Coates International, Ltd. Receives Another Payment From Almont Towards Its Exclusive Canadian License Bringing the Total Payme

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  Published in House and Home on Tuesday, June 21st 2011 at 18:00 GMT by Market Wire
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Coates International, Ltd. Receives Another Payment From Almont Towards Its Exclusive... -- WALL TOWNSHIP, N.J., June 21, 2011 /PRNewswire/ --

WALL TOWNSHIP, N.J., June 21, 2011 /PRNewswire/ -- Coates International, Ltd. (OTCBB: COTE) – Coates International, Ltd. (the "Company") is pleased to announce that Almont Energy, Inc. continues making payments toward its research & development and exclusive use and sale license fees. Payments of these fees are immediately utilized for the production of additional CSRV Gen Sets for Almont. The Company has received a total of $5,150,000 USD to date, leaving a balance currently due to the Company on the Canadian agreements of $4,850,000. The exclusive use and sale license for the USA territory remains in escrow. A $1 million deposit for the USA license fee is due by March 2012 and the $49 million balance of the license fee is required to be paid by Almont over the next four years.

The Company is diligently working to deliver more CSRV Industrial Electric power natural gas Gen Sets to Alberta, Canada.

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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