SOURCE: Coastal Capital Acquisition Corp.

September 18, 2008 16:06 ET

Coastal Capital Acquisition Corp. Update on Accounting Activity

COLUMBUS, GA--(Marketwire - September 18, 2008) - Coastal Capital Acquisition Corp. (PINKSHEETS: CCAJ) desires to update its shareholders on the progress of its accounting activity.

The company received draft financials last week from our accounting professionals at Frazier & Deeter for the years 2005, 2006, and 2007. We are in the process of reviewing them and are evaluating independent accounting firms to conduct the audit of the books assembled by management and Frazier & Deeter in accordance with SEC rules and regulations. We will make that selection public as soon as it is deemed appropriate.

The clean-up process thus far has been much more costly and time-consuming then anticipated but this activity has moved the firm closer to becoming a fully reporting 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 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:
    Number 706-987-8100