Monday, March 16, 2009

(COTE.ob) - Coates International Receives Agreement From Large Chinese University

WALL TOWNSHIP, NJ--(MARKET WIRE)--Mar 16, 2009 -- Coates International, Ltd. (OTC BB:COTE.OB - News) has received an agreement and business plan from the largest Engineering University in China, which is the blueprint and timeline for a joint effort between Coates and the University. Director Gregory G. Coates stated that he was satisfied with the initial draft agreement, because the terms of the proposed deal were consistent with the main points covered in the discussions held during his recent trip to China.

Management added that they were very impressed with the rapid response from China in framing the agreement and timelines of the Business Plan for Coates in China. We believe that this signals the Chinese intentions to move forward with all deliberate speed. Key elements of this three-step agreement are:

-- To fully test the CSRV Engine at the University's Automotive
Engineering Research Center in Shanghai, China.
-- To set up a Manufacturing and Production Operation for the CSRV
Engines of many different sizes, types and for many different applications.
-- To market and license the Coates Spherical Rotary Valve (CSRV) Engine
throughout China and Far Eastern countries.

Testing of the CSRV Engine in China is planning to commence in April of this year. Manufacturing is expected to start in December of 2009. The company has already commenced the process of working with our International Law and Patent Attorneys to finalize this agreement as soon as practicable.

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 technology 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 run 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 for this technology.

No comments:

Post a Comment