SOURCE: Coastal Capital Acquisition Corp.

May 08, 2008 10:18 ET

Coastal Capital Acquisition Corporation Update on Accounting Activity

COLUMBUS, GA--(Marketwire - May 8, 2008) - Coastal Capital Acquisition Corp. (PINKSHEETS: CCAJ) is providing this brief update on the progress of its accounting activity and that of its acquisition target, NBD, Inc.

The company is continuing to monitor and assist the accounting work, tax preparation, and financial compilation with Frazier & Deeter and making steady progress in this area. We have been in many conversations with prior accountants and attorneys and are identifying and gathering the materials that will assist us in becoming a fully reporting company again. The company will be engaging a separate independent accounting firm to audit the work as well as the books assembled by Frazier & Deeter in accordance with SEC rules and regulations.

NBD, Inc. has engaged an independent accounting group to handle its 2007 audit work as the company has already completed years 2005 and 2006. The audit should be completed on or before May 30th, 2008.

All of these efforts move us closer to completing our first transaction with NBD, Inc. Jeff Radcliffe is quoted as saying, "It's a tedious process, but we are going to get this right and push as hard as possible to get it done quickly." As events warrant additional comments, we will follow up on the progress of this accounting activity.

Forward-Looking Statements:

This report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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.

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