SOURCE: Coastal Capital Acquisition Corp.

March 24, 2010 10:40 ET

Coastal Capital Acquisition Corp Announces Changes to Management, Name, Domicile, Business Plan, and New Corporate Website

ATLANTA, GA--(Marketwire - March 24, 2010) -  Coastal Capital Acquisition Corp (PINKSHEETS: CCAJ) announced today that it has made certain changes to management. The company has begun the process of moving the corporation to Florida, and has undertaken a strategy that will from day one change the status of our company from a shell corporation to an operating company. Coastal Capital CEO Tracy Anderson said, "After many months of looking for a merger candidate we have come to the conclusion that a merger will not happen unless or until we reverse split the stock. Our stance through all of these different merger deals has been and is today that we are not going to reverse split our stock and/or our shareholders.

"With the above said I have come to the conclusion that the company must grow organically with a plan executed from within. Given the new direction which we are undertaking and the time constraints involved, I have resigned as the company CEO. I will however continue to serve on the board of directors going forward with Mr. Greg Pasco. The board has appointed Jeff Berkowitz to serve as the company President and CEO in my place. Mr. Berkowitz also accepted the position of Chairman. Shareholders should recall that Jeff was instrumental in negotiating and ridding the company of the likes of Cornell Capital and the death spiral funding undertaken by prior management at that time."

Jeff Berkowitz the newly appointed President and CEO said, "I'm happy to come aboard and to be able to work with such talented professionals as Tracy Anderson and Greg Pasco to re-build shareholder value. We will start with the implementation of a plan that has been a passion of mine for many years. In short this plan involves assisting private companies in going public. We will utilize the registration process for certain deals and with certain other deals we'll utilize a newly created subsidiary or 'SPAC' (Special Purpose Acquisition Corp). Through this process our shareholders will be exposed to certain rights offerings and or dividends of our client's common stock. These rights offerings and or dividends when offered, will take place prior to the client filing a registration with the SEC."

As a part of this plan we are moving the corporation from Georgia to Florida and changing the corporate name to JB Consulting Inc. After the move to Florida is complete we will apply to FINRA for a new ticker symbol to reflect our corporate name. We also took the domain and are in the process of building our corporate website.

Lastly, given the direction we are taking, we felt it was best to accept Mr. Barry Baker's resignation as he has taken a position with another public company.

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 statements 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 Information

  • Contact:
    Investor Relations
    Richard Kravets
    (215) 485-8239