SOURCE: East Coast Diversified Corp.

July 16, 2008 08:00 ET

East Coast Diversified Corp. Announces Restructuring Plan and Reduction of Debt

MIAMI, FL--(Marketwire - July 16, 2008) - East Coast Diversified Corp. (OTCBB: ECDV) announced today that it has divested its wholly owned operating subsidiary, Miami Renaissance Group, Inc. ("MRG"), in exchange for forgiveness of over $1,000,000 of liabilities. The divestiture was approved by over 85% of its voting shares on April 25, 2008 at a special meeting of shareholders.

As a result of the divestiture of MRG, management will redirect its activities on seeking potential new business opportunities or business combinations. Management does not intend to limit its search to a particular industry and has not established any particular criteria upon which it will base its determination to consider and proceed with a business opportunity.

Forward Looking Statement:

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release. These risks and uncertainties could cause the company's actual results to differ materially from those indicated in the forward-looking statements.

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