Coates Clarifies SEC Filing.WALL TOWNSHIP township: see town. , N.J. -- Coates International, Ltd. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : COTE) explains news reported on its SEC filing related to its private placement offering. We have received numerous inquiries about our June 4, 2007 REGDEX/A filing with the Securities and Exchange Commission ("SEC") which has recently been reported on by a number of news wire services. This is a required filing on Form D for the purpose of updating the number of shares of common stock sold through our private placement offering that commenced in December 2006 and terminated in March 2007. The securities sold were not registered in reliance upon the exemption available under Regulation D. The Company realized aggregate net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from the offering of $420,000 and issued 420,000 shares of its common stock and 42 warrants to purchase 210,000 shares of its common stock at an exercise price of $1.10 per share. This has been previously reported in our annual report on Form 10-KSB for the year ended December 31, 2006, (and was Electronically filed with the SEC Edgar System). Barry C. Kaye, Chief Financial Officer stated, "In order to prevent any unnecessary speculation about the nature of this type of a filing for which, unfortunately, the explanatory ex·plan·a·to·ry adj. Serving or intended to explain: an explanatory paragraph. ex·plan information is not made available on the SEC's website, we felt it prudent to clarify through a release to the public." This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. By their nature, forward-looking statements and forecasts involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the near future. There are a number of factors that could cause actual results and developments to differ materially from forecasted results. These risks and uncertainties include market conditions, regulatory approvals, and other risks inherent in our operations. For a discussion of these risks and uncertainties, 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. |
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