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WALL TOWNSHIP, N.J., Sep 11, 2008 (BUSINESS WIRE) -- COTE | Quote | Chart | News | PowerRating -- Coates International, Ltd. (the "Company" or "Coates") (OTCBB: COTE | Quote | Chart | News | PowerRating) -- is pleased to announce that the Company has engaged Mr. James Pang as its exclusive liaison agent to China.
Mr. Pang is a skilled marketer and has acted as a liaison with Chinese business enterprises on behalf of U.S. companies in various industries.. He is a Chinese born native, and has brought a number of business transactions to consummation between U.S. and Chinese companies. The Company has already undertaken to translate its pertinent marketing materials and technical literature into the Chinese language to facilitate Mr. Pang's efforts and simplify the marketing and negotiating activities. Mr. James Pang is just recently left for China to begin acting as our liaison.
The Company has agreed to compensate Mr. Pang for successful transactions. His fee for the initial consummated transaction will be 7% of the transaction amount.
We are very enthused about the likelihood that Mr. Pang's services will substantially overcome the many language and cultural challenges inherent in bringing these types of business opportunities to fruition.
We will provide additional updates as new developments arise.
About Coates International, Ltd.: Coates has completed development of its patented spherical rotary valve CSRV Industrial Internal Combustion Engine developed over a period of more than 6 years and other CSRV applications over 10 years. The underlying CSRV technology was invented by George J. Coates and his son Gregory. The CSRV system is adaptable to combustion engines of many types. This technology is currently adapted to a number of practical applications including industrial generators powered by engines incorporating the CSRV technology and designed to run on flare-off gas from oil wells, landfill gas and raw natural gas. The Company is actively engaged in planning for production and rollout of these engines. The Company has recently completed the technological development of a diesel truck engine, which incorporates our CSRV system suitable for the trucking industry. We are making considerable progress with other important aspects of now retrofitting the diesel truck engine, including integration with the transmission and braking systems. After that the engine will be fired up and tested with and without loads. The diesel truck engine is expected to achieve improved fuel efficiency and reduce harmful emissions. 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. By their nature, forward-looking statements and forecasts involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the near future. There are a number of factors that could cause actual results and developments to differ materially from forecasted results. These risks and uncertainties include market conditions, regulatory approvals, and other risks inherent in our operations. For a discussion of these risks and uncertainties, 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.
I do not think your story is correct. My understanding is the CIL generator that Well to Wire wants will RUN on natural gas, from oil wells or other source. Once the engine is running it will power the attached generator which will create electricity which will be sent/sold to the electric grid. Hence the name WELL (oil) to WIRE (electric wire). This appears to be a great deal for everyone, since the natural gas (from the oil well) that the engine will run off is often just burnt off and wasted into the atmosphere. It is burnt off/wasted so that the oil companies can get to the oil. The best part and unique part of this deal is that the Coates engine can run very efficiently and maintenance free on the sour gas from the oils wells, landfill gas, etc and not have a deleterious effect on the valve train (unlike the poppet engine).
The truck engine can run on natural gas as well.
There is so much talk about the Pickens Plan and trucks running on natural gas. CIL better realize that they are in a life or death race to get an engine to market. I suggest they hire a few more engineers (offer them stock) and get their product to market ASAP or get left in the dust!
Yes,lkopsaftis you are missed as well!
Rightcoast? Thought you left us. Your post's have always been right on. Patrick yours were good too. Where did Scofloind go? I have to agree with Rightcoast......where's the production...duh...
Everyone is waiting for the company to start production of the natural gas generator and/or the truck engine. Once production starts, in my opinion, the sky is the limit.
Five percent of 8 million is a nice chunk of money, but I would much rather see PRODUCTION!
No one will ever know the exact reason why the forum is gone but I imagine that whoever ran it became frustrated trying to get updated, logical, and accurate information about the cmpany to post. There is no logical reason to have two websites in the first place!
