THE $100,000,000.00 USD LICENSE AND MANUFACTURING DEAL WITH RENOWN POWER INC. HONG KONG AND COATES POWER INC., LTD. IS ON. COATES INTERNATIONAL, LTD. EXECUTIVES RETURNED FROM THEIR HIGHLY SUCCESSFUL THREE WEEK VISIT TO CHINA.
COATES INTERNATIONAL, LTD. RECEIVED AN EXECUTED PRELIMINARY COOPERATION AGREEMENT FROM CSSC MARINE ENGINE MATCHING CO. LTD.; THIS COMPANY IS THE BIGGEST SHIP BUILDER IN CHINA AND IS ONE OF THE LARGEST SHIP BUILDERS IN THE WORLD AND IS OWNED BY THE CHINESE GOVERNMENT
Wall Township, NJ – (Marketwired – July 24, 2015) Coates International, Ltd. (OTC PINK: COTE) (the “Company”) management is pleased to receive this agreement from China today and are planning another trip to China.
The Company’s President and CEO, Mr. George J. Coates, comments:“This agreement was executed some months ago.CSSC is owned by the Chinese Government.
“After their engineers studied the Coates CSRV industrial engine and considering the new emission standards for world shipping, they came to the conclusion that the Coates CSRV engine design was the way to go and they were right.
“It will take some time for this deal to be completed as it is with The People’s Republic of China Government.They will own the majority of this transaction.However, these are much larger engines and CSSC has the ability to build these new CSRV ship engines.
“We are still pressing forward with Coates Power Ltd. China for production of our other products in China.Coates International, Ltd. will head up the engineering design and modifications on these larger engines, including licensing etc. to other manufacturing companies in China.This deal in China is opening up new opportunities for Coates International, Ltd.”
There can be no assurance that the Company will be successful in any of its endeavors.
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.