Read this NR from 2009 below and someone tell me if the 1.2 billion in firm orders are still firm.
WALL TOWNSHIP, N.J., May 7 /PRNewswire-FirstCall/ -- Coates International, Ltd. (OTC Bulletin Board: COTE) -- The company has received non-refundable payments from Well to Wire Energy Inc. of Alberta, Canada. These payments are for licenses to the Coates CSRV patented technology for power units used in the oil and gas industry, payments to date total $4,003,183.03 because of these good faith continuous payments made to the company and considering the economic climax. The company has extended the payment date to July 31, 2009. However, Well to Wire must continue to pay down the remaining balance of the $11,000,000.00 USD of which is $6,996,817.00 and when these payments amount to 45% of the original $11,000,000 which is $5,000,000, their risk substantially diminishes. They do not lose their licenses; the license only becomes (non-exclusive) until the balance is paid in full.
Barry C. Kaye CFO, stated these payments provide extra working capital to fund our initial production of our industrial natural gas CSRV electric power generators. The company expects to have a number of these power units installed in the field very soon. Sales of these products will generate more operating revenues that will be reinvested to fund the ramp up of our production to fulfill existing orders for the oil and gas industry.
George Coates President and CEO, stated we have faith in Well to Wire and believe they will fulfill their obligations to the company and we look forward to working with them.
Well to Wire Energy Inc. has already delivered to us firm orders for over 7,400 CSRV industrial electric power generators with a value to our company of approximately $1,200,000,000 USD. Well to Wire has also secured financing for up to $1,600,000,000 to promptly purchase these CSRV power units from our company. Less
AI