Well to Wire QUALIFIED for the extended release terms in the second quarter by paying over 500K. The additional payments of 400K are not actually due till Sept 3oth. In my opinion, CIL made a big mistake by stating the payments MUST be paid by June 30th, when in fact Well to Wire had extended release terms available. I guess you could "spin it" and say the money must be paid to avoid entering the extended release terms, but that is just more bullshit.
Coates received close to a million $$$ from Well to Wire. Next quarter should be a good one!
I am glad they didn't say they would have the website up "very shortly"!!! duh
page 11,
WWE is a privately held company and its ability to make the license payments due to us and to honor the minimum purchase requirements under the licenses is dependent on the success of its continued efforts to raise new equity capital. Thus far, WWE has made nonrefundable payments to the Company totaling $1.5 million in prior years and $525,000 in April and May 2008, leaving a remaining balance of the Release Payment of $8,975,000. This amount will be recognized as revenue as payments are received. To the extent that WWE is not successful or experiences delays in raising such additional new equity capital, the Company’s cash flow, results of operations and financial position could be adversely affected.
Under the Escrow Agreement, WWE is required to remit the full amount of the Release Payment by June 30, 2008 (the “Payment Period”). Should WWE be unable to make the Release Payment within the Payment Period, the Canadian license agreement shall automatically become non-exclusive. However, as provided for in the Escrow Agreement since WWE has already paid more than $500,000 on account of the Release Payment, the Payment Period is automatically extended, if necessary, until September 30, 2008 (the “Extended Payment Period”). Should WWE be able to make the entire Release Payment within the Extended Payment Period, the exclusivity of the Canadian license agreement shall be reinstated.
Keep in mind Well to Wire has to Sept 30th to pay the balance of the R&D and licensing fees. They did NOT have to pay the balance by June 30th! As long as they paid 500K by June 30th, they would qualify for the extended September 30th terms. Therefore, Well to Wire is complying with the terms of the agreement that was submitted to the SEC.
Filed: November 30, 2006 or June 5 2008 ? Is this a new patent or what?
Well, I dont know about CROX other than they sold millions of shoes, however, I agree COTE needs a good gust of wind to get going. Let's hope for a big storm soon.
COTE car engines can run on natural gas just as the 855 cubic inch generator engine does, it would be a big hit if they bring it to market. I think the COTE engine can run on hydrogen as well.
Very shortly! haha good one! Yes, I hope VERY SHORTLY will be much shorter than shortly.
" Our Company will employ hundreds and thousands of workers over the production ramp up period ." What does that mean? hundreds, thousands maybe even millions or billions! I suggest when it comes to NUMBERS, be exact and very clear!
Tiger, I know your pissed, for justified reasons. However, if you believed in the technology in the past, now has got to be the time to get back in, particularly at these low prices. If CIL hires even a hundred workers, this stock is going to go thru the roof.
Thousands of workers? If that is the case, COTE stock is going to be way over 20 dollars per share!
-- Our Company will employ hundreds and thousands of workers over the
production ramp up period
Well TIGER, I guess we'll learn soon if CIL recieved any money from Well to Wire, had any progress with the truck retrofit and the various other projects the company has in motion. I just pray I don't hear another "30 day hold" for as long as I live. I am just NOW getting over the last blunder! In fact, it took me 30 days to get my heart rate back to normal after reading the stupid comment. I better hear something positive soon or I am going to be really pissed!
I was hoping the new website was a step toward a business buyout. If not a buyout they should have kept their original website name, coatesengine.com which more accurately reflects the patents, inventor, products, etc. The new name is stupid if they dont have a buyout. It's also stupid to have two websites. Then again, there has been a lot of stupid stuff done lately!
All excellent questions, however, I have NO answers. The company needs to develop continuity of their business plans and public announcements. Investors count on the press releases as facts and invest accordingly. Announcing time frames with no follow up is just asking for trouble!
