RIDGEFIELD, Conn., July 21, 2015 /PRNewswire/ -- Stephen Hicks, Chairman and CEO of Southridge Capital, announced that Southridge Partners II LP ("Southridge"), an institutional investor, entered into an equity purchase agreement with COATES (OTC Pink: COTE), a precision engineering company based in New Jersey.
Coates International Ltd. is a precision engineering company specializing in the development of technologies that evolve the standard combustion engine with the objectives of dramatically improving fuel efficiency and power generation, and reducing harmful emissions and long-term maintenance costs. The Company has been developing, over a period of more than 20 years, a patented Coates Spherical Rotary Valve' ("CSRV") system technology which is adaptable for use in piston-driven internal combustion engines of many types.
Proceeds from this equity purchase agreement will be used to fund manufacturing operations which are already underway on a limited scale and for general working capital purposes. In a press release put out by the COATES, George J. Coates, President and CEO, stated, "The funds will be accessed at our sole option, which shall be based on timing determined by our management, with the objective of achieving our business plan."
Southridge Capital is dedicated to helping clients achieve their intended goals.
About Southridge Capital: Southridge Capital is a diversified financial holding company specializing in direct investment and advisory services to small and middle market companies. Since 1996 the structured finance team has made direct investment of over $1.8 billion into growth companies globally. Our expertise lies in our ability to customize a financing plan for the prospective client and then execute on that plan without fail. For more information, visit: http://www.southridge.com
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SOURCE Southridge Capital