Shares of Coates International Ltd. (OTCBB: COTE) had an active day today and fantastic run this morning hitting a high of 45 cents on nearly double volume compared to its 3-month daily average. COTE did lose some steam in the afternoon but still managed to get a 1 percent gain to close at 35 cents on volume of just over 351,000 shares.
The latest news about the company comes from a response by CEO George J. Coates, in response to communications directed to the company inquiring about the status of its CSRV technology, announcing that the viability of the technology has been convincingly demonstrated for a number of applications.
The CSRV technology has been successfully retrofitted into certain vehicles, including a 280 SE Mercedes Benz, which was duly registered and driven on public roads in the U.S. for ten years. Fuel savings achieved averaged approximately 18 percent. The engine was successfully revved up to 10,000 RPMs on various occasions. This engine has been temporarily removed from the vehicle for inspection and it is expected to be reassembled into the vehicle in the near future for further testing.
In addition, Coates Motorcycle Company Ltd., COTE’s affiliate, has also developed the Coates CSRV V-Twin Air Cooled 1600 cc Motorcycle which has successfully been incorporated into the first three motorcycles manufactured. One of the motorcycles, when tested under full load, achieved a speed of 137 miles per hour, with ample throttle remaining for even further acceleration. This motorcycle has undergone testing by a federal Environmental Protection Agency-recognized, independent testing facility.
According to this testing facility, this bike not only achieved 47 miles per gallon, but it also complied with current applicable governmental emissions standards.
COTE’s primary focus is on applying the CSRV technology to engines fueled by raw natural gas in connection with fulfilling its agreement with Well-to-Wire Energy Inc. (WWE). The company has already delivered two raw natural gas prototype CSRV engines to WWE and is in the testing phase of the third prototype CSRV engine generator powered by raw natural gas.
COTE has been developing, over a period of more than 15 years, a patented spherical rotary valve CSRV internal combustion engine, invented by George J. Coates and his son Gregory. The CSRV system is adaptable to combustion engines of many types. The company is actively engaged in making final refinements and performance testing in preparation for its launch of this product.