Chinese Manufacturing Group Has Agreed on a License Fee of $100,000,000 USD for a Non-Exclusive License for Distribution of t...
June 10 2014 - 2:15PM
Marketwired
Chinese Manufacturing Group Has Agreed on a License Fee of
$100,000,000 USD for a Non-Exclusive License for Distribution of
the Coates CSRV(R) Engines for All Applications Throughout the
Territory of the Western Hemisphere
WALL TOWNSHIP, NJ--(Marketwired - Jun 10, 2014) - Coates
International, Ltd. ("the Company") (OTCQB: COTE)
The Company has achieved an important milestone in its
continuing negotiations with a group of three Chinese companies
regarding the purchase of a non-exclusive license to distribute
Coates' CSRVĀ® engines and generators throughout the Western
Hemisphere. Today, the Company received written confirmation that
the license fee for this non-exclusive license of $100,000,000 USD
has been agreed to by the parties. The Company is in the process of
drafting the license agreement and will require an initial deposit
on the license from the Chinese Group.
Mr. Coates stated: "We are very pleased with the prospect of
entering into a non-exclusive license that will enable commencement
of the manufacturing of our products in China where production
capacity and experienced large manufacturing companies will be
getting our products into the marketplace without the necessity for
us to raise a substantial amount of start-up working capital. In
addition, should this transaction be consummated, the working
capital from the licensing fee will open up new opportunities for
Coates International going forward."
If finalized, Coates management will be responsible for
assisting with the establishment of production operations in China.
The Company estimates a six to nine month start-up period before
shipments from China can commence. Coates representatives would be
dispatched to China to conduct training, oversee operations,
quality control and running and testing of products prior to
distribution to our customers.
There can be no assurance that the Company will be successful in
consummating this license agreement.
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.
Contact
Information: Coates International, Ltd. Phone: 732-449-7717
Fax: 732-449-0764 E-Mail: info@coatesengine.com THE COATES OFFICIAL
NEWS WEBSITE www.coatesengine.com