Coates International, Inc. Has Not Declared a Reverse Stock Split
11:45a ET March 4, 2015 (Market Wire) Print
Coates International, Ltd. (OTCBB: COTE) (the "Company") has received numerous communications from shareholders about the reverse stock split. THE COMPANY HAS NOT DECLARED A REVERSE STOCK SPLIT. The only purpose of the filing on March 2, 2015, made by the Company was to keep all options open and enable the Company to declare a reverse stock split at some indefinite point in the future, if, and only if, the board of directors determines that the market and other conditions for the Company have improved to the point that the reverse stock split is more likely to achieve the intended objectives for such a reverse stock split. The reason it was necessary to make this filing with the SEC now was that the time frame to make a reverse stock split would otherwise have been 30-40 days or more after any future announcement. This SEC filing was simply designed to reduce that timeframe to a matter of a few days and nothing more should be read into it. To be absolutely clear, the Company has no plans to declare a reverse stock split for the foreseeable future unless the conditions for doing so improve sufficiently and our plans to secure listing with a more widely recognized trading platform become more feasible.
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 SE
