This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Coates International, Ltd. Receives Updated Incentive Package From The Oklahoma Department Of Commerce

Stocks in this article: COTE

WALL TOWNSHIP, N.J., June 14, 2012 /PRNewswire/ -- Coates International, Ltd. (NASDAQ OTC BB: COTE) –Coates International Ltd. (the "Company") has been advised that the State of Oklahoma has changed its incentive program and accordingly, has revised the package of incentives it is prepared to make available as an inducement to establish manufacturing operations within Oklahoma. Although the Company received this update today, it is dated October 25, 2011. The revised program is a ten-year incentive package from the Department of Commerce which provides us with the option to qualify for the Quality Jobs Cash Incentive package which could amount to $43,040,015 or the Investment/New Jobs Tax Credit package which could amount to $63,460,015. These incentives are earned based on the number of employees hired and the amount of investment in capital expenditures, inventory and cost of goods sold within Oklahoma. The scope of the Coates Oklahoma Engine Manufacturing, Ltd. ("Coates Oklahoma") operations established in Oklahoma will be scaled down to be consistent with the revised incentive package.

The Company has sublicenses in place which provide for license fees that are due currently of $5.8 million and additional license fees of $49 million. These sublicenses will begin to generate revenues and the Company will begin to receive the license fees after the CSRV natural gas CNG-LNG industrial engine generators are operating in the field and are being produced and delivered in sufficient quantities.

The Company has available to it a $20,000,000 USD Equity Line of Credit with Dutchess Opportunity Fund II, LP ("Dutchess") with a remaining unused portion of $19,700,000. This line enables to Company to receive net proceeds from sales of its common stock by Dutchess. The Company has also received an irrevocable Letter of Credit for $30,000,000 which must be accepted by a Commercial Bank as collateral for a loan to the Company before the funds can be utilized.

Coates Oklahoma Engine Manufacturing, Ltd. has estimated that the potential number new jobs created in Oklahoma to be approximately 300 in the first year growing to approximately 800 in the third year.

Management is presently reviewing its Coates Oklahoma business plans and intends to consider smaller sights for its manufacturing and production operations.

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs