Coates International, Ltd. Stockholders' Update
WALL TOWNSHIP, N.J., March 28, 2012 /PRNewswire/ -- Coates International, Ltd. (NASDAQ OTCBB: COTE)–Coates International Ltd. (the "Company") would like to provide its shareholders with the following update:
- The Company intends to continue to draw upon its equity line of credit with Dutchess Opportunity Fund II, LP to infuse new working capital. In the last two months, the Company has drawn down $250,000 of the total line amount of $20 million. The Company may draw from this line as much as $500,000 during each five day stock trading period, however, in order to avoid undue pressure on the stock price, the Company is carefully managing the pace at which it draws down from this equity line of credit.
- The Company continues to test its electric power CSRV generators to ensure that it has resolved a previously reported problem with cracks in the lower engine heads. Based on this continued testing, management believes that the CSRV technology design engines and generators are ready for full production, which can commence upon raising sufficient additional working capital.
- The Company is working with a number of potential sources to secure such additional working capital, however, there can be no assurance that it can obtain access to such additional working capital to enter into production. This working capital is needed to procure inventory and components and to cover payrolls for factory workers.
- The Company is in initial discussions with three potential new customers that have expressed interest in purchasing and/or licensing CSRV technology products. Arrangement are currently being made to demonstrate the technology at the Company's facilities. There can be no assurance that these discussions will result in definitive agreements with these prospective customers in the near term, or at all.
About Coates International, Ltd.: Coates has been developing over a period of more than 15 years a patented spherical rotary valve CSRV Internal Combustion Engine invented by George J. Coates and his son Gregory. Our public filings with the SEC may be viewed and printed on the website maintained by the SEC at http://www.sec.gov
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.
More by this Source
COATES INTERNATIONAL, LTD. AND COATES HI-TECH ENGINES, LTD. SIGN COMMITMENT AGREEMENT LETTERS WITH AN AMERICAN POWER COMPANY TO DO A JOINT VENTURE OF THE WATER TO HYDROGEN H2 PROJECT. THE COATES INDUSTRIAL CSRV ELECTRIC POWER ENGINES GENERATORS WILL
Sep 12, 2013, 07:00 ET
Coates International, Ltd. Renewable Fuel Hydrogen Reactor Has Piqued The Interest Of Many Major Players Around The World And Is In Serious Talks To Design And Manufacture An Environmentally Friendly Home Electric Power Generator. A Combined Coates
Aug 23, 2013, 07:00 ET
Browse our custom packages or build your own to meet your unique communications needs.
Learn about PR Newswire services
Request more information about PR Newswire products and services or call us at (888) 776-0942.