor than it will be Nidec. I think they are going to pay ESSCO to help them design and manufacture the pumps.

In the blog (http://cooltechnologiesinc.com/cool-technologies-dry-pit-submersible-motor/) they talk about bringing in a industry veteran to oversee the manufacturing.

Bottom line them trying to do it themselves means no one wanted to license the technology. Also the try never got off the ground as its been over a year since Hassett stated this with respect to their pump business " In my next blog, coming very soon, I will expand on the timing of this product in 2016 as well as have our business leader make comments on this product and give you the opportunity to ask questions."