|By Marketwired .||
|November 30, 2016 07:00 AM EST|
WALL TOWNSHIP, NJ -- (Marketwired) -- 11/30/16 -- Coates International, Ltd. (OTC PINK: COTE) (the "Company") is pleased to announce that it has landed a transaction worth $400,000,000 USD with Secure Supplies Mexico LLC and Secure Supplies USA LLC. Coates CSRV green engine electric power industrial generator sets are to become a key component of their solar energy power stations in Mexico and the USA. The Gen Sets will operate on hydrogen produced by solar cells, which are already in place in numerous U.S. locations and which are being set up in Mexico and other locations. The first project for Coates is to supply CSRV Gen Sets that will produce 400 Megawatts of electrical power, which will generate revenues of $400,000,000 USD over a 2-3 year period. The license will be exclusive for all hydrogen operating, pumping and electric power.
Company President and CEO, Mr. George J. Coates, comments: "We have been working on this transaction for approximately two years and are very pleased to see it come to fruition. Hydrogen is an extremely clean fuel, harvested from water molecules. We do introduce a tiny amount of diesel fuel to keep the upper part of the cylinder walls lubricated, as hydrogen does not contain any lubricating products. These power units are expected be the cleanest and lowest emission engines and Gen Sets in the world. License agreements are in the process of being drawn up. The CSRV engines are the only power units that will operate properly and safely on hydrogen because the heads are completely sealed off from the engine block housing."
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.
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