Mr. Nick Kontonicolas To Join The Coates Board of Directors
Coates International, Ltd. (NASDAQ OTCBB: COTE) –Coates International, Ltd. is pleased to announce that Mr. Nick Kontonicolas, a well known international business entrepreneur, is to join the Board of Directors of Coates International, Ltd. and become C.O.O. He is a personal friend of George J. Coates for 27 years. He already gave the Company a letter of credit in the amount of $30,000,000 USD and has expressed his intention to bridge finance the start up of limited production of the CSRV industrial natural gas electric power generators for delivery to the oil and gas industry.
Mr. Nick Kontonicolas is in the oil and gas industry and expressed his intentions of utilizing the Coates CSRV natural gas power units in his oil field operations around the world for pumping, compression and to produce electric power from flare off gas that otherwise would be wasted.
Management believes that Mr. Kontonicolas will be a significant asset to the Company. He is in the oil and gas industry and many other industries. He also has many clients and business contacts around the globe. We look forward to his participation in our Company's operations. He will also be awarded shares in the Company.