SOURCE: East Coast Diversified Corp.

January 08, 2010 16:16 ET

East Coast Diversified Corporation Announces Execution of a Securities Purchase Transaction

FT. LAUDERDALE, FL--(Marketwire - January 8, 2010) - East Coast Diversified Corporation (the "Company") (OTCBB: ECDC), in its Form 8-K filing of January 6, 2010, disclosed that on December 18, 2009, the Company's principal shareholders, owners of a majority of the Company's issued and outstanding shares, entered into a Securities Purchase Agreement (the "Agreement") with Mr. Kayode Aladesuyi, CEO of Atlanta-based EarthSearch Communications International Inc. ("EarthSearch"). Pursuant the Agreement, the Company's principal shareholders have agreed to sell their shares to Mr. Aladesuyi. Prior to the closing of the Share Purchase Agreement, which the Parties expect to occur during the first quarter of 2010, the Company will enter into a Share Exchange Agreement with EarthSearch, following which the Company will become an operating company engaged in the business of EarthSearch described below.

About East Coast Diversified Corporation:

In April of 2006, the Company acquired Miami Renaissance Group, Inc. ("MRG"), a development stage company engaged in the business of developing, owning and operating an entertainment/nightclub facility in Downtown Miami, FL. In January 2008, the Company's Board of Directors considered various strategic options including the possible divestiture of MRG and seeking a business combination with an operating company. In April 2008, the Company disclosed that its shareholders had approved the divestiture of MRG. Effective September 30, 2009, the Company completed the divestiture of MRG and as a result of which the Company became a non-operating company.

About EarthSearch Communications International, Inc.:

EarthSearch offers a portfolio of GPS devices, RFID interrogators, integrated GPS/RFID technologies and Tag designs ("EarthSearch Products"). These Products enable businesses worldwide to improve asset management, provide safety and security, increase productivity, and deliver real-time visibility of the supply chain through automation. EarthSearch has integrated RFID and GPS technology at the hardware level providing unique real-time applications for many business needs. EarthSearch provides RF and other wireless infrastructure, data-capture and mobile solution Products. When combined with our Global Transit ID Software solution, it helps clients simplify deployment, lower operational costs, and improve return on investment. Kayode Aladesuyi, CEO of EarthSearch, stated that "This is a new phase for our business and present us with the opportunity expand our operations as a public company."

For further information please visit the EarthSearch website: www.earthsearch.us

Forward-Looking Statements

This release includes forward-looking statements. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approvals for anticipated actions.

Contact Information

  • COMPANY CONTACTS:

    East Coast Diversified Corporation
    Frank Rovito
    President
    Tel: 732-803-1296

    EarthSearch Communications International Inc.
    Kayode Aladesuyi
    CEO
    (770) 953-4184