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Coates International, Ltd.: Coates International, Ltd. Receives Payment From Well to Wire Energy, Ltd. of Canada Totaling More

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  Published in House and Home on Tuesday, August 4th 2009 at 4:09 GMT, Last Modified on 2009-08-04 04:09:47 by Market Wire
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WALL TOWNSHIP, NJ--(Marketwire - August 4, 2009) - Coates International, Ltd. (OTCBB: [ COTE ]) (the "Company") received a company check from Well to Wire Energy, Ltd. of Canada in the amount of $1,000,000 USD, bringing the total non-refundable payments paid to the company to date of $5,100,000 USD, leaving a balance due to the company of $5,900,000. These payments eliminate the risk to Well to Wire Energy of losing their exclusive license. There still remains $49,000,000 USD to be paid to the company on the Exclusive USA License payments scheduled over the next five years.

Company President and CEO George J. Coates commented that securing the exclusivity of their licenses for CSRV Industrial electrical power generator applications is vitally important for the progress and success of Well to Wire Energy. The company expects to ship Natural Gas Industrial electric power generator systems to Well to Wire Energy soon.

 Fax: 732-449-7736 or Email: [ info@coatesengine.com ]

About Coates International, Ltd.: Coates has been developing over a period of more than 15 years a patented spherical rotary valve CSRV Internal Combustion Engine invented by George J. Coates and his son Gregory. The CSRV system is adaptable to combustion engines of many types. This technology is currently adapted to a number of practical applications, including industrial generators powered by engines incorporating the CSRV technology and designed to operate on flare-off gas from oil wells, landfill gas and raw natural gas. The Company is actively engaged in preparing for the commencement of manufacturing of products utilizing this technology.

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. By their nature, forward-looking statements and forecasts involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the near future. There are a number of factors that could cause actual results and developments to differ materially from forecasted results. These risks and uncertainties include market conditions, regulatory approvals, and other risks inherent in our operations. For a discussion of these risks and uncertainties, 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 ].