Dallas, Texas (July 8 , 2011) – StockGuru shines its Spotlight on Coates International, Ltd. (OTCBB: COTE) – Coates International Ltd. (the “Company”) is pleased to release this update to our stockholders. COTE closed at $0.25 on July 7, 2011, trading on volume of roughly 218,000 shares.
- The equity line of credit facility agreement with Dutchess Capital covering the sale of up to $20 million of our common stock has been executed and the related initial registration statement has been filed with the Securities and Exchange Commission.
- Progress continues to be made with the undertaking to merge with the Chinese engine and generator manufacturer (SWT). The Company has put in place its proper representation in China with a prominent local law firm and independent accountants to assist the Company in carrying out the due diligence procedures and other merger transaction related activities.
- Selection of Coates as the Project Manager/Supplier for construction of the turn-key power plant project for the Dubai World Business Group has been approved. A deposit of $40,000,000 USD is to be made by the project sponsors before Coates begins the project. This deposit represents 10% of the total cost of the project. Management has been invited to a planning meeting in the Middle East, after which the definitive project documents will be prepared and executed.
- Almont Energy of Alberta, Canada has made an additional payment to the company bringing total payments received by Coates to $5,150,000 USD to date, leaving a balance of $4,850,000 USD. The Company expects to ship more industrial electric power natural gas CSRV Gen Sets within the next two weeks to Alberta, Canada.
- In May 2011, Black Swan Capital Group, Inc. informed the Company that it had completed its due diligence on the Company and had obtained approval for funding the $10 million working capital loan to Coates from its Investment Committee and/or its investors and issued a written, binding commitment to provide the Loan. The Company has since determined that the likelihood of success of obtaining the Loan from Black Swan, in spite of having received such commitment is remote. The Company intends to pursue all legal remedies and courses of action available to it in view of management’s opinion that Black Swan is in breach of its Commitment Letter to provide the Loan.
- The Company is working with other financial funding sources in an effort to acquire additional working capital to ramp up production.
- Management is satisfied with the success in continuously manufacturing the Gen Sets for Almont. In anticipation of gaining access to manufacturing facilities and skilled employees to produce CSRV products in China, Management is planning to be in a position to promptly commence full production in China of 6-cylinder, V12 and V16 industrial CSRV engines and natural gas generators.
- In response to inquiries received from stockholders, the Company has no plans to change the (COTE), ticker symbol in the foreseeable future. Coates’ common stock may, however, be listed on other appropriate stock exchanges in other parts of the world after successful completion of the merger transaction with SWT.
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
To view the StockGuru Spotlight on OTCBB: COTE , please visit: http://stockguru.com/category/latest-spotlights/
To get free alerts on this and other similar stocks, please register here:
What is the StockGuru Spotlight?
Many companies covered in The StockGuru Spotlight have positive increases in both volume and share price. While this is not true in all cases, StockGuru strives to cover companies in The StockGuru Spotlight that are worth of our readers’ attention.
StockGuru looks for potential break-out candidates in The StockGuru Spotlight. Many of these companies have had recent news and appear to be getting the attention of investors. StockGuru does not typically feature companies in The StockGuru Spotlight that are compensating StockGuru for this coverage. There are times when StockGuru covers a stock in The StockGuru Spotlight that had previously compensated Stockguru. Where that is the case, a proper disclosure is included below. StockGuru and its partners, employees and writers never hold shares, short positions, warrants or any other current position in a stock featured in The StockGuru Spotlight.
To feature a company in The StockGuru Spotlight please contact the Publisher at [email protected]. If our reader is a key person for a publicly traded company, StockGuru can consider that company for either a StockGuru Spotlight or a StockGuru Profile. Please contact the StockGuru Publisher John Pentony at this email address: [email protected].
Stockguru.com (“SG”) provides its members with the latest news, press releases, and trade alerts for all the companies highlighted on the site StockGuru.com. SG utilizes information believed to be reliable herein prepared all material. The information contained herein is not guaranteed by SG to be accurate, and should not be considered to be all-inclusive. The owner, publisher, editor and their associates are not responsible for errors and omissions. SG encourages readers and investors to supplement the information in these reports with independent research and other professional advice. All information on featured companies is provided by the companies profiled, or is available from public sources and SG makes no representations, warranties or guarantees as to the accuracy or completeness of the disclosure by the profiled companies or the information contained herein. The companies that are discussed in this opinion have not approved the statements made in this opinion. This opinion contains forward-looking statements that involve risks and uncertainties. This material is for informational purposes only and should not be construed as an offer or solicitation of an offer to buy or sell securities. SG is not a licensed broker, broker dealer, market maker, investment banker, investment advisor, analyst or underwriter. Please consult a broker before purchasing or selling any securities viewed on http://www.Stockguru.com or mentioned herein.
This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected”, “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and SG undertakes no obligation to update such statements. StockGuru is occasionally compensated for coverage. When this is the case, SG clearly indicates this with a disclosure of all compensation received in the past and present. Additionally SG also discloses any anticipated compensation in the future. Compensation is typically in cash. Sometimes a company pays SG in restricted shares. Pentony Enterprise and its associated companies does not take free trading shares for any reason at anytime. StockGuru is not a registered investment adviser or a broker-dealer. StockGuru makes no recommendation that the purchase of securities of companies profiled in this web site is suitable or advisable for any person, or that an investment in such securities will be profitable. In general, given the nature of the companies profiled and the lack of an active trading market for their securities, investing in such securities is highly speculative and carries a high degree of risk.
John Pentony, Publisher, Stockguru.com
Tel: +1 469 252 3031
e-mail: [email protected]