SOURCE: Coastal Capital Acquisition Corp.

October 21, 2009 09:42 ET

Coastal Capital Acquisition Corp. CEO Provides Corporate Update

ATLANTA, GA--(Marketwire - October 21, 2009) - 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 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 Information

  • Contact:
    Richard Kravets
    Investor Relations
    Coastal Capital Acquisition Corporation