SOURCE: Coates International, Ltd.

August 06, 2015 07:00 ET

Coates International, Ltd. -- Stockholders Update -- Our S-1 Registration in Connection With a $20,000,000 Equity Purchase Agreement Became Effective on August 4th; Funds Raised Under This Agreement Will Be Utilized for the Ramp-Up of Production of the Coates CSRV Industrial Electric Power Natural Gas Generator Sets Manufactured in the United States of America

WALL TOWNSHIP, NJ--(Marketwired - Aug 6, 2015) - Coates International, Ltd. (OTC PINK: COTE) (the "Company") is pleased to announce that the S-1 Registration became effective on August 4, 2015. Shares of common stock registered can now be sold to obtain new working capital under an equity purchase agreement for up to $20,000,000. This should provide the company with the ability to ramp-up production of CSRV products for shipment to our customers.

  • Delayed deliveries and modifications to certain production parts and components have prolonged our shipping schedule for our first shipment of Gen Sets.

  • Industrial Coates CSRV generators are operating every week at the New Jersey plant under load steady state. Testing and inspection is being carried out.

  • Quality control inspection is vitally important at this time prior to delivery of these products to our customers.

  • Back-up support will be required by our customers worldwide. We plan to address this by entering into service contracts with our customers.

  • At the Coates headquarters and plant in New Jersey USA, manufacturing of industrial natural gas CSRV generators has started and products are being produced now.

  • Business plan for Coates operations in China has been completed in dual languages. The next visit to China by Coates management is being planned for September 2015.

  • A Coates CSRV industrial natural gas generator set is operating in China for demonstration and testing purposes. All test runs have been successful.

Company President and CEO, Mr. George J. Coates, comments: "As a result of the hard work and efforts of our employees and business partners, I am now highly confident that the Company will succeed with its business plans. At this time we are committed to press forward even harder. Our small staff and management are to be commended for their extensive efforts and our various suppliers in the USA that are producing our parts and components have played an important role in getting us to this point. The Company is now planning to recruit additional staff for its production operations."

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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