Coates International, Ltd. Announces General Stockholders' Update
Coates International, Ltd. (the “Company” or “Coates”) (OTCBB: COTE) – is pleased to announce that according to our Escrow License Agreement with Well to Wire Energy, Inc. of Canada, the balance of the Canadian exclusive license and development costs must be paid on or before the 30th of June 2008. The total amount due including the deposit on the USA exclusive license was $11,000,000 USD. Well to Wire has paid our company non-refundable payments to date, totaling $2,200,000 USD, leaving a balance of $8,800,000 to be paid to Coates. Well to Wire Energy has secured a $1.1 billion USD equipment lease finance commitment from Canada West Corporate Finance, Inc., which is to be utilized only for the purchase of the Coates Industrial CSRV Electric Power Generators over the next five years, pursuant to its License Agreement with Coates. The five year Well to Wire Business Plan, on which this commitment was based, provides for the purchase of approximately 7,400 Coates CSRV Electric Power Industrial Generators at a price per unit of $150,000.
This project of designing and building the Coates CSRV Industrial Generators for Well to Wire Energy, Inc. is completed, and as soon as our company receives the outstanding balance in full, production of this product will start. Coates utilizes approximately 40 outside companies for manufacturing its components to produce its products, assembly of the CSRV Engine Systems is relatively easy; production should go smoothly.
(UPDATE ON HOME GENERATOR PROJECT)
Coates International, Ltd. has completed the design and development of its stand-alone CSRV Electric Power Generator for residential use. This (CSRV) Home Generator is configured to run on Propane and can also be powered by any combustible fuel including Hydrogen. This CSRV Generator is a synchronous system that only produces the amount of electric power that is being used or required at any given time from 1 KW up to 35 KWs. It incorporates a CSRV in line 4 cylinder power unit. (This Project is complete.) Marketing has started.
(UPDATE ON LAND SPEED PROJECT)
The initial design of the land speed racing car is complete. The wind tunnel is ready for airflow tests. Company officials are talking and negotiating with potential sponsor for this project and as soon as the car and engine are complete, the land speed race trials will start.
(UPDATE ON RETROFITTING OF HEAVY TRUCK PROJECT)
The CSRV Retrofit System and Heads are complete and now being fitted to the heavy truck engine. Management and staff are excited about this project and believe that it will be one of the most lucrative for Coates International, Ltd.
(UPDATE ON COATES CSRV V TWIN 1600 cc AIR COOLED ENGINE PROJECT)
A number of these engines were built and were tested in a Coates’ Motorcycle by an independent EPA approved testing laboratory. Test results showed 47 miles to the gallon, tested over a 2,000 mile run and achieved less than 50% of the EPA’s Emission Standards.
It was later tested by Coates for speed achieved 137 MPH with plenty of throttle left for higher speeds. This project is complete and is now under review by management.
There are a number of other projects underway at Coates and we will be announcing them in the near future.
Coates International, Ltd. tries its best to keep its stockholders fully informed of what’s happening in the company. Many of our thousands of stockholders are contacting the company for more information and most of these questions cannot be answered because of the SEC Rules and Regulations regarding insider information.
It must be understood that Coates is a fully reporting public company trading on the NASDAQ OTCBB – COTE and must abide by the SEC Rules and Regulations.
When our company divulges information regarding the names of other entities that we are talking to or negotiating with, some of our unsophisticated stockholders are contacting these potential customers and Licensees and interfering with our company’s business and procedures. (This we cannot tolerate), so in the future management has decided not to divulge the names of the entities and companies it is in negotiations with until deals are signed, sealed, and delivered. However, the company is in negotiations continuously with numerous companies and entities at this time, and will release information, as it deems appropriate.
