SOURCE: Coastal Services Group, Inc.

July 22, 2005 16:05 ET

Coastal Services Group (Pink Sheets: CSVG) Adds Amb. Herman Cohen to Corporate Advisory Board

FALLS CHURCH, VA -- (MARKET WIRE) -- July 22, 2005 -- Coastal Services Group, Inc. (OTC: CSVG), a provider of telecommunications and related services to Africa and African immigrants in the United States, announced today that Ambassador (ret.) Herman "Hank" Cohen, for decades known in the U.S. Government as "Mr. Africa," has accepted a position on the company's Advisory Board.

Amb. Cohen began his career in the Department of State in 1955 and for the next 38 years devoted most of his career to African issues, serving as Ambassador to Senegal, Senior Director for Africa at the National Security Council in the White House, and as Assistant Secretary for African Affairs from 1989-93. He has since devoted himself to African business development with his consultancy, Cohen and Woods.

"Hank brings to Coastal an unparalleled experience in Africa with political and business acquaintances that represent a network of opportunities for our company. We are privileged to be able to receive insights from an expert of his caliber," said Coastal CEO John Page.

Accepting the invitation to join Coastal's Advisory Board, Ambassador Cohen highlighted the advantages of investing in Africa. "Much discussion about Africa involves humanitarian aid or development assistance, but over the past decade, direct foreign investment has been far greater for the region than all of the international assistance. Investments in Africa are on the average quite profitable -- look at the returns in dollars on the Ghanaian stock market in recent years for example," said Cohen.

"For a long time, it was generally thought that investing in Africa was for the major multinationals -- oil and mining companies, or international construction firms. The boom in telecommunications development in Africa, though -- with the growth in everything from the undersea fiber optic cable to new national systems to the Internet cafes that are a feature of life in almost every African town now -- has shown that there are excellent investment opportunities for small players as well," Cohen noted. "Coastal is already operating in Liberia, as that country begins to rebuild, and that should provide a solid base for growth and expansion in the region. I am pleased to be associated with Coastal, and very interested in the opportunity to try to bring Africa to the attention of small investors," he added.

About Coastal Services Group

Coastal Services Group, Inc. (OTC: CSVG) is headquartered in Falls Church, Virginia. The company owns and operates telecommunications networks offering wireless, broadband and other related services for its customers in Africa and also services the African immigrant market in the United States. For additional information on the company, please visit www.coastalservicesgroup.com or email investor@coastalservicesgroup.com.

Legal Notice Regarding Forward-Looking Statements: "Forward-looking statements'' as defined in the Private Securities Litigation Reform Act of 1995 may be included in this news release. These statements relate to future events or our future financial performance. These statements are only predictions and may differ materially from actual future results or events. Coastal Services Group disclaims any intention or obligation to revise any forward-looking statements whether as a result of new information, future developments or otherwise. There are important risk factors that could cause actual results to differ from those contained in forward-looking statements, including, but not limited to risks associated with changes in general economic and business conditions (including in the information technology and financial information industry), actions of our competitors, the extent to which we are able to develop new services and markets for our services, the time and expense involved in such development activities, the level of demand and market acceptance of our services, and changes in our business strategies.

Contact Information

  • Investor Contact:
    Jesus Rodriguez
    305.776.4535