WALL TOWNSHIP, N.J., June 6, 2012 /PRNewswire/ -- Coates International Ltd. (NASDAQ OTCBB: COTE) – Coates International Ltd. (the "Company") is planning to start up a large-scale Coates CSRV engine and generator manufacturing facility in Oklahoma with its wholly-owned subsidiary, Coates Oklahoma Engine Manufacturing Ltd. ("Coates Oklahoma").
The manufacturing facility has already been decided upon which consist of 1,415,000 square feet of manufacturing and office space on a 160 acre site which includes 30 acres of parking space and 34 acres of outdoor storage. An offer to purchase the entire facility in exchange for cash and company common stock has been accepted.
Oklahoma state and federal incentives have already offered to us of up to $787,526,057 with investment/new jobs tax credit package $779,158,557.
An agreement is already in place with Cummins Power Systems to manufacture the industrial short blocks for our large scale production. These short blocks will consist of crankshaft, conrods, pistons, bell housing, flywheel, starter motor, engine, mounts, and water pumps.
An agreement is in place with Marathon Electric to supply industrial electric generators for our production requirements.
Coates Oklahoma Engine Manufacturing Ltd. will manufacture and assemble the CSRV systems to the short blocks and generators to complete the Coates CSRV Electric Power Engine generator production.
Requirements from our customers of our industrial electric power natural gas CSRV generators and engines are as follows:
- 2012-2012 : 5,630
- 2013-2014 :11,145
- 2014-2015 : 11,220
- 2015-2016: 11,220
- 2016-2017: 11,220
These requirements are only for the territory of USA and Canada. There are many other potential customers throughout the world that have shown serious interest in our CSRV electric power generators and engines.
The Company is in the process of undertaking efforts to raise sufficient startup working capital to carry out these business plans.
There can be no assurance that it will be successful in raising the required start-up working capital to execute the business plans described above for large scale manufacturing in Oklahoma.
The Company believes that ramping up production will create a number of new quality jobs in the United States. Management believes our advanced CSRV technology provides competitive advantages by lowering the consumption of fossil fuels, operating on a wide range of alternative fuels and lowering harmful emissions.
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.
Investor Relations Contact:
Equiti-trend Advisors, LLC
SOURCE Coates International Ltd.