WALL TOWNSHIP, NJ - December 16, 2013 - Coates International, Ltd. ("the Company") (OTCQB: COTE) is looking to start production right away here in New Jersey to fulfill existing orders of its industrial electric power CSRV® natural gas generators and V-8 units for its oil and gas industry customers.
Mr. Coates comments, "After more than 20 years of R&D and approximately $40,000,000 USD invested in that R&D which was completed in 2012 you would expect that the Company would be in production by now with its most advanced CSRV® patented combustion engine design and technology already having millions of dollars in orders from customers ready and waiting for delivery of our CSRV® products. (The CSRV® products all come with a full warranty.) Large scale production of these products costs a lot of money. So we are planning to start small right now and get a couple of hundred industrial natural gas generators out the door to our customers operating in the field. The Company simply cannot wait for a large production operation to be established. We need our product out there now. The larger expansion of the production operations will follow in due course. We will lose our customers if we do not act now."
- The meeting with the Chinese executive business associate Mr. Zig Han on December 12, 2013, went extremely well. A number of Coates CSRV® products were demonstrated for him at the Coates plant and headquarters in New Jersey. Mr. Han expressed to Mr. Coates that he was duly impressed with all of the CSRV® products and will report his findings back to China.
- The V-twin 1600cc Coates CSRV® motorcycle that was earmarked for shipment to China was completed and tested at the Coates facility for two weeks and was also demonstrated on a dynamometer under full load for Mr. Han. The motorcycle was run up over 100 miles per hour under full load. One of the runs of the motorcycle on the dyno can be viewed on the Coates website: www.coatesengine.com.
- Company executives will be rescheduling their visit to China in January 2014.
- The Company is now negotiating with a number of financers to fund the production startup here in New Jersey.
- The Company is looking into the possibility of listing its stock on other foreign exchanges. Management believes this may enhance our stockholders' value and volume including expanding the Company's exposure into the world markets.
There can be no assurance that the Company will be successful in any of the above endeavors.
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 http://www.sec.gov.
Coates International, Ltd.
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SOURCE: Coates International, Ltd.