Stephen Hicks, the Chief Executive Officer and Chairman of Southridge Capital, reported that Southridge Partners II LP, a known institutional investor, finalized a equity purchase deal with Coates International Ltd (OTCMKTS:COTE), a precision engineering firm based in New Jersey.
The firm specializes in the development of advanced know-how that advances standard combustion engine. Its main objective is to improve sources of power generation and enhance fuel efficiency. It will further help to cut down long-term maintenance costs and mitigate dangerous emissions. Since last twenty years, Coates International has been working on a Coates Spherical Rotary Valve system technology. Abbreviated as CSRV, the advanced technology is adaptable for application in piston-supported internal combustion engines of different types.
Coates International reported that the proceeds from announced equity purchase deal will be used to support manufacturing activities which are already in progress on a limited scale. The rest of the capital will be used to meet general working expenses. In a press release issued by the Coates International, George J. Coates, the CEO and President said that the capital will be used at company’s sole option. It will be dependent on timing decided by the management, with the goal of achieving the designed business measures. Southridge Capital is determined to helping their clients reach their planned goals.
Southridge Capital is a financial holding firm specializing in advisory and direct investment services to middle and small market entities. Since 1996, the company’s structured finance team had invested more than $1.8 billion into growth firms globally. The financial holding firm expertise lies in its ability to adapt a financing plan for the potential clients and then progress with defined plan without fail.
Coates International Ltd (OTCMKTS:COTE) wiped out nearly all the gains made in the previous day as it ended the last trading session with a loss of 14.13%. The volume of 36 million was more than double the daily average of 17 million, suggesting a huge selling pressure. The stock has been trying to make a comeback but an established long term bear market always make that difficult. The major trendline resistance is clearly marked on the chart attached and a break above that would give the initial signal only for a trend reversal. The bulls would need a higher high too, above $0.0175 levels.