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WALL TOWNSHIP, N.J.,
Aug. 8, 2012 /PRNewswire/ -- Coates International, Ltd. (NASDAQ OTCBB: COTE) –Coates International, Ltd. (the "Company"). The Managing Director of Coates Oklahoma Engine Manufacturing has identified a new location on 160 acres in
Oklahoma that may be suitable for our manufacturing and production operations. The fully fenced property has been improved with a 3-year old 1,364,262 SF building, consisting of a 27,747 SF OF office, production space of 276,415 SF and a 1,067,680 SF warehouse, and there are no reported environmental problems. The plant is located within a 9,000 acre park with over 80 companies, including Fortune 500 companies, and 4,500 workers. Mr. Blair is to inspect the facility and report his findings. However, in order for Coates to reconsider
Oklahoma as a location for its engine and generator manufacturing operations, the
Oklahoma State representatives will need to demonstrate the availability of start-up funding and commit to a satisfactory package of business and tax incentives.
At the same time, the Company continues to make progress with another state that is highly industrialized. A plant in that state is already under consideration and the Company believes this opportunity could be firmed up in the near future. Availability of start-up funding and a package of incentives are expected to be finalized which are critical factors due to the extensive expenditures inherent in the process of ramping up for large scale production.
The Coates team is continuing to work diligently at the
New Jersey plant building and running in industrial CSRV natural gas electric power generators for export to its customers.
No assurance can be given that the Company will be successful in finalizing an agreement with either of these opportunities.
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
Investor Relations Contact: Equiti-trend Advisors, LLC Phone: 800-953-3350 E-Mail:
THE COATES OFFICIAL NEWS WEBSITE
SOURCE Coates International, Ltd.