WALL TOWNSHIP, NJ / ACCESSWIRE / September 17, 2014 / Coates International, Ltd. ("the Company") (OTCQB: COTE) (the "Company"), is pleased to announce that its Registration Statement filed with the Securities and Exchange Commission ("SEC") has been declared effective. The Company can now commence utilizing the equity line of credit with Southridge Partners II LP ("Southridge") which can provide the Company with up to $10 million in working capital from the sale of up to 40 million registered shares of its common stock.
Pursuant to the underlying Equity Purchase Agreement, Southridge is committed to purchase up to $10,000,000 of the Company's stock over the course of 36 months. Details of the agreement can be found in the Company's registration statement filed with the SEC on August 29, 2014.
George J. Coates, President & CEO, stated, "the funds will be accessed at our sole option, which shall be based on the consideration by our management of various business and economic conditions, with the objective of endeavoring to strike a balance between achieving our business plan."
There can be no assurance that the Company will be able to utilize the entire equity line of credit facility.
Safe Harbor Statement:
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.
CONTACT:
Coates International, Ltd.
Phone: 732-449-7717
Fax: 732-449-0764
SOURCE: Coates International, Ltd.