WALL TOWNSHIP, N.J., June 6, 2012 /PRNewswire/ -- Coates International Ltd. (NASDAQ OTCBB: COTE) – Coates International Ltd. (the "Company") is planning to start up a large-scale Coates CSRV engine and generator manufacturing facility in Oklahoma with its wholly-owned subsidiary, Coates Oklahoma Engine Manufacturing Ltd. ("Coates Oklahoma").
The manufacturing facility has already been decided upon which consist of 1,415,000 square feet of manufacturing and office space on a 160 acre site which includes 30 acres of parking space and 34 acres of outdoor storage. An offer to purchase the entire facility in exchange for cash and company common stock has been accepted.
Oklahoma state and federal incentives have already offered to us of up to $787,526,057 with investment/new jobs tax credit package $779,158,557.An agreement is already in place with Cummins Power Systems to manufacture the industrial short blocks for our large scale production. These short blocks will consist of crankshaft, conrods, pistons, bell housing, flywheel, starter motor, engine, mounts, and water pumps. An agreement is in place with Marathon Electric to supply industrial electric generators for our production requirements. Coates Oklahoma Engine Manufacturing Ltd. will manufacture and assemble the CSRV systems to the short blocks and generators to complete the Coates CSRV Electric Power Engine generator production. Requirements from our customers of our industrial electric power natural gas CSRV generators and engines are as follows:
- 2012-2012 : 5,630
- 2013-2014 :11,145
- 2014-2015 : 11,220
- 2015-2016: 11,220
- 2016-2017: 11,220