$COTE Pr Bot $0.009 Website https://encrypte
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Posted On: 02/28/2017 7:44:31 AM
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Coates International, Ltd. Has an Agreement in Place With Secure Supplies USA LLC and Secure Supplies Mexico LLC
Initial Orders Will be for a Project in New Jersey That Will Require 35, 1MW CSRV Hydrogen Powered Industrial Gen Sets and a Project in Mexico That Will Require 40, 1 MW CSRV Hydrogen Powered Industrial Gen Sets - Estimated Value of These Projects is $35,000,000 in New Jersey and $40,000,000 in Mexico for a Total Value to Coates of $75,000,000
WALL TOWNSHIP, N.J., Feb. 28, 2017 (GLOBE NEWSWIRE) -- Coates International, Ltd. (OTC PINK:COTE) (the “Company”) has previously entered into a sublicense agreement with Secure Supplies USA LLC and Secure Supplies Mexico LLC (together “Secure Supplies”). In addition to a $1 million licensing fee to be paid upfront, the Company will also fulfill orders to manufacture and deliver 35 1MW CSRV Hydrogen Powered Industrial Electric Power Generator Sets (“Hydrogen Gen Sets”) for the project in New Jersey and 40 1MW CSRV Hydrogen Gen Sets for Mexico. Secure Supplies has informed the Company that it anticipates receiving funding from its customers to enable it to remit payments to us for the sublicense fee and deposits for 50% of the order value to be paid with orders it intends to place, beginning in March 2017.
Company President and CEO, Mr. George J. Coates, comments:
▪ “An initial 1MW V12 Industrial engine from Cummins is already en route to the Coates facility in New Jersey for development of the Hydrogen Gen Sets for this larger engine specification;
▪ The Company has already built a 150 KW CSRV Gen Set for Secure Supplies to be used for demonstration and testing;
▪ The Company is in ongoing discussions with other potential new customers. We were disappointed to learn that a number of people directly contacted Secure Supplies after we disclosed the news of our new sublicense. This is inappropriate and interferes in our relationship with Secure Supplies. Our business partners are intensely focused on successfully carrying out their own business plans, which did not include responding to such multiple inquiries. Exercising discretion in this regard is of great importance for everyone.
▪ To date, we have not received the proposals from China for manufacturing operations that were previously promised to be submitted to us for review;
▪ Mr. Nick Kontonicolas has not been able to secure financing for production operations to date. While this has been disappointing, we have never exclusively relied on this financing and are continuing to work on alternative sources of financing. Accordingly, the Company expects to be able to continue to pursue its business plans;
▪ The Company is planning expansion of its manufacturing capacity on readily available space on its own property in anticipation of the need to fulfill orders to be received from Secure Supplies.
▪ We have received inquiries about the relatively small staff at the Coates plant. Our research and development activities involve scientific, proprietary technology and we prefer to limit accessibility until development of the technology reaches a stage where it can be patented. This is also a component of our strategy to preserve our working capital.
▪ The Company continues to press ahead with its endeavors and business plans.”
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Website
Coates International, Ltd. Has an Agreement in Place With Secure Supplies USA LLC and Secure Supplies Mexico LLC
Initial Orders Will be for a Project in New Jersey That Will Require 35, 1MW CSRV Hydrogen Powered Industrial Gen Sets and a Project in Mexico That Will Require 40, 1 MW CSRV Hydrogen Powered Industrial Gen Sets - Estimated Value of These Projects is $35,000,000 in New Jersey and $40,000,000 in Mexico for a Total Value to Coates of $75,000,000
WALL TOWNSHIP, N.J., Feb. 28, 2017 (GLOBE NEWSWIRE) -- Coates International, Ltd. (OTC PINK:COTE) (the “Company”) has previously entered into a sublicense agreement with Secure Supplies USA LLC and Secure Supplies Mexico LLC (together “Secure Supplies”). In addition to a $1 million licensing fee to be paid upfront, the Company will also fulfill orders to manufacture and deliver 35 1MW CSRV Hydrogen Powered Industrial Electric Power Generator Sets (“Hydrogen Gen Sets”) for the project in New Jersey and 40 1MW CSRV Hydrogen Gen Sets for Mexico. Secure Supplies has informed the Company that it anticipates receiving funding from its customers to enable it to remit payments to us for the sublicense fee and deposits for 50% of the order value to be paid with orders it intends to place, beginning in March 2017.
Company President and CEO, Mr. George J. Coates, comments:
▪ “An initial 1MW V12 Industrial engine from Cummins is already en route to the Coates facility in New Jersey for development of the Hydrogen Gen Sets for this larger engine specification;
▪ The Company has already built a 150 KW CSRV Gen Set for Secure Supplies to be used for demonstration and testing;
▪ The Company is in ongoing discussions with other potential new customers. We were disappointed to learn that a number of people directly contacted Secure Supplies after we disclosed the news of our new sublicense. This is inappropriate and interferes in our relationship with Secure Supplies. Our business partners are intensely focused on successfully carrying out their own business plans, which did not include responding to such multiple inquiries. Exercising discretion in this regard is of great importance for everyone.
▪ To date, we have not received the proposals from China for manufacturing operations that were previously promised to be submitted to us for review;
▪ Mr. Nick Kontonicolas has not been able to secure financing for production operations to date. While this has been disappointing, we have never exclusively relied on this financing and are continuing to work on alternative sources of financing. Accordingly, the Company expects to be able to continue to pursue its business plans;
▪ The Company is planning expansion of its manufacturing capacity on readily available space on its own property in anticipation of the need to fulfill orders to be received from Secure Supplies.
▪ We have received inquiries about the relatively small staff at the Coates plant. Our research and development activities involve scientific, proprietary technology and we prefer to limit accessibility until development of the technology reaches a stage where it can be patented. This is also a component of our strategy to preserve our working capital.
▪ The Company continues to press ahead with its endeavors and business plans.”
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