COATES INTERNATIONAL, LTD. SHAREHOLDERS’ UPDATE
THE COMPANY HAS THREE IMPORTANT TRANSACTIONS PENDING
Wall Township, NJ, Dec. 20, 2019 (GLOBE NEWSWIRE) -- Coates International, Ltd. (OTC PINK: COTE) (the “Company”) is pleased to announce that it has negotiated three individual transactions to manufacture CSRV® products with three American companies. One is worth more than $24,000,000 USD to the company and the others are expected to be comparable. Management is looking forward to finalizing these prospects and starting production. More details and the names of the companies will be disclosed as the transactions are consummated.
Company President and CEO, Mr. George J. Coates, comments: “Negotiations for these transactions were initiated last year and have progressed to the point where it now appears they are more likely to come to fruition. We expect to learn more in the near future. Over the past number of years since we completed the R&D on our CSRV® engines, we have established a new company, Coates Hydrogen Energy, Ltd. and carried out scientific R&D programs and designs and operated our CSRV® engines on Hydrogen (H2) derived directly from water through our reactor to the CSRV® engine. The CSRV® engine initially starts up on natural gas. A small amount of energy from the generator is then utilized to operate the reactor to produce the Hydrogen. At this point, the CSRV® engine is able to be powered from the Hydrogen. We have a little more work to do to complete this project. Coates International, Ltd. intends to manufacture all components including CSRV® engines and Gen-Sets and all parts for the reactor. If we are successful with the final phase of this project, this is expected to be a significant achievement for the Company with potential world-wide implications by enabling electric power generators to be powered by water as their fuel.”
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 .
Contact Information:
Coates International, Ltd.
Phone: 732-449-7717
Fax: 732-449-0764
