SOURCE: East Coast Diversified Corp.

June 15, 2010 05:00 ET

East Coast Diversified Corporation Addresses Recent Drop in Share Price and Possible Short Selling

ATLANTA, GA--(Marketwire - June 15, 2010) -  East Coast Diversified Corporation (OTCBB: ECDC) announced today that it is looking into recent trading irregularities and potential market maker violations that may have been responsible for dramatically driving down the price per share of its stock last week. The company is currently exploring the option of retaining legal counsel to look into this matter to determine if any trading violations or improper manipulations of its stock have taken place.

According to the reported short sale trade data provided by FINRA for the week of June 7, 2010, short selling of East Coast Diversified stock took place every single trading day that week, accounting for a significant percentage of the company's total trading volume. Consequently the price of the stock dropped sharply in spite of positive news and developments from the company.

"I was alarmed when I saw the report from FINRA and became aware of the amount of shorting of the stock that has taken place," said East Coast Diversified Corporation CEO Kayode Aladesuyi. "Regular market fluctuations are normal and healthy for any stock, but for our price per share to have dropped that drastically in such a short period of time when we have had so much positive news in the last 30 days was quite surprising. Our main focus is on building and maintaining strong company fundamentals. We are in a very strong position right now as our recent developments will attest, and we expect to announce many more significant developments in the near future."

Earlier this year the company successfully acquired EarthSearch RFID/GPS operation, moved the company out of research and development, and launched the world's first wireless communication between RFID and GPS. This will address the $104 billion global crisis of goods stolen in transit, as well as add business intelligence to supply chain operations.

The company also has recently implemented a global partner program which has allowed for the rapid expansion of its global footprint over the last 30 days, with clients and partners now in the USA, Canada, Vietnam, Turkey, Brazil, Malaysia, Mexico, and Dubai with numerous partner interests across the globe.

Mr. Aladesuyi concluded, "We are going to do everything we can to make sure this situation is looked into thoroughly and see if any violations or SEC infractions have been committed by anyone attempting to manipulate this stock. Protecting our shareholders' investments is of utmost importance to me and I will not stand idly by and allow our valued shareholders to be victimized."

About EarthSearch Communications International

EarthSearch Communications International, Inc., an ECDC Company, is a US-based business whose flagship product, LogiBoxx, integrates GPS and RFID at the hardware level. When combined with its proprietary Global Asset Tracking and Identification System (GATIS) middleware, LogiBoxx and GATIS become the centerpieces of a LogiBoxx Certified Solution. An unprecedented business decision-making tool, a LogiBoxx Certified Solution offers continuous visibility within the Supply Chain, Logistics, and Asset Management and Control industries. Along with its integrated, patent-pending GPS and RFID technologies, EarthSearch also offers a complete line of innovative RFID solutions. Its expertise with GPS and RFID technologies, combined with exceptional support and service facilities, distinguishes EarthSearch as a leading manufacturer and supplier of real-time location solutions in the marketplace. For more information on EarthSearch and LogiBoxx, visit or

"SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: The statements contained in this release which are not historical facts are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements. These risks and uncertainties include the Company's entry into new commercial businesses, the risk of obtaining financing, recruiting and retaining qualified personnel, and other risks described in the Company's Securities and Exchange Commission filings. The forward-looking statements in this press release speak only as of the date hereof, and the Company disclaims any obligation to provide updates, revisions or amendments to any forward looking statement to reflect changes in the Company's expectations or future events.

Contact Information