New Issue: Coates International obtains $10 million equity line

By Sheri Kasprzak

New York, May 1 - Coates International, Ltd. received a $10 million equity line of credit from Dutchess Private Equities Fund, Ltd.

Over the next three years, Dutchess will buy shares at 93% of the lowest closing best bid price for the five consecutive trading days immediately after notice of a draw.

Coates, based in Wall Township, N.J., develops spherical rotary valve systems used in piston-driven internal combustion engines.

Issuer:	Coates International, Ltd.
Issue:	Equity line of credit
Amount:	$10 million
Tenor:	Three years
Price:	93% of the lowest closing best bid price for the five trading days after notice of a draw
Warrants:	No
Investor:	Dutchess Private Equities Fund, Ltd.
Settlement date:	April 26
Stock symbol:	OTCBB: COTE
Stock price:	$0.28 at close April 26

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