WALL TOWNSHIP, N.J., April 16, 2012 /PRNewswire/ -- Coates International, Ltd. (NASDAQOTCBB: COTE) -- Coates International Ltd. (the "Company") would like to provide its shareholders with the following update:
- Company management has met with an American automobile and aircraft manufacturer who is a potential new customer. Demonstrations of various CSRV engines and generators operating on a number of different fuels including gasoline, natural gas, propane, and a mixture of natural gas and diesel in 1 CYL, 4 CYL, 6 CYL, 8 CYL engines, and Industrial CSRV electric power generators at the Company's headquarters in New Jersey.
This potential new customer expressed preliminary interest in entering into a license and procuring up to 50,000 automobile engines and 1,000-5,000 aircraft engines per year. There can be no assurance that these orders will be received until such time as definitive agreements are executed by the parties.
- Discussions for a transaction with SWT of China have been put on hold for at least another 90 days.
- The Company is currently in discussions with a number of states to identify the optimal location and incentive package to establish a planned large scale production assembly plant in the United States. At this time the Company has no definitive agreements in place with any state to commence the setting up of a plant.
- The Company has continued running and load-testing of its Industrial CSRV electric power, natural gas and diesel engine generators over the past two months and will continue to do so for another three months. Break-in time for these industrial engines is a minimum of 10 cumulative running hours and the Company estimates approximately six months or more is required to perform durability testing.
- Management comments: "Once the Company commences production of its CSRV engine and generator products, we believe that the benefits of this technology should be well received in our targeted markets. All of our CSRV engines operate on alternative fuels such as natural gas, propane, flare-off gas and syngas, among others. The technology incorporated into our products reduces the consumption of fossil fuels and lowers the production of harmful emissions, while offering increased fuel efficiency. We are proud that we believe we will be able to provide these important benefits which are consistent with our corporate objective of operating as a green company."
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.
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
E-Mail: [email protected]
SOURCE Coates International, Ltd.