AquaCell Technologies to Acquire Revolutionary Solar Powered Air Conditioner
Monday April 2, 7:00 am ET
The SolCool(TM) Air Conditioner Is the First of Its Kind to Harness the Power of the Sun to Produce Air-Conditioned Air
The SolCool Air Conditioner Uses 75% Less Power Consumption Than Air Conditioning Systems Currently on the Market
RANCHO CUCAMONGA, CA--(MARKET WIRE)--Apr 2, 2007 -- AquaCell Technologies, Inc. ("AquaCell") (Other OTC:AQUA.PK - News) today announced that it has entered into a Letter of Intent to acquire GPM, Inc., manufacturer and patent owner of the world's only stand-alone solar powered air conditioner, marketed under the name SolCool(TM).
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Unlike currently available air conditioners, the SolCool air conditioner uses less than 25% of the power of traditional air conditioners of the same size and can be run with only two photovoltaic (solar) panels, freeing the user from the electric utility grid. The current SolCool air conditioner, which is the fourth generation, provides 1.5 tons/18,000 BTUs of cooling from the power of the sun, and is eligible for state and federal energy rebates. It is the only climate control equipment in the world that uses direct, renewable DC input to power its internal 24-volt operating system. Previous versions of have been purchased by the US military, corporations and international real estate developers.
Roger Pruitt, inventor of the SolCool air conditioner and President of GPM said, "The move from prototype model to an affordable assembly-line product has been a huge step for us in our development. Our goal of producing the world's first commercially available solar powered air-conditioner has been realized through our R&D efforts over the last several years. These efforts are generating interest from numerous market segments that have been seeking 'green' solutions to reduce energy dependence, pollution and global warming that we could never have imagined. The pace at which the market for our product has grown over even the past few weeks has far outstripped the capacity of our privately held company to effectively meet this demand." Mr. Pruitt continued, "We are extremely happy to have our vision now included in the strategy of AquaCell and its management team."
"We are excited to be a part of the effort to reduce greenhouse emissions by taking users off of the power grid," said Kevin Spence, AquaCell's President and CFO. "Currently the unit can be powered by as little as 300 watts -- or only two 150 watt solar panels, which will allow for almost universal application."
James Witham, AquaCell's Chief Executive Officer said, "This letter of intent is the culmination of five months of combined effort on the part of AquaCell and GPM. We are pleased to have reached an agreement to acquire the first air conditioner in the world that can efficiently run off the power of the sun. This is truly a remarkable renewable energy product that has the ability to revolutionize a broad spectrum of the global air conditioning market."
Brighton Capital Ltd. of Los Angeles, CA assisted and advised AquaCell Technologies with the identification and negotiation of the Letter of Intent with GPM. Brighton Capital has also been retained by AquaCell to identify other possible acquisition candidates in the renewable/alternative energy space.
About AquaCell Technologies, Inc.
AquaCell Technologies, Inc. is based in Rancho Cucamonga, CA. Historically, its AquaCell Media, Inc. subsidiary installed its patented self-filling Aquacell 1000 Bottled Water Cooler Systems free of charge into various locations, generating revenue through the sale of advertising. AquaCell's direction will now be focused on the acquisition and growth of GPM and other similarly related businesses in the renewable/alterative energy space.
Safe Harbor. Statement Under the Private Securities Litigation Reform Act of 1995.
Certain statements in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Forward-looking statements include, but are not limited to, statements about: our ability to continue relationships with customers; our ability to offer our products at competitive prices; and our ability to use the most current technology for our products.
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Source: AquaCell Technologies, Inc.
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