WALL TOWNSHIP, N.J., June 13, 2012 /PRNewswire/ -- Coates International, Ltd. (NASDAQ OTCBB: COTE) – Coates International Ltd. (the "Company") is issuing this press release in response to recent assertions that the offer from the State of Oklahoma for substantial business and tax incentives has no basis in fact.
A copy of the detailed proposal to the Company detailing the nature and summarizing the amount of the various types of incentives has been posted on the Company's website www.coatesengine.com for some time now so that anyone can view this indisputable documentation. It should be noted that this proposal, dated February 25, 2009 was signed by Natalie Shirley, Secretary of Commerce and Tourism of Oklahoma on official letterhead. This proposal provides the Company with the opportunity to earn up to $788 million in incentives if we elect to qualify for the Quality Jobs Cash Incentive or up to $779 million if we elect to qualify for the Investment/New Jobs Tax Credit Package of incentives. These incentives were offered to the Company to induce it to establish manufacturing operations within the State of Oklahoma. The extent to which these incentives are earned is based on the number of new jobs created and the amount invested in capital expenditures, inventory and cost of goods sold over a defined period of time. There was no expiration date indicated in the proposal and the Company has never received any correspondence from the State of Oklahoma to suggest that the offer has ever been withdrawn or canceled.
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.