Market Overview

Coates International, Ltd. Received a Construction Contract to Build a New 84,800 Sq. Ft. Assembly Plant on Its N.J. Headquarters Property Which Will Utilize an Existing, Unused, Company Owned Land Parcel - (Shareholders Update)

Share:

WALL TOWNSHIP, N.J., Dec. 01, 2017 (GLOBE NEWSWIRE) -- Coates International, Ltd. (OTC:COTE) (the "Company").  Coates International, Ltd. is at the final review stage of a contract to build a new 84,800 Sq. Ft. assembly plant on its N.J. headquarters property which will utilize an existing, unused, company owned parcel of land.  This will bring the Coates plant manufacturing capacity up to a total of 110,800 Sq. Ft.

Other Company activities:

  • The Company is working with an investment banker to acquire working capital of between $10,000,000 to $50,000,000USD; this funding will be utilized to ramp-up production operations in the U.S.;

  • The Company is now in a position to accept deposits on firm orders for CSRV® industrial electric power generators that the Company is planning to produce in large numbers;

  • Mr. James Pang, our liaison agent in China continues to work with the Chinese government to establish a Coates industrial park in China to manufacture all of the Coates CSRV® products including new hydrogen powered technology. This has been a long, drawn out, arduous undertaking. Coates previously sold a first production 150 KW natural gas CSRV® electric power generator to a Chinese company which was shipped to China for $165,000USD. Thereafter, the Hong Kong- based company paid Coates a deposit of $500,000USD on a non-exclusive distribution license for the territory of the Western Hemisphere. 

  • Company management is working continuously to bring these projects to fruition as soon as is practicable.

Company President and CEO, Mr. George J. Coates, comments:  "Our CSRV® systems are ready for mass production and distribution.  Once we are funded, the Company will start production operations and expand into our new assembly plant next year.  Presently, we are working on new H2 technology. All design details and specs must be kept confidential until we have secured appropriate patent protection.  Visits to the Coates headquarters and plant during this period must also be controlled and limited.  We are working diligently to achieve our goals in order to optimize the potential opportunities for Coates International, Ltd.

There can be no assurance that the Company will be successful in any of its 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.

Contact Information:

Coates International, Ltd.
Phone: 732-449-7717
Fax: 732-449-0764
www.coatesengine.com
www.mostadvancedengine.com

View Comments and Join the Discussion!
 
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com