Coates International, Ltd.’s and China-Based S.W.T. Have Agreed to Proceed with Merger Plans at Strategic Meetings in Alberta, Canada
PR Newswire
WALL TOWNSHIP, N.J., May 17, 2011
WALL TOWNSHIP, N.J., May 17, 2011 /PRNewswire/ — Coates International, Ltd. (OTCBB: COTE) – Coates International, Ltd. (the “Company”) is pleased to announce that Mr. George J. Coates, President & CEO, and Mr. James Pang, the company’s Exclusive Liaison agent to China, conducted meetings with the President and a delegation of executives from S.W.T. of China in Alberta, Canada last week. The two companies reached full agreement to combine forces and merge the companies. S.W.T. is a major industrial engine and generator manufacturer in China with more than 2,000 skilled production workers that produce over 80,000 units per year, as well as other products.
Management is extremely pleased with the positive results of the meetings. Mr. George J. Coates, President & CEO stated that: “I believe that significant synergies will be created by this merger, including this being the quickest path for achieving mass production of the Coates CSRV Industrial Electric Power Natural Gas Generators and it should be considered as a turning point that will benefit Coates International, Ltd., its shareholders and S.W.T. of China.”
A key event during the visit to Alberta was the inspection by the S.W.T.’s engineers of the Coates Industrial Natural Gas CSRV Generators in operation. They indicated that they were fully satisfied with the performance and emission results. Both companies are now fully engaged with the process of expediting the merger.
The Company has shipped another Natural Gas Generator to Alberta, Canada last week and will be shipping many more as components and parts are delivered to our plant for manufacturing and distribution from New Jersey.
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.
SOURCE Coates International, Ltd.
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