SOURCE: Coastal Holdings, Inc.

August 24, 2006 12:32 ET

Coastal Holdings, Inc. Announces Appointment of Yves Renaud, CA as Chief Financial Officer (CFO)

Mr. Yves C. Renaud, CA Is Committed to Listing Company Shares on the OTC Bulletin Board

HOUSTON, TX -- (MARKET WIRE) -- August 24, 2006 -- Coastal Holdings, Inc. (PINKSHEETS: CSJJ) today announced the appointment of Yves C. Renaud, CA as Chief Financial Officer of the Company.

Yves C. Renaud, CA has confirmed the acceptance of his nomination and has assumed his new role as Chief Financial Officer of the Company in preparation for the next Board of Directors meeting during which the Board will officially confirm his status.

Mr. Renaud was a Partner in charge of the R&D division of the Taxation Department at Grant Thornton, Chartered Accountants, in Montreal. Over the last 25 years, he has been extensively involved in tax and financial consultation. He is a lecturer in Finance at the School of Superior Technology (École de Technologie Supérieure) and is a former lecturer at the H.E.C. of Montreal (École des H.E.C.) in the MBA program. He also lectured in taxation at the same institution from 1980 to 1983, then subsequently at the University of Montreal (Université du Québec à Montréal) from 1983 to 1993 and, lastly, as part of the graduate tax program (Diplôme d'études supérieures spécialisées en fiscalité) at the H.E.C of Montreal. A Canadian Tax Foundation (CTF) Governor from 1994 to 1997, Mr. Renaud was also Chairman of the Tax Committee of the Order of Chartered Accountants of Quebec (Ordre des Comptables Agréés du Québec) in 1993 and 1994. Author of a number of articles and books dealing with tax issues, he was a member of the CTF's forum committee and is still a member of the R&D steering committee of Canada Customs Revenue Agency. At Grant Thornton, Mr. Renaud has been dealing with Venture Capitalists for a number of clients of Grant Thornton involved in High Technology.

Since October 2002, Mr. Renaud has acted as a tax and financial consultant. In the scope of his consulting work, he is involved in the organization of the Finance and Accounting functions, and he participates in the negotiation of agreements with respect to the acquisition of companies on behalf of clients. He prepared and evaluated financial projections of investment projects of 45 and 14 million dollars respectively. He is also involved in assisting start-up or growing companies in the development of their business plan and financial projections, and in supporting them in their process to secure financing and grants. In the course of these mandates, Mr. Renaud was occupying the position of Chief Executive Officer (CEO) and Chief Financial Officer (CFO), on an interim basis, for a US public company in the environment and renewable energy fields. More recently, he graduated from the College des Administrateurs de Sociétés (College of Corporate Directors) of Laval University in Corporate Governance.

Mr. Renaud's main goal and objective is to take all the necessary steps to develop an effective corporate financial strategy that is focused on achieving revenue and profit growth and above all creating value for Coastal Holdings' shareholders. He plans to achieve this goal through proper Corporate Governance directed by the Company's Management team.

Yves C. Renaud still plans to list the Company's common shares on the OTC Bulletin Board. Mr. Renaud, in conjunction with the Company's financial department, will devise a strategy that will enable Coastal Holdings to attain OTC Bulletin Board Status as soon as possible.

For more information on Coastal Holdings and its new strategic growth initiatives, CEO Andrea Cortellazzi advises all shareholders to contact Mr. Yves C. Renaud, CA.

Forward-Looking Statements

Please be advised that statements made herein, other than historical data, constitute forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those stated or implied by such forward-looking statements. The potential risks and uncertainties include, among others, potential volatility in the company's stock price, increased competition, customer acceptance of new products and services offered by the company, and uncertainty of future revenue and profitability and fluctuations in its quarterly operating results. Please also be advised that the company's stock is not currently registered with the Securities and Exchange Commission.

Contact Information

  • Contact:

    Coastal Holdings, Inc.
    Mr. Yves C. Renaud, CA
    Telephone: 1-514-581-3528