SOURCE: Coates International, Ltd.

December 03, 2014 07:30 ET

Coates International, Ltd. Stockholders Update - George J. Coates Reports on Successful Status of His Ongoing Visit to China

WALL TOWNSHIP, NJ--(Marketwired - Dec 3, 2014) - Coates International, Ltd. (OTCQB: COTE) (the "Company") received a briefing on the ongoing visit to China by George J. Coates, President and CEO, with representatives of the government of The People's Republic of China and senior executives of Hong Kong-based, Renown Power Development, Ltd. Mr. Coates was also accompanied by James Pang, our local representative in China and our U.S. Plant Manager.

Mr. Coates has already participated in initial meetings, toured the industrial park and the Coates power plant where the CSRV engine and generator production operations will be conducted. He is very pleased with the progress so far in the meetings and the suitability of the facilities to carry out the production plans for the CSRV products. He noted that the hosting delegation "rolled out the red carpet" to demonstrate their respect and courtesy for the Coates representatives. The demonstrator engine generator is expected to reach its final destination today at the manufacturing plant where Mr. Coates will set it up for demonstration under full load of at least 100KWs.

This represents an important milestone point in moving towards finalization of the sublicense agreement with Renown Power Development, Ltd., requiring a $100 million licensing fee and granting non-exclusive sales and distribution rights in the Western Hemisphere. The Company has already received a deposit totaling USD one-half million ($500,000) towards the sublicense agreement. The deposit amount will become non-refundable upon execution of the sublicense agreement. Additional developments from this visit will be provided in the near future.

There can be no assurance that the Company will be successful in consummating this license agreement.

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

  • Contact Information:
    Coates International, Ltd.
    Phone: 732-449-7717
    Fax: 732-449-0764