Coates International, Ltd. Stockholders Update: The Hong Kong Protests Will Not Affect the Transaction With Renown Power Development, Ltd. as This Company Is Responsible for the Financing Requirements and Is Owned by a Mainland China Business Investment Group
WALL TOWNSHIP, NJ--(Marketwired - Oct 1, 2014) - Coates International, Ltd. (OTCQB: COTE) ("The Company") would like to clear up any concerns by announcing that the current protests in Hong Kong will not have any effect on the distribution License transaction between the Company and Renown Power Development, Ltd. ("Renown"), a financing company in Hong Kong.
Coates International, Ltd. President and CEO, Mr. George J. Coates, comments: "It is generally easier to conduct business in Hong Kong than in mainland China. Renown is owned by a group of business investment people in mainland China. Accordingly, we do not anticipate that the current protest activities in Hong Kong will have any effect on the license transaction. Renown is continuing to organize the production facility for the commencement of manufacturing of the Coates CSRV Products. Senior Executives from Coates International, Ltd. are planning to visit the China manufacturing facilities in the early part of the fourth quarter."
Coates International, Ltd. is to ship a Coates CSRV Industrial Electric Power Natural Gas Gen-Set to Coates Power Inc. Ltd., in the people's republic of China, on October 2, 2014. $$$
AI
