Coates International, Ltd. Stockholders Update: The Decision Was Made As To Which State Coates Will Establish Its Production Operations In
WALL TOWNSHIP, N.J., May 3, 2013 /PRNewswire/ -- Coates International, Ltd. (NASDAQOTCBB: COTE) – Coates International, Ltd. (the "Company") Management was in negotiations with a number of states over the past two and a half years. Top management has visited these states and met with state and city officials and inspected numerous plants to ascertain suitability. Tentatively a decision was made on the state and city where the Company plans to establish its manufacturing and mass production operations. As soon as all agreements have been approved and executed more information will be released.
Management is concentrating all of its efforts to press forward with establishing manufacturing and mass production operations and intends to invest assets and funding into this project in the amounts listed below.
The project will be under taken by Coates Hi-Tech Engines, Ltd. ("Hi-Tech Engines"), a majority-owned subsidiary of the Company.
| -- Unused Portion of Dutchess Equity Line of Credit (Balance) |
$19,700,000 |
| -- Unconditional, Irrevocable non-recourse letter of credit to be used as collateral for a working capital loan from a lender |
$30,000,000 |
| -- New working capital to be raised approximately |
$90,000,000 |
| -- Balance of Canadian and U.S. Licensing Fees (periodic payments will begin to be received once production units start shipping to Canada) |
$54,843,000 |
| -- Coates firm orders received (deposits will be accepted and delivery dates committed to once the Company starts production.) |
$57,740,000 |
| -- Coates Canadian licensed dealer stated requirements of 11,000 units per year (When production starts Coates intends to reinvest its earnings into the Company.) |
$1,750,000,000 |
| -- Coates- Manufacturing use and sale licenses |
|
| -- Coates- License from George J. Coates |
|
| -- Coates- License from Gregory G. Coates |
|
| -- Coates- License from Coates International, Ltd. to the patented CSRV engine and generators throughout the territory of the Western Hemisphere, estimated value total |
$100,000,000 |
| -- The initial estimated value of investment into Coates Hi-Tech Engines, Ltd mass production operation project could amount to a total of |
$2,101,448,000 |
| -- The Company has representatives working in China, UAE and Germany. |
|
| -- The Company is planning an open house for its stockholders within the next six weeks. |
There can be no assurance that the Company will be successful in the above endeavors. Plans and agreements may be subject to change.
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
E-Mail: [email protected]
THE COATES OFFICIAL NEWS WEBSITE
SOURCE Coates International, Ltd.
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