Coates International, Ltd. Is In Discussions With Four Different US States To Establish Its Manufacturing Operations. Management Visited One Of These States Last Week And Inspected Four Industrial Plants That Are Available.
WALL TOWNSHIP, N.J., Feb. 26, 2013 /PRNewswire/ — Coates International, Ltd. (NASDAQ OTCBB: COTE) — Coates International, Ltd. (the “Company”) is currently working with four different states and has received offers of business and tax incentive packages designed to induce the Company to establish manufacturing operations in their state. Management is studying these incentives and visited one of these states last week to inspect production plants to assess their suitability for establishing the Company’s manufacturing operations.
Management comments, “This is a major step for the Company and is vitally important that the decision be the right one. Factors being considered include production capacity, quality of, and improvements on, the manufacturing property site, logistics for distributing our products by rail, road, air and water, quality of local labor pool, expected value of the business and tax incentives being offered and access to, and location of, quality suppliers, among other things. The Company plans to initially invest $100 million and could invest up to $300 million during the first three years of operations into this project. We plan to reinvest cash flows from operations to expand manufacturing capacity over the first five years of operations. Our business plan estimates the creation of up to 825 new quality jobs during the first three years of operations.”
The Company has targeted distribution of its CSRV products to include the United States, Canada, and the rest of the Western Hemisphere. Management believes that these products will reduce the production of harmful emissions into our atmosphere, improve fuel efficiency, contribute to boosting the economy and serve the best interests of our company and shareholders.
There can be no assurance that we can be successful in establishing large scale production in accordance with the business plans outlined above in this press release.
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.
Coates International, Ltd.
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