WALL TOWNSHIP, NJ--(Marketwired - Jun 19, 2013) - Coates International, Ltd. (NASDAQ OTCBB: COTE) -- Coates International, Ltd. (the "Company"). The Coates water splitting hydrogen reactor was coupled to a 35 KW Coates CSRV electric power generator and operated on hydrogen, hydroxy gas, split from water as the only fuel source used to operate the machine.
- Mr. Coates states, "Hydrogen has quite a lot of explosive power; it was stated by some that there are 900 BTU's in hydroxyl gas. I am not sure if that is correct, we will find out exactly during our future tests. Imagine just putting water into your home generator to create the electric power for your home, including heating and cooling. I believe this is very possible. Hotels, factories, supermarkets and more all powered from water as fuel. Of course the system will have to be refined for commercial use now." The Company has signed with another US company to manufacture and commercialize the hydrogen reactor system and CSRV generator.
- The Company has numerous CSRV products developed and designed for production including 1 Cylinder, 2 Cylinder, 4 Cylinder, 6 Cylinder and 8 Cylinder engines. Home generators and natural gas industrial generators for the oil and gas industry, also the Coates CSRV 1600 ci heavy cruiser motorcycles.
- Over the past two years management traveled to numerous states, met with governors and state and city officials, wrote up proposals and inspected buildings, etc. The incurred costs, including company overheads of more than $2,000,000 USD, was mostly funded by the Coates family.
- The Company's plans have changed. The Company must start producing its products right away or it could lose its firm orders. Plans are in the works to start production in New Jersey first and then expand to other states if necessary. There are some offers on the table to establish production operations in other states. These are under management consideration.
- A new company was organized for the specific purpose of manufacturing in large quantities the Coates CSRV products, Coates Hi-Tech Engines, Ltd.
- Management is working diligently to establish its production operations. Plans are in the works to issue shares in the new production company to all existing Coates International, Ltd. stockholders.
- An open house for our stockholders is being planned, the dates will be announced.
- Coates International, Ltd. is still in negotiations with a Chinese engine and generator manufacturer that the Company is planning to merge with. Mr. James Pang, the Company's Exclusive Liaison to China, is still there in China working on the merger and in daily contact with Coates Management.
- Nick Kontonicolas will not be joining Coates as COO. His commitments to his other interests around the world do not afford him the time necessary for this full time position. However, he will act as senior consultant to the Company in its international business affairs. Nick is a personal friend of Mr. Coates for more than 27 years. He gave the Company a $30,000,000 Letter of Credit to help with its production operations and gave the Company firm orders for its products for his oil and gas interests.
There can be no assurance the Company will be successful in any of the above 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.