Coates Hi-Tech Engines, Ltd. cancelled the acquisition of manufacturing operations from Coates International Ltd..
August 21, 2013 at 05:00 am
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Coates Hi-Tech Engines, Ltd. agreed to acquire manufacturing operations from Coates International Ltd. (OTCPK:COTE) on June 28, 2013. The transaction is expected to be structured as a tax-free pro rata distribution to all shareholders of Coates International receiving common stock in Coates Hi-Tech. The transaction was approved by shareholders of Coates International on July 2, 2013. The transaction is expected to be completed in 2013.
Coates Hi-Tech Engines, Ltd. cancelled the acquisition of manufacturing operations from Coates International Ltd. (OTCPK:COTE) on August 21, 2013.
Coates International, Ltd. is engaged in developing the Coates Spherical Rotary Valve (CSRV) system technology, which is adaptable for use in piston-driven internal combustion engines of various types. The Company's CSRV Engines produce only ultra-low levels of harmful emissions while in operation. Engines operating on the CSRV system technology can be powered by a selection of fuels. The CSRV system is designed to replace the intake and exhaust conventional poppet valves used in almost all piston-driven stationary, automotive, motorcycle and marine engines. Unlike conventional valves, which protrude into the engine combustion chamber, the Coates rotary valve system utilizes spherical valves that rotate in a cavity formed between an over two-piece cylinder head. The Coates rotary valve system uses approximately 1/10th the moving parts of conventional poppet valve assemblies. The Company has adapted its technology to industrial engines to power electric generators.