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.
Xianning City, location of Coates Power Inc., Ltd.
Wednesday - January 21, 2015
INTERNATIONAL, LTD. RAMP-UP OF PRODUCTION IN THE UNITED STATES OF AMERICA; THE
COMPANY HAS A $10,000,000 USD EQUITY LINE OF CREDIT IN PLACE THAT IT PLANS TO
UTILIZE ALONG WITH INCOMING LICENSING FEES FOR ITS PRODUCTION OPERATIONS
Township, NJ – (Marketwired – January 21, 2015) Coates International, Ltd.
(OTCQB: COTE) (the “Company”)is pleased to announce that due to a renewed worldwide interest in our patented
and green technology, we are ramping up production operations in our plant in
Wall Township, New Jersey. This
production ramp-up is principally due to a $10,000,000 USD equity line of
credit which is in place, plus incoming licensing fees which were negotiated
late last year by the Company. With the
licensing fees, the Company plans for an immediate ramp-up of the production of
its Industrial CSRV Electric Power Natural Gas Engine Generator Sets.
International, Ltd. President and CEO, Mr. George J. Coates, comments, “The Company must get into full production
immediately to realize the full potential of the Chinese production operations
of our own CSRV products. We have many
component manufacturers in the USA making parts for our production assembly
line, which is situated in our existing plant in New Jersey and has been adjusted
to manufacture Industrial CSRV Natural Gas Gen-Sets. Manufacturing of these components will be
shared between our New Jersey facility and Coates Power Inc., Ltd. in China.
Hi-Tech Engines, Ltd. is our manufacturing arm and a majority owned subsidiary
of Coates International, Ltd.”
this expansion takes place, we will look for a production plant that may be
suitable for the expansion of our production in the USA. Every effort is being made to get production
up to speed.”
of the start-up assembly line in our existing headquarters plant will be posted
on our website in the near future.
Individuals sending e-mail requests to the
Company are asked to supply their full name and address in order to elicit a
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. Contact Information: Coates International, Ltd. Phone: 732-449-7717 Fax: 732-449-0764 www.coatesengine.com www.mostadvancedengine.com