SOURCE: Omninet Media, Inc.

October 29, 2007 11:56 ET

AQUAGOLD International, Inc. Clarifies Coastal Holdings Relationship in Shareholder Letter

SANTA ANA, CA--(Marketwire - October 29, 2007) - AQUAGOLD International, Inc., who recently announced a merger with Omninet, Inc. (PINKSHEETS: ONMC), issued the following letter to AQUAGOLD shareholders dated October 27th 2007 to clarify the following information regarding a relationship between AQUAGOLD and Coastal Holdings, Inc.



It has come to my attention that there is a significant amount of confusion surrounding the relationships between AQUAGOLD International, Inc., and Coastal Holdings Inc. The following points referenced with the appropriate documentation will clarify any ambiguities brought up by shareholders.

--  In September 2006, AQUAGOLD International began negotiations with Pro-
    Active (Andrea Cortellazi) out of Montreal for the acquisition of a public
    shell company. Pro-Active presented different shell companies to AQUAGOLD
    management. At no time was any documentation signed or any agreements taken
    between the two companies, whether it is Letter of Intent or merger
--  Both parties never came to an agreement on a potential merger.
--  On May 11 2007, Coastal holdings issued a press release announcing the
    cancellation of a merger that never occurred. Immediately following this
    announcement, Andrea Cortellazi issued an apology to AQUAGOLD International
    on behalf of Coastal Holdings for its misrepresentation of company
--  AQUAGOLD International has carried on with its business since these
    events. I have had the opportunity to witness Manuel DaSilva's achievements
    for AQUAGOLD in China as I was and still am legal counsel to the company
    and have accompanied Mr. DaSilva to China for contract signings and other
    related business. AQUAGOLD has strong local support in China, with the
    assistance of our Chinese partners we have worked diligently to conform to
    Chinese regulation. The steps of water analysis, commodity inspection,
    label approval, and trademark applications have all been successfully
    accomplished. Last but not least I am pleased to confirm that AQUAGOLD was
    granted its import permit.
--  AQUAGOLD International has a strong and ongoing relationship with
    Iroquois Water LTD. The companies have been collaborating together to
    achieve the accomplishments in China.

Forward-Looking Statements

This news release contains forward-looking statements made by Omninet, Inc. in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All such statements included in this press release, other than statements of historical fact, are forward-looking statements. Although Management believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Actual results may differ materially from those indicated by these statements. The following risk factors, among others, could cause actual results to differ materially from those described in any forward-looking statements. These risks and uncertainties include, but are not limited to, economic conditions, changes in the law or regulations, demand for products and services of the company, the effects of competition and other factors that could cause actual results to differ materially from those projected or represented in the forward-looking statements. Forward-looking statements are typically identified by the words: believe, expect, anticipate, intend, estimate, and similar expressions or which by their nature refer to future events.

Contact Information

  • Company Contact:
    Jesse Rodriguez