SOURCE: Coates International, Ltd.
WALL TOWNSHIP, NJ--(Marketwired - Dec 20, 2013) - Coates International, Ltd. ("the Company") (OTCQB: COTE) -- The meeting at the Coates headquarters in New Jersey on December 18, 2013 was excellent. In attendance were Mr. John Kennedy PHD, Chief Operating Officer, Mr. Jeffery Hoffman, Accounts Manager, Mr. Charles A. Sheffield, President of Sheffield Capital Advisors, and investment banker Mr. Jack Killion Managing Partner of Eagle Rock Partners LLC and Manager of Eagle Rock Diversified Fund, LP. This meeting was in relation to funding the start up production operations of the Coates CSRV® products here in New Jersey, USA.
Many Coates CSRV® products were demonstrated for the visitors including an industrial 100 KW CSRV® natural gas electric generator, a 35 KW stand alone CSRV® home propane generator, a V-twin 1600cc air-cooled CSRV® gasoline heavy cruiser Coates motorcycle, a V-8 high powered CSRV® racing engine and a 14 HP CSRV® air-cooled, one cylinder Coates engine operating on water split into hydroxy gas. All visitors expressed to Mr. Coates that they were highly impressed with the Coates CSRV® products and demonstrations.
Mr. Coates comments, "Due diligence will start now and it normally takes 30 to 45 days until a decision is made. At the meeting many possibilities were explored for funding the start up of establishing production operations here in New Jersey. We are planning to start production operations small at first and ship out approximately 250 industrial units and reinvest our profits into the expansion of the Company's production operations. This will be a step by step process that I believe will grow rapidly and enhance company value and create new quality jobs that are really needed here right now. Even if we had large amounts of funding in place we still have to train all new employees, order parts and castings, etc. so it is a step by step process and takes time. The Company still has the Dutchess Equity Line of Credit for $20,000,000 in place with approximately $19,500,000 left and a Letter of Credit for $30,000,000 with two years left that the Company intends to utilize for its ramp up once initial cash funds are in place."
We would like to take this opportunity to wish all of our Stockholders and business friends a Merry Christmas and Prosperous Happy New Year!
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.