Coates Receives More Than $4,000,000 USD from Well to Wire Energy Inc.
May 07 2009 - 1:31PM
PR Newswire (US)
WALL TOWNSHIP, N.J., May 7 /PRNewswire-FirstCall/ -- Coates
International, Ltd. (OTC:COTE) (BULLETIN BOARD: COTE) -- The
company has received non-refundable payments from Well to Wire
Energy Inc. of Alberta, Canada. These payments are for licenses to
the Coates CSRV patented technology for power units used in the oil
and gas industry, payments to date total $4,003,183.03 because of
these good faith continuous payments made to the company and
considering the economic climax. The company has extended the
payment date to July 31, 2009. However, Well to Wire must continue
to pay down the remaining balance of the $11,000,000.00 USD of
which is $6,996,817.00 and when these payments amount to 45% of the
original $11,000,000 which is $5,000,000, their risk substantially
diminishes. They do not lose their licenses; the license only
becomes (non-exclusive) until the balance is paid in full. Barry C.
Kaye CFO, stated these payments provide extra working capital to
fund our initial production of our industrial natural gas CSRV
electric power generators. The company expects to have a number of
these power units installed in the field very soon. Sales of these
products will generate more operating revenues that will be
reinvested to fund the ramp up of our production to fulfill
existing orders for the oil and gas industry. George Coates
President and CEO, stated we have faith in Well to Wire and believe
they will fulfill their obligations to the company and we look
forward to working with them. Well to Wire Energy Inc. has already
delivered to us firm orders for over 7,400 CSRV industrial electric
power generators with a value to our company of approximately
$1,200,000,000 USD. Well to Wire has also secured financing for up
to $1,600,000,000 to promptly purchase these CSRV power units from
our company. 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. The CSRV system is adaptable to
combustion engines of many types. This technology is currently
adapted to a number of practical applications, including industrial
generators powered by engines incorporating the CSRV technology and
designed to operate on flare-off gas from oil wells, landfill gas
and raw natural gas. The Company is actively engaged in preparing
for the commencement of manufacturing of products utilizing this
technology. 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. By their nature,
forward-looking statements and forecasts involve risks and
uncertainties because they relate to events and depend on
circumstances that will occur in the near future. There are a
number of factors that could cause actual results and developments
to differ materially from forecasted results. These risks and
uncertainties include market conditions, regulatory approvals, and
other risks inherent in our operations. For a discussion of these
risks and uncertainties, 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: Coates International, Ltd. Samantha
Casbarro, 732-449-7717
http://www.mostadvancedengine.com/http://www.coatesengine.com/
DATASOURCE: Coates International, Ltd. CONTACT: Samantha Casbarro
for Coates International, Ltd., +1-732-449-7717, Web Site:
http://www.coatesengine.com/
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