WALL TOWNSHIP, N.J., Aug. 2, 2013 /PRNewswire/ -- Coates International, Ltd. (NASDAQ OTCBB: COTE) – Coates International, Ltd. (the "Company") has signed a Letter of Commitment with a Chinese manufacturer and foundry casting company, which also owns coal mining companies in China, plans to mass produce the Coates CSRV industrial natural gas electric power engine generators and other CSRV products for distribution throughout China, UAE, and possibly throughout the Eastern hemisphere.
The Company has a number of products that it intends to produce in large quantities and has $57,000,000 in firm orders for these products and provisional orders from its exclusive licensed distributor in Canada estimated to be worth $1,700,000,000 USD per year.
The Company is expediting its efforts to get into full production here in the USA for distribution throughout the Western hemisphere and mass production in China for distribution throughout the Eastern hemisphere.
- Management comments, This Company has some of the most advanced green energy products and technologies in the world today clean and free of harmful emissions while utilizing alternative fuels such as LNG, CNG, propane, hydrogen and others.
- Mr. Coates comments, "The Chinese mining company desperately needs the Coates CSRV industrial natural gas engine generators for the flare off gas from their mines. These mines produce tremendous amounts of harmful emissions and our products can clean up this situation for them. We have been told that the mining company is giving us a larger firm order for our products. I am confident that we will achieve our goals if we keep pressing forward with our efforts. Mr. James Pang, our exclusive liaison agent, is still in China working on the merger and we expect completion of the deal soon."
- Coates Hi-Tech Engines, Ltd. is a spin-off company organized to manufacture the Coates products in the USA.
- Coates Hi-Tech Engines, Ltd. is in the process of raising $20,000,000. If successful, all Coates International, Ltd. shareholders will receive shares in this new company. This small offering will start limited production in New Jersey. These products are already sold.
- The Company is owed a balance of $4,500,000 USD on its exclusive distribution license from our distributor in Canada. They already paid a down payment of $5,500,000.
The distribution license for the USA was put into escrow with a price tag of $50,000,000 USD as soon as the Company delivers the first 120 industrial electric power CSRV natural gas generators to Canada the balance of the license payments will begin to be received.
- More information will be forth coming on the hydrogen project that the Company is working on.
- People that email the company must supply us with their full name, postal address and telephone number. The Company will only respond if it receives this information.
There can be no assurance made 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.
Coates International, Ltd.
SOURCE Coates International, Ltd.