WALL TOWNSHIP, N.J., Dec. 15, 2016 (GLOBE NEWSWIRE) -- Coates International, Ltd. (OTC PINK:COTE) (the “Company”) has executed an exclusive license with Secure Supplies Mexico LLC and Secure Supplies USA LLC of Coates CSRV electric power hydrogen generator sets and engines for distribution, use, sale and lease in North America.
This transaction was initiated and concluded by Mr. George J. Coates, Company President and CEO. An initial deposit of ($1,000,000USD) is to be paid within 10 to 20 days, after which licensee has acknowledged its intent to fund a 50% deposit by the end of January 2017, amounting to $30,000,000USD for the first 60 One MW Generator Sets.
Company President and CEO, Mr. George J. Coates, comments: “This transaction is now completed and is one of the biggest steps this Company has taken forward with its business plans. We already have engines operating on hydrogen gas produced on demand from water. The Company has an agreement with Cummins USA and Cummins China to supply engines, skids and generators with controls. CSRV parts and components are being manufactured in the USA. This project is expected to ramp up quickly. I believe this will constitute the “greenest” energy project ever employing combustion engine power systems. It should lead to the creation of a large number of new, quality jobs here in the USA.”
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 SEC at http://www.sec.gov.