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. STOCKHOLDERS’ UPDATE – THE MOST ADVANCED GREEN INTERNAL COMBUSTION ENGINE TECHNOLOGY IN THE WORLD STARTS ITS PRODUCTION PHASE OF OPERATIONS IN THE USA
Wall Township, NJ – (Marketwired – May 20, 2015) Coates International, Ltd. (OTC PINK: COTE) (the “Company”) is pleased to announce that it has now started the production phase of operations here in the USA.We have established an assembly line in the company headquarters plant in New Jersey.Engines and natural gas industrial gen sets are being assembled.The first shipment will be to China.
The Company’s President and CEO, Mr. George J. Coates, comments:“We are moving forward with production operations here in the USA.We have received many parts and components from our suppliers, all made in the USA.Quality control inspection is in process and assembly has started.Just a small number of parts are required for the completion of products.Photos of the assembly set up will be posted on our website.Management is extremely satisfied with the Company’s progress.
“Mr. James Pang, our exclusive representative, is working at a feverish pace in China to organize production in China.
“Mr. Howard Barmil, DBA, MBA, our exclusive Marketing Director to the UAE, Saudi Arabia and North Africa is negotiating a number of transactions presently and has received orders for our products worth more than $40,000,000 USD.
“Once we start fulfilling orders, the Company will be generating revenues and cash flow from sales, as well as collecting sublicensing fees in accordance with the sublicenses. This will represent a positive milestone in the Company’s business plan.The Coates CSRV most advanced green engine technology in the world will lower harmful emissions and enable the curtailment of the practice of flaring off gas into our atmosphere. We will also be hiring plant workers for production, thereby contributing to the economy. Our product sales will be both domestic and export. As we begin fulfilling orders, I fully anticipate that we will achieve improved results of operations over the next coming months.”
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.