Stockholders' Update: Coates International, Ltd. Has Invested Approximately $40,000,000 USD in Scientific R&D Over a Period of 20 Plus Years and Developed the Most Advanced "Green Technology" Combustion Engines and Gen Sets in the World; Production of These CSRV Products Has Started in the USA and Production Parts Are Also Being Ordered in China
WALL TOWNSHIP, NJ--(Marketwired - Dec 22, 2015) - Coates International, Ltd. (OTC PINK: COTE) (the "Company") the Company is pleased to announce that Executive Director, Mr. Jack Perkowski, is returning from China this week and will attend meetings at the Coates headquarters on December 29, 2015. Mr. Perkowski is working with us to secure licensing for the Company for the territory of China.
- The Company has received two industrial generator sets from Cummins. One 50 KW and one 250 KW. These gen sets are being retrofitted with the Coates CSRV system. When completed, they will be demonstrated operating on natural gas, diesel and propane and eventually shipped to our customers.
- So far we have not found a suitable foundry in the USA to case the heads for our 100 KW, 150 KW, 200 KW and 250 KW CSRV gen sets. As a result, it may be necessary to cast the heads in China.
- Business Executives from Merrill Lynch visited the Coates headquarters in November and expressed interest in the possibility of assisting with financing of the Company's expansion plans. Discussions are ongoing.
- Work has commenced on retrofitting the Cummins 250 KW generator set. As the work progresses, photos and/or videos may be posted on the Coates website.
The Company's President and CEO, Mr. George J. Coates, comments: "We are diligently working on retrofitting the Cummins gen sets with our CSRV system. This should be completed sometime in January 2016. The Company is now in a position to receive deposits and give delivery dates. This is a big step forward for the Company as it now has supply agreements in place for skids, engines, components and parts from our vendors.
"I would like to take this opportunity to wish all a Merry Christmas and a Happy New Year!"
There can be no assurance that the Company will be successful in any of its endeavors.
Safe Harbor Statement:
This press release contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Please see our filings with the Securities and Exchange Commission. Our public filings with the SEC may be viewed and printed on the website maintained by the SEC at http://www.sec.gov.
(December 22, 2015 - 12:14 PM EST)
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