Wall Township-based Coates International Completes $100M Deal for Non-exclusive License

On Mar 24, 2015

For $100mil, Wall Township-based Coates International has granted a non-exclusive license and distribution rights to their patented Coates CSRV Engine Technology throughout the Western Hemisphere. Involved are Coates Power Ltd. China, the Government of The People’s Republic of China, and Renown Power Inc. Ltd. Hong Kong.

As collateral for payment both Coates Power and Renown Power have placed shares of their capital stock representing a 25 percent ownership interest of each company into an escrow account for the benefit of Coates International, Ltd.

“The Chinese were not the first at our table, yet they moved the quickest. We met with the DOD, the billionaire, and the team from the Peoples Republic of China. The PRC group ante-ed up first, so we did a deal with them,” notes George Coates, president/CEO of New Jersey based Coates International Ltd.

“Initially, we delivered all the technical information requested by the DOD then moved to entertain other options, especially the interesting offer from the PRC team. While visiting them in China, our senior management was also invited to meet with a local high net worth individual reportedly worth $1 billion.  He expressed interest in acquiring an ownership position in the Coates operations in China. In the meantime, we decided to move ahead and accept the Chinese deal,” concludes Coates.

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