Going back to the Feb 28, 2017 PR: (Please bear with me here.)
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, NJ – (Globe Newswire – February 28, 2017) For Immediate Release: 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 for 50% of the order value to be paid with orders it intends to place, beginning in March 2017."
Does this not indicate that an order has been received from SS for a 1 MW gen set and that gen set is the one that was already being shipped from Cummins to Coates...? “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;..."
And that George is in fact now converting this V12 engine with CSRV technology that will accommodate H2 fuel. Then a 50% deposit must have already been paid to Coates for that order or he would not have ordered the V12 from Cummins. To my understanding, this means that Coates has already started limited production of a V12 gen set to be shipped to SS. Would SS not have paid the $1 million license fee by the time shipment takes place?
Just trying to fit the pieces together. If my reasoning is correct, I believe we can expect another PR within the next two weeks or whenever the shipment takes place.
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, NJ – (Globe Newswire – February 28, 2017) For Immediate Release: 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 for 50% of the order value to be paid with orders it intends to place, beginning in March 2017."
Does this not indicate that an order has been received from SS for a 1 MW gen set and that gen set is the one that was already being shipped from Cummins to Coates...? “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;..."
And that George is in fact now converting this V12 engine with CSRV technology that will accommodate H2 fuel. Then a 50% deposit must have already been paid to Coates for that order or he would not have ordered the V12 from Cummins. To my understanding, this means that Coates has already started limited production of a V12 gen set to be shipped to SS. Would SS not have paid the $1 million license fee by the time shipment takes place?
Just trying to fit the pieces together. If my reasoning is correct, I believe we can expect another PR within the next two weeks or whenever the shipment takes place.
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