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[QUOTE]Originally posted by buckstalker: [QB] Coates International, Ltd. to Receive Funding From Its Chinese Merger Partner a Good Faith Deposit of $1,000,000 Last update: 6/2/2011 12:17:00 PM WALL TOWNSHIP, N.J., June 2, 2011 /PRNewswire via COMTEX/ -- Coates International, Ltd. (COTE) - Coates International, Ltd. (the "Company") is pleased to announce the next step in the process to merge with SWT, a major Chinese heavy equipment manufacturer. SWT has signed another agreement which provides the Company with a good faith deposit of USD $1,000,000 to cover a portion of the expenses in connection with the consummation of the merger transaction. The Company is in the process of establishing a bank account in China for this purpose, upon which the funds will be deposited. The Company has also retained a highly respected Chinese law firm to orchestrate the merger transaction. Mr. George J. Coates, President and CEO stated: "We are excited about the pace of progress we are making with our future business partner in China and are enthusiastic about the synergies that will be created, including access to substantial existing manufacturing capacity and skilled labor in China; this is a win-win situation for both Companies and our shareholders." 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. Our public filings with the SEC may be viewed and printed from the website maintained by the SEC at . [/QB][/QUOTE]
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