SOURCE: East Coast Diversified Corp.

January 20, 2010 12:26 ET

East Coast Diversified Corporation Announces Execution of Share Exchange Agreement With EarthSearch Shareholders

FT. LAUDERDALE, FL--(Marketwire - January 20, 2010) - East Coast Diversified Corporation (the "Company,") (OTCBB: ECDC), in its Form 8-K filing of January 19, 2010, disclosed that the Company has entered into a Share Exchange Agreement (the "Agreement") with EarthSearch Communications International Inc. ("EarthSearch"). Pursuant the Agreement, the Company agreed to issue restricted shares of the Company's common stock to the shareholders of EarthSearch. The Agreement, which is subject to fulfillment of certain closing conditions, is expected to close on or before February 20, 2010. Upon the closing, the Company will again become an operating company engaged in the business of EarthSearch.

In a previous release on January 8, 2010, the Company announced that the Company's principal shareholders, owners of a majority of the Company's issued and outstanding shares, entered into a Securities Purchase Agreement with Mr. Kayode Aladesuyi, CEO of EarthSearch, and agreed to sell their shares to Mr. Aladesuyi.

About East Coast Diversified Corporation:

In April of 2006, the Company acquired Miami Renaissance Group, Inc. ("MRG"), a development stage company engaged in the business of developing, owning and operating an entertainment/nightclub facility in Downtown Miami, FL. In January 2008, the Company's Board of Directors considered various strategic options including the possible divestiture of MRG and seeking a business combination with an operating company. In April 2008, the Company disclosed that its shareholders had approved the divestiture of MRG. Effective September 30, 2009, the Company completed the divestiture of MRG and as a result of which the Company became a non-operating company.

About EarthSearch Communications International, Inc.:

EarthSearch offers a portfolio of GPS devices, RFID interrogators, integrated GPS/RFID technologies and Tag designs ("EarthSearch Products"). These Products enable businesses worldwide to improve asset management, provide safety and security, increase productivity, and deliver real-time visibility of the supply chain through automation. EarthSearch has integrated RFID and GPS technology at the hardware level providing unique real-time applications for many business needs. EarthSearch provides RF and other wireless infrastructure, data-capture and mobile solution Products. When combined with our Global Transit ID Software solution, it helps clients simplify deployment, lower operational costs, and improve return on investment. Kayode Aladesuyi, CEO of EarthSearch, stated, "We are crossing the boundary between anticipated delayed information and real time delivery of actionable data that will change the way businesses operate in the 21st century."

For further information please visit the EarthSearch website: www.earthsearch.us

Forward-Looking Statements

This release includes forward-looking statements. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approvals for anticipated actions.

Contact Information

  • CONTACTS:

    East Coast Diversified Corporation
    Frank Rovito
    President
    732 803 1296

    EarthSearch Communications International Inc.
    Kayode Aladesuyi
    CEO
    770 953 4184