WALL TOWNSHIP, N.J., Dec. 01, 2017 (GLOBE NEWSWIRE) -- Coates International, Ltd. (OTC PINK:COTE). Coates International, Ltd. is at the final review stage of a contract to build a new 84,800 Sq. Ft. assembly plant on its N.J. headquarters property which will utilize an existing, unused, company owned parcel of land. This will bring the Coates plant manufacturing capacity up to a total of 110,800 Sq. Ft.
Other Company activities:
- The Company is working with an investment banker to acquire working capital of between $10,000,000 to $50,000,000USD; this funding will be utilized to ramp-up production operations in the U.S.;
- The Company is now in a position to accept deposits on firm orders for CSRV® industrial electric power generators that the Company is planning to produce in large numbers;
- Mr. James Pang, our liaison agent in China continues to work with the Chinese government to establish a Coates industrial park in China to manufacture all of the Coates CSRV® products including new hydrogen powered technology. This has been a long, drawn out, arduous undertaking. Coates previously sold a first production 150 KW natural gas CSRV® electric power generator to a Chinese company which was shipped to China for $165,000USD. Thereafter, the Hong Kong- based company paid Coates a deposit of $500,000USD on a non-exclusive distribution license for the territory of the Western Hemisphere.
- Company management is working continuously to bring these projects to fruition as soon as is practicable.
Company President and CEO, Mr. George J. Coates, comments: “Our CSRV® systems are ready for mass production and distribution. Once we are funded, the Company will start production operations and expand into our new assembly plant next year. Presently, we are working on new H2 technology. All design details and specs must be kept confidential until we have secured appropriate patent protection. Visits to the Coates headquarters and plant during this period must also be controlled and limited. We are working diligently to achieve our goals in order to optimize the potential opportunities for Coates International, Ltd.