Coates International Ltd (OTCMKTS:COTE) is on a lookout for expanding in overseas locations, and China seems to be on top of its list. The company has signed a license agreement worth $100 million with Chinese Today to take things forward.
Coates Has A Solid Plan To Move Further:
The senior management team of Coates International is delighted to have signed this agreement and hopes that it will make things easier for the company in the future. According to Mr. George J. Coates, Chief Executive Officer and President, Coates International Ltd (OTCMKTS:COTE), proceedings with the Chinese got a little delayed; however, Coates pulled things back right on time.
Some of the prominent names involved in this transaction are Coates Power Ltd. China, Government of The People’s Republic of China and Renown Power Inc. Ltd. Hong Kong.
The company had shipped a Coates CSRV electric power natural gas gen-set a few months back to China. The prime reason for this shipment was to test and demonstrate the product in China. For the same purpose, a host of tests ans runs were made on this product. To everyone’s surprise, the natural gas gen-set performed extremely well in most of the tests.
After this successful run, a wide range of CSRV heads and components have been sent to company’s base in China where the company will build and assemble the gas generators.
Technical specifications for this product will be sent to China soon. As per the reports, a separate Engineering Agreement is being prepared to assist Coates International in all the production related activities.
China Today will get the rights to sell CSRV products manufactured in China throughout the Western Hemisphere with the help of this license. According to Mr. J. Coates, it’s one of the best steps that the company has taken lately. The rewards of this decision will help the company in the coming years.