WALL TOWNSHIP, N.J., Sept. 8, 2011 /PRNewswire/ -- Coates International, Ltd. (OTCBB: COTE) –Coates International Ltd. (the "Company") is pleased to release this update to our stockholders.
- SWT, the Chinese heavy equipment and engine generator manufacturer, that Coates International, Ltd. signed a letter of intent with earlier this year is sending Mr. David Chang, their financial business consultant to visit us. He will be arriving on September 21 and staying until the 23rd regarding the merger.
- The Dubai Deal is still in the process. However, the deposit of 10% of the $400,000,000 USD is $40,000,000. The country where the first power plant is to be built has offered 400,000 barrels of Crude oil as a 10% deposit. At this time the Company is trying to locate a buyer for the oil.
- The Company has shipped some production Natural Gas Industrial Electric Power Gen Sets to Almont Energy in Alberta, Canada. They have requested us to change some components with our more expensive parts which are made of ceramic material. The Company has agreed to oblige them. However, some tolerances must be changed on these components. It will take approximately two weeks to complete.
- The Company is planning the design and development of the first industrial V12 and V16 large Natural Gas 1 MW CSRV Engine Generator.
- A new wholly-owned subsidiary of Coates International, Ltd. has been incorporated in Delaware. The name of the wholly-owned subsidiary is Coates Oklahoma Engine Manufacturing, Ltd.
More information on this new entity will be forth coming.
- We ask stockholders not to contact the company for information as it is against the SEC rules and regulations to divulge information to individuals.
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.
SOURCE Coates International, Ltd.