WALL TOWNSHIP, N.J., Nov. 15, 2011 /PRNewswire/ -- Coates International Ltd. (OTCBB: COTE) (the "Company") is pleased to release this update to our stockholders.
- The Company plans to begin utilizing the $20,000,000 USD equity line of credit with Dutchess Capital to access new working capital to be used for the production of CSRV Coates products.
- The Company's non-binding letter of intent with a Chinese heavy equipment manufacturer ("SWT") is for a proposed acquisition where Coates International, Ltd. would acquire approximately 60% of SWT leaving the same management and staff in place to run the operation of business and manufacturing. Under this letter of intent, Coates International would pay to SWT $100,000,000 USD and grant a license to manufacture and sell the Coates CSRV Industrial Electric Power Natural Gas Engine generators. SWT's management has expressed its intent to visit Alberta, Canada again to observe the CSRV generators operating in the field. The Company is prepared to make the necessary arrangements at SWT's convenience. The Company would need to undertake a substantial capital raise in order to fund this acquisition.
- The Company expects to ship another CSRV Industrial Electric Power Natural Gas Engine generator next week to Alberta, Canada.
- The Power Plant project for the Dubai World Business Group has gone quiet since the troubles in that part of the world. However, we received a request from Dubai indicating that the Crown Prince of Saudi Arabia is requesting pricing of 100 CSRV Industrial Natural Gas Electric Power Coates CSRV generators.
- The Company has signed a non-disclosure agreement with an Italian Power Generator Company interested in purchasing natural gas Coates CSRV engine generators to run on syngas. The Company is now in the process of planning to build these units in order to further the progress of this opportunity.
- Management is still considering Oklahoma for its larger manufacturing operations. Funding for this project needs to be secured in order to proceed. This operation could create a substantial number of new quality jobs in that area.
- Management is extremely pleased with the Company's progress. More information will be forthcoming soon.
About Coates International, Ltd.: Coates has been developing over a period of more than 15 years a patented spherical rotary valve CSRV Internal Combustion Engine invented by George J. Coates and his son Gregory. Our public filings with the SEC may be viewed and printed on the website maintained by the SEC at http://www.sec.gov
SOURCE Coates International, Ltd.