Mr. Jack Perkowski, a Director of Coates International, Ltd., provides insight into the economy and stock market in China.
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.
A MAJOR CHINESE CUMMINS INDUSTRIAL ENGINE AND GENERATOR MANUFACTURER HAS OFFICIALLY AGREED TO BUILD AND SUPPLY INDUSTRIAL ELECTRIC POWER GENERATOR SETS (MINUS THE HEADS AND POPPET VALVE SYSTEM) FOR COATES INTERNATIONAL, LTD. USA AND COATES POWER LTD. CHINA WHERE THE COATES CSRV PATENTED GREEN ENGINE SYSTEM WILL BE FITTED TO 150 KW, 250 KW, 500 KW AND 1 MW GEN SETS - THIS WILL HELP RAMP UP PRODUCTION OPERATIONS RAPIDLY FOR THE COATES COMPANIES (SHAREHOLDERS’ UPDATE)
Wall Township, NJ – (Marketwired – June 16, 2016) For Immediate Release: Coates International, Ltd. (OTC PINK: COTE) (the “Company”) was notified this week that a major Chinese Cummins Engine and Generator manufacturer has agreed to build and supply industrial engines and electric power generator sets to Coates (minus the heads and poppet valves).
This move by the Company will ramp up production in the USA and China of the Coates CSRV industrial electric power generator sets for distribution to its customers around the world.
- The Cummins industrial electric power generator retrofit project is complete - video and pictures are posted on the Company website www.coatesengine.com;
- 18 Wheeler heavy duty truck retrofit project has begun;
- Non-exclusive distribution license for the Western Hemisphere was executed with Renown Power Hong Kong for $100,000,000 USD – initial deposit received $500,000 – balance of $99,500,000 – payments will commence when production ramps up;
- Two small diesel engines received from CRMM China for retrofitting with the Coates CSRV green engine system – this project is put on hold until funds are received or this project will be cancelled;
- The hydrogen project with Aqua Power, LLC Colorado is in the process – the Company has completed the major part of the project – Dr. Hayes is to complete his reactor and deliver to the Company – as soon as that happens this project will move to completion;
- Financing for production operation is being processed by Mr. Nick Kontonicolas – to become Company COO;
- Performance Racing Engine project on hold;
- Coates Motorcycle project completed and on hold;
- All engine official EPA tests were carried out by independent EPA recognized laboratories – tests showed 18 to 34% fuel savings – industrial electric power CSRV natural gas generators comply with the guidance of EPA 40 CFR1048 Control of Emissions – access gpo.gov/nara/cfr/waisidx05/40cfr1048.05.htm.
- Air cooled gasoline 1600cc passed EPA emission tests by the following EPA standards (HC.5.0) (CSRV HC1.5) EPA. (CO 12.0) (CSRV 6.8) as requested by the EPA A and B comparison test 1600 poppet valve engine (A.HC.ppm 36-57) (CSRV PPM 10.17-19.2) Poppet Valve (CO 10.0 – 20.0) (CO CSRV 5.9 – 7.3) Poppet Valve (NOX Range PPM 118-300) (NOX CSRV PPM 3.3 – 30.87).
Company President and CEO, Mr. George J. Coates, comments: “The Company has a number of options for the production ramp up.Over the next few weeks a decision will be made.At the moment, the Company has a number of toxic convertible loans outstanding.As soon they are all converted our Company stock price should return to normal trading.The Company intends to do no more of these convertible loan deals.”
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.