WALL TOWNSHIP, N.J., April 6, 2011 /PRNewswire/ -- Coates International, Ltd. (OTCBB: COTE) – Coates International Ltd. (the "Company") is pleased to announce that it received notice that the flare off gas power plant project is approved. This project is approximately worth $400,000,000 USD.
The power plant was designed by George J. Coates and his son Gregory G. Coates, which will incorporate approximately 300 Coates CSRV 1 to 2 M.W. natural gas electric power engine generators that will be manufactured in China to Coates CSRV specifications.
- Coates International, Ltd. will construct and set up a complete turnkey electric power plant in a designated Arab country.
- The companies that will participate in the project are:
- Sherman Engineering Company
- Luz Construction, Inc.
- J.S.A. Engineering, Inc.
- Almont Energy, Inc.
- The Chinese company that will manufacture the Coates CSRV natural gas engine generators and supply the systems for the project.
- Coates International, Ltd. will manage the entire project.
- 90% of the funding is from Dubai, U.A.E. and 10% from the Arab country where the power plant is required.
- As soon as contracts are signed and funds are received the project will start.
- The Dubai U.A.E. world business group is also talking with other countries where flare off gas is being released to mimic this project.
- Management is extremely satisfied with these events and believes this project will start the ball rolling, and will benefit all companies involved including our share holders.
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.
SOURCE Coates International, Ltd.