WALL TOWNSHIP, N.J., Sept. 27, 2011 /PRNewswire/ -- Coates Oklahoma Engine Manufacturing, Ltd., a subsidiary of Coates International, Ltd. -- (NASDAQ OTCBB: COTE). The Company President, Mr. George J. Coates, stated today that he believes our new subsidiary manufacturing company could create large numbers of new permanent quality jobs in a very short time period if the company can get into full production of our products.
In addition to hiring new plant workers, the production process would engage other companies and suppliers to manufacture components and parts for the Company, which often results in additional new jobs to match the suppliers' increase in volume from our Company's orders. We believe the distribution of our hi-tech green products both domestically and throughout the world will lower the consumption of fossil fuels because the Company's internal combustion engines can run on "flare off" gas and other alternative fuel, this may help to reduce U.S. dependency on imported foreign oil as well.
Our initial customers will be in the oil and gas industry. The Company's licensed distributor believes that it has projected demand for more than 5,000 generator sets priced at approximately $125,000 USD each, which equates to $625,000,000 from this one distributor.
We believe we have the most advanced, patented internal combustion engine technology in the world and we intend to optimize this technology by manufacturing here in the USA where this technology was developed.Company management is in discussions with officials in the State of Oklahoma to establish a production plant in that state. The Company has identified a suitable manufacturing facility in Oklahoma and has reached agreement on the purchase price with the seller. Closing of this transaction is contingent upon the Company raising sufficient working capital to commence production and on the extent of the package of business and tax incentives from the State of Oklahoma. Photos of the new plant are posted on the company's website www.coatesengine.com. The Company is looking at all options as to where it is best to set up our production plant for distribution of our products world wide.