(MENAFNEditorial)
Coates International Ltd. Stockholders Update. The Hong Kong protests will not affect the transaction with Renown Power Development Ltd. as this company is responsible for the financing requirements and is owned by a mainland China business investment group.
October 1 2014 – For Immediate Release
Wall Township NJ – (Marketwire – October 1 2014) Coates International Ltd. (COTCQB: COTE) (“The Company”) would like to clear up any concerns by announcing that the current protests in Hong Kong will not have any effect on the distribution License transaction between the Company and Renown Power Development Ltd. (“Renown”) a financing company in Hong Kong.
Coates International Ltd. President and CEO Mr. George J. Coates comments: “It is generally easier to conduct business in Hong Kong than in mainland China. Renown is owned by a group of business investment people in mainland China. Accordingly we do not anticipate that the current protest activities in Hong Kong will have any effect on the license transaction. Renown is continuing to organize the production facility for the commencement of manufacturing of the Coates CSRV Products. Senior Executives from Coates International Ltd. are planning to visit the China manufacturing facilities in the early part of the fourth quarter”.
Coates International Ltd. is to ship a Coates CSRV Industrial Electric Power Natural Gas Gen-Set to Coates Power Inc. Ltd. in the people’s republic of China on October 2 2014.
There can be no assurance that the Company will be successful in consummating this license agreement.
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.
Contact Information:
Coates International Ltd.
Phone: 732-449-7717
Fax: 732-449-0764
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