Coastal Capital Acquisition Corporation Announces JV Letter of Intent With W2 Energy
October 29 2009 - 8:11AM
Marketwired
Coastal Capital Acquisition Corp (PINKSHEETS: CCAJ) and W2 Energy
(PINKSHEETS: WTWO) Sign JV Letter of Intent.
CEO of Coastal Capital Acquisition Corporation Tracy Anderson
said, "I am pleased to announce I have signed a Joint Venture
Letter of Intent with W2 Energy Inc. The scope of this joint
venture is to design, construct and operate an Algae to Bio-diesel
facility in the state of Florida. After discussions with W2 Energy
we felt a JV partnership would be a great first step in utilizing
Green Technologies as a way to grow value for the company and our
shareholders."
W2 Energy has an all in one Algae production that grows,
harvests, and dries Algae for use in the production of Bio-diesel.
This technology also creates a valuable by-product in dried Algae
for feedstock. W2 Energy is a manufacturer of green products and is
looking to expand our Algae to Bio-diesel business. W2 Energy looks
forward to working with Coastal Capital in this venture and the
signing of a formal Joint Venture agreement in the near future.
Coastal Capital Acquisition Corp CEO Tracy Anderson also said,
"We are presently in discussions with a particular property owner
to execute a long term lease or purchase agreement for 2.5 acres in
Florida. This property will house the facility we are looking to
construct. I look forward to updating you, the shareholders, on our
continued progress with W2 Energy and other joint ventures we are
currently negotiating."
Forward-Looking Statements:
This report contains forward-looking statements, including the
use of the words "expect," "anticipate," "estimate," "project,"
"forecast," "outlook," "target," "objective," "plan," "goal,"
"pursue," "on track," and similar expressions. These
forward-looking statements involve risks and uncertainties. Factors
that could cause actual results to differ materially from those
predicted in any such forward-looking statement include our ability
to continue to lower our costs, our timely development and
customers' acceptance of our products, including acceptance by key
customers, pricing pressures, rapid technological changes in the
industry, increased competition, our ability to attract and retain
qualified personnel, our ability to identify and successfully
consummate future acquisitions; adverse changes in customer order
patterns, adverse changes in general economic conditions in the
U.S. and internationally, risks associated with foreign operations
and political and economic uncertainties associated with current
world events.
Contact: Richard Kravets Investor Relations Coastal Capital
Acquisition Corporation 215.490.4521
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