Coastal Capital Acquisition Corp. CEO Provides Corporate Update
October 21 2009 - 9:42AM
Marketwired
Coastal Capital Acquisition Corp. (PINKSHEETS: CCAJ) CEO Tracy
Anderson said, "I would like to take this time to address some
shareholder concerns, update you, the shareholder in Coastal
Capital, and potential investors viewing this press release for the
first time. I think the first concern for many shareholders, new
and old, in any micro-cap stock is the fear of a reverse stock
split. I'd like to put that fear to rest here and now. We will not
be executing or conducting a reverse stock split in 2009 or 2010. I
feel that a reverse stock split hurts shareholders and the company.
"If we had a business plan that would allow for a move to a
higher exchange and there was the need for a certain price to be
attained, then I could see a reverse split as a possibility.
However, that is not the case with Coastal Capital. Our outstanding
share count compared to many other micro-cap companies is miniscule
and that is why a reverse stock split is not the answer to
capitalizing the company today. However, there will come a time in
the not too distant future where we will need to raise the
authorized share count. This will be done in conjunction with a
merger, acquisition or JV partnership, all of which are on the
table at the moment. Also on the table, and being considered by the
board, is a stock dividend issued to the shareholders of record to
be announced at a later date.
"Our next corporate order of business was to instruct DL
Consultants to begin the 2008 and 2009 10-Qs and 10-Ks. The
completed set of 2004, 2005, 2006, 2007, 2008 and 2009 10-Qs and
10-Ks will be sent to SEC counsel for review and preparation of the
legal disclosures required by Pinksheets.com. The desired outcome
of this procedure is to earn a label upgrade from "limited info" to
a more investor favorable label of 'transparency.'
"As you know we had executed a merger and consulting agreement
with a small company poised for growth in the security software
space, Helixdc. The merger did not close. However the negations
yielded an opportunity to explore different business opportunities
and partnerships in both the public and private 'green' space. We
were fortunate to meet and bring on a new member to the Coastal
Capital team, Mr. Barry Baker. Mr. Baker will join the Board of
Directors and take the position of Vice President of Green
Technologies. Barry has worked with public and private companies in
the 'green' space assisting them in mergers, acquisitions and/or JV
partnerships. Barry has built a reputation of integrity and respect
in the industry. Barry has also traveled to China where he forged
and built relationships with Chinese green technology
manufacturers, particularly in the algae growth and production
space for energy, feedstock and food supplements. Barry is an asset
to the team and will be beneficial in fostering international
partnerships.
"As we go forward we will take on the due corporate actions.
These corporate actions include a name change, cusip number change,
corporate domain secured, and corporate website created. We have
chosen to look to the 'green' space for revenue building
shareholder value. Mr. Barry Baker has been valuable in this
respect. We are in final stage negotiations with a company Barry
brought to our attention. This publicly traded company holds award
winning patented technologies in the green space; one of these
patents is a top line, one stop shop, Algae Photobioreactor (PBR).
This unique and patented PBR does the entire algae production
process including an all-in-one harvesting and drying process. As I
expect the negotiations to continue in the current direction, we
will announce the relationship and scope of the projects as early
as next week."
Forward-Looking Statements:
This report contains forward-looking statements, including the
use of the words "expect," "anticipate," "estimate," "project,"
"forecast," "outlook," "target," "objective," "plan," "goal,"
"pursue," "on track," and similar expressions. These
forward-looking statements involve risks and uncertainties. Factors
that could cause actual results to differ materially from those
predicted in any such forward-looking statement include our ability
to continue to lower our costs, our timely development and
customers' acceptance of our products, including acceptance by key
customers, pricing pressures, rapid technological changes in the
industry, increased competition, our ability to attract and retain
qualified personnel, our ability to identify and successfully
consummate future acquisitions; adverse changes in customer order
patterns, adverse changes in general economic conditions in the
U.S. and internationally, risks associated with foreign operations
and political and economic uncertainties associated with current
world events.
Contact: Richard Kravets Investor Relations Coastal Capital
Acquisition Corporation 215.490.4521 CoastalCapital@gmx.com
Coastal Capital Acquisit... (PK) (USOTC:CCAJ)
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