SOURCE: Coastal Capital Acquisition Corp.

March 07, 2011 09:37 ET

Coastal Capital Names New Director

ATLANTA, GA--(Marketwire - March 7, 2011) - Coastal Capital Acquisition Corp. (PINKSHEETS: CCAJ) has named Richard Kravets as a director of the company. Mr. Kravets comes from a legal as well as financial background and currently serves as a trusted and respected Investor Relations Representative. His appointment to the board by Tracy Anderson comes after Coastal reversed a previously closed transaction regarding the acquisition of Planet Impact, Inc. The transaction was reversed in December 2010 and the preferred shares issued to the owners of Planet Impact, Inc., were returned to the company.

"The appointment of Mr. Kravets to the board made perfect sense to me given his prior and continued commitment to the company and its shareholders," stated Mr. Anderson. Mr. Kravets will continue to handle investor/shareholder relations for the company. Mr. Kravets said, "I am happy to take the position of Secretary and look forward to playing a part in creating value for our shareholders."

Mr. Anderson added, "We are looking at certain other strategies and transactions, some of which are organic in nature and others that would require a change in control. With that said Mr. Kravets addition to the board of directors fills a requirement in our corporate bylaws of at least two sitting directors in lieu of any corporate vote or actions."

Forward-Looking Statements:

This report may contain 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 statements 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:
    Investor Relations
    Richard Kravets
    (215) 485-8239