SOURCE: Coates International, Ltd.

February 24, 2015 07:00 ET

Coates International, Ltd. Signs a $100,000,000 USD License With the Chinese Today

WALL TOWNSHIP, NJ--(Marketwired - Feb 24, 2015) - Coates International, Ltd. (OTCBB: COTE) (the "Company") the company has executed a $100,000,000 USD License Agreement with the Chinese today. 

President and CEO, Mr. George J. Coates, comments: "It has taken some time to get to this point with the Chinese regarding translations and various details. Involved in this deal are Coates Power Ltd. China, Renown Power Inc. Ltd. Hong Kong, China and the Government of The People's Republic of China. A Coates CSRV electric power natural gas gen-set was shipped to China in December, 2014, for demonstration and testing purposes. The CSRV gen-set operated flawlessly on numerous runs under full load conditions. Sets of CSRV heads and parts and components are now being readied for shipment to Coates Power Ltd. China where the first Coates CSRV 150 KW electric power natural gas generator will be built in China. Coates technical staff will be traveling to China to instruct the Chinese on how to build and assemble the CSRV engines and generators. Technical specifications will be supplied to ramp-up production in China.

"A separate Engineering Agreement is being drawn up for Coates International, Ltd. to assist in the start-up of production in China.

"This is one of the best moves Coates International, Ltd. could have made to get into production in the fastest possible time frame. This license gives the Chinese the rights to distribute CSRV products made in China throughout the Western Hemisphere."

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.

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