Coates International, Ltd. Received an Agreement From China-Based, Fujian Mingyan Cummins Engine and Generator Manufacturer Agreeing to Manufacture Engines and Generator Sets, Not to Include the CSRV Heads, Poppet Valves, Push Rods, Rockers, Etc. --…
/EINPresswire.com/ -- WALL TOWNSHIP, NJ -- (Marketwired) -- 08/17/16 -- Coates International, Ltd. (OTC PINK: COTE) (the "Company") business plan calls for manufacturing operations in both the Eastern and Western Hemispheres. Some of the larger CSRV industrial natural gas generator units to be produced will be rated for 1,000 KW = 1 M.W. and 2,000 KW = 2 M.W. and are expected to weigh 16 to 20 tons each. Long distance shipping of such large units would add substantial cost to these units. As the Company has received orders in both the Eastern and Western Hemisphere, manufacturing in China will enable fulfillment of orders in the Eastern Hemisphere without unduly driving up the distribution costs.
Company President and CEO, Mr. George J. Coates, comments: "Plans for the ramp-up of manufacturing in China, provide for production of the first 1,000 industrial natural gas CSRV generator sets. A parallel plan for U.S.-based production for distribution to the Western Hemisphere would also provide for initially manufacturing 1,000 units.
"After further negotiations, the Company declined the request from the Chinese government for a worldwide exclusive license. Instead, it has been agreed that the Chinese manufacturing company will be structured to establish Coates International, Ltd. as the majority owner. The definitive agreements for this transaction structure are being drafted and targeted to be finalized over the next few weeks. More information will be disseminated as the transaction progresses."
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.