The SEC case from 1994 is long over and none of the charges held. No one at that time believed that an engine could run without oil in the valve train. Since then CIL has proved that engines of various size can run without oil in the valve train. Coates has several 1,2,4,6,8 cylinder engine prototypes that all run without oil.
I think everyone on this site is losing their mind, including me!
Can anyone please tell me why CIL needs two websites, coatesengine.com and mostadvancedengine.com? There should at least be a link from one to the other. How many investors or interested parties are missing out on info that isn't posted on both sites. WHO NEEDS TWO SITES AND WHY? HELP!!!
The trucking deal could become larger and more profitable than the generator deal. As soon as the trucking deal gets off the ground, others around the world will come running to get in on the new technology. If that is the case, the stock will go thru the roof.
Actually the 30 day announcement was June 3rd, either way hurry up and do SOMETHING!
The announcement about the 30 days was on June 10th, let's hope we can get some information around July 10th.
Everyone's point of view has its merit. I can say this, CIL reinvented the internal combustion engine and did it in a big way. Yes,they actually did make a better mouse trap. In time, everyone will thank CIL (except oil companies) for the help.
Yes, CIL over one dollar is certainly a reality and in my opinion it will be way more than that if they get a lucrative truck retrofit contract.
In the meantime, I want get in line to purchase 4 of their home generators for my family and me. With all the turmoil around the world, I'd like to have a backup.
WOW, I can't believe it, a CIL update! Bettter yet, it's a well thought out, logical, concise and considerate gesture for the stockholders. Very nice update. Thank you.
Well to Wire must be negotiating and dealing in good faith (slow but good faith) or they never would have made their last R&D payment. When both companies finally jockey themselves in the right position, with money, contracts and prototypes, Coates stock should take off. In the meantime, I am taking advantage of the dips and buying in.
Correct, the money was not for the generator. It was additional capital for the R&D and Licensing fees for US and Canada. Once they pay the balance of the above, in my opinion, then they will be able to take the engine (possibly for free), since they would have already paid for the engine under their R&D fees. Either way, I sure wish they would hurry up!
I think the 150K you are referring to is the purchase price of a generator. The $8,500,000.00 owed Coates is for R&D and licensing fees. Last quarter Well to Wire made a payment in the amount of either $150,000 or $175,000. The only logic I can gather is the finance company will not finance the R&D and licensing fees. Therefore it will be up to Well to Wire to pay it themselves. Why not write to Well to Wire and ask for clarification?
Retrofitting certainly appears to be an extremely lucrative business opportunity for CIL, perhaps even more than the generator business. One thing for sure, timing is on CIL's side. Gas prices are rising every week, therefore, NOW is the time for CIL to rise up and shine.
SPECTRE 2007: I have to admit your post video clip was pretty funny!
I am so pissed I can't even type! I meant to type "stupidest" (not studidest) marketing statement I have ever seen.
I can tell from the tone of the last few post that many people are both pissed off and frustrated from the recent release. I agree, it must be the studidest marketing statement I have ever witnessed! If CIL wants to focus their energy for a few weeks on one particualr project they should just do it and keep their big mouth shut about stopping ALL activitity on other projects. I am without words for the stupidity.
I witnessed the Coates V-8 engine run on the dynamometer,it was responsive and very impressive. I can't wait to see and hear the V-12. The V-8 was a monster, if the temp/condition, etc., at the speed trials are optimum, the V-12 just might set the land speed record.
Perhaps the Canadian lenders wants WWW to have some of their own money in the deal for the same reason the Small Business Administration requires borrowers to have 10% of their own money in the deal prior to funding.
Scofloind: I feel your pain. Hopefully CIL will either: 1)receive additional funds by Well to Wire and use them wisely, 2) go to a bank and get money themselves to start production 3) take advances from Duchess or Stonegate or 4) bring in management who can get things done in our lifetime!