Published On: Wed, Sep 14th, 2016

Coates International Ltd (OTCMKTS:COTE) Signs Confidential Agreement With Chinese Manufacturer

Coates International Ltd (OTCMKTS:COTE) has announced that it has successfully signed a confidential agreement with a major manufacturer, in China, through Coates Power Ltd, China. The company noted that this marks the first step towards ramping up production of the CSRV industrial electric natural gas generator. It should be noted here that Coates has been making significant progress, over the past few weeks, towards wide-scale marketing of its CSRV gas generators in China.

George J. Coates, the CEO of the company, hinted that this could turn out to be a major deal for the company. He also revealed that a number of orders have been piling up, so it is crucial that Coates ramps up production, in the country. Mr. Coates also stated that the company is planning on taking deposits for products from customers and subsequently sign delivery dates. However, he did note that once delivery dates are set, the company would need to meet its deadlines.

Mr. Coates also took this opportunity to remind shareholders that the company has a working agreement in place with Cummins USA and Cummins Engine Manufacturer in China, for the production and supply of crucial engine parts. The assembly, however, would be undertaken by Coates USA and Coates China. The CEO expressed his utmost confidence that once all this has been completed, the company would attain new heights.

Earlier, at the end of August, COTE had announced that it was closing in on concluding the transaction in China and move towards ramping up production. The CEO had noted that once this has been done, COTE would be capable of fulfilling its current and future orders, which are now piling up. So far, the management has expressed satisfaction over the company’s progress and Mr. Coates has stated that the move would benefit everyone involved.

Coates International Ltd (OTCMKTS:COTE) lost 6.25% of its share value, on a trade volume of 35.92 million, during the September 13 trading session, to close at $0.00075 per share.

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