WALL TOWNSHIP, NJ--(Marketwired - Sep 30, 2015) - Coates International, Ltd. (OTC PINK: COTE) (the "Company") is pleased to announce that the meeting with business executives from M.E.N.A. regarding the firm order for 5,000 Coates CSRV electric power natural gas generator sets was successful, a good faith deposit of $576,000 USD was paid to the Company and all documents have been fully executed. This check will not be deposited until the Company can give a product delivery date of when shipment will commence. After which, it will be converted to a Letter of Credit for 50% of the total order and will continually be drawn down upon as products are being shipped out. The estimated value of this transaction is more than $90,000,000 USD.
Company President and CEO, Mr. George J. Coates, comments: "Our meeting with the business executives from M.E.N.A. was very successful. They observed demonstration of 150 KW Coates CSRV industrial natural gas electric power gen sets in operation under full load, a Coates CSRV 35 KW stand-alone (propane) generator set, gasoline power racing engines and one engine operating on water converted to Hydrogen through a Coates reactor."
There can be no assurance that the Company will be successful in any of its endeavors.
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.