SOURCE: Coastal Capital Acquisition Corp.

October 29, 2009 09:12 ET

Coastal Capital Acquisition Corporation Announces JV Letter of Intent With W2 Energy

ATLANTA, GA--(Marketwire - October 29, 2009) - Coastal Capital Acquisition Corp (PINKSHEETS: CCAJ) and W2 Energy (PINKSHEETS: WTWO) Sign JV Letter of Intent.

CEO of Coastal Capital Acquisition Corporation Tracy Anderson said, "I am pleased to announce I have signed a Joint Venture Letter of Intent with W2 Energy Inc. The scope of this joint venture is to design, construct and operate an Algae to Bio-diesel facility in the state of Florida. After discussions with W2 Energy we felt a JV partnership would be a great first step in utilizing Green Technologies as a way to grow value for the company and our shareholders."

W2 Energy has an all in one Algae production that grows, harvests, and dries Algae for use in the production of Bio-diesel. This technology also creates a valuable by-product in dried Algae for feedstock. W2 Energy is a manufacturer of green products and is looking to expand our Algae to Bio-diesel business. W2 Energy looks forward to working with Coastal Capital in this venture and the signing of a formal Joint Venture agreement in the near future.

Coastal Capital Acquisition Corp CEO Tracy Anderson also said, "We are presently in discussions with a particular property owner to execute a long term lease or purchase agreement for 2.5 acres in Florida. This property will house the facility we are looking to construct. I look forward to updating you, the shareholders, on our continued progress with W2 Energy and other joint ventures we are currently negotiating."

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