Coates International, Ltd. Stockholders’ Update: Coates Plans to Acquire a Stake in S.W.T., a Chinese Heavy Equipment Manufacturer
WALL TOWNSHIP, N.J., Jan. 4, 2012 /PRNewswire/ — Coates International, Ltd. (OTCBB: COTE) (the “Company”) is pleased to announce that it has received confirmation that S.W.T. has agreed with the proposed revised terms of an agreement in principal for Coates to acquire a 45% ownership interest in S.W.T.
This is a strategic acquisition that would enable Coates to quickly ramp up large scale production by utilizing S.W.T.’s existing available manufacturing capacity. The Company would also be in a much better position to penetrate the expected substantial market potential in the Eastern Hemisphere.
The Company has agreed to ship one Industrial CSRV Natural Gas Electric Power generator to the Tongji University research department in Shanghai, China for testing and demonstration where numerous Chinese manufacturers of cars, motorcycles, industrial engines, trucks, buses and boats, and ship engine builders, among others would be afforded the opportunity to observe the Coates CSRV technology in operation. The purpose of these demonstrations will be to create interest by attendees in CSRV technology licenses.
More detailed information will be forthcoming as it develops.
About Coates International, Ltd.: Coates has been developing over a period of more than 15 years a patented spherical rotary valve CSRV Internal Combustion Engine invented by George J. Coates and his son Gregory. Our public filings with the SEC may be viewed and printed on the website maintained by the SEC at http://www.sec.gov
SOURCE Coates International, Ltd.