Coastal Capital Acquisition Corp Announces Changes to Management, Name, Domicile, Business Plan, and New Corporate Website
March 24 2010 - 9:39AM
Marketwired
Coastal Capital Acquisition Corp (PINKSHEETS: CCAJ) announced today
that it has made certain changes to management. The company has
begun the process of moving the corporation to Florida, and has
undertaken a strategy that will from day one change the status of
our company from a shell corporation to an operating company.
Coastal Capital CEO Tracy Anderson said, "After many months of
looking for a merger candidate we have come to the conclusion that
a merger will not happen unless or until we reverse split the
stock. Our stance through all of these different merger deals has
been and is today that we are not going to reverse split our stock
and/or our shareholders.
"With the above said I have come to the conclusion that the
company must grow organically with a plan executed from within.
Given the new direction which we are undertaking and the time
constraints involved, I have resigned as the company CEO. I will
however continue to serve on the board of directors going forward
with Mr. Greg Pasco. The board has appointed Jeff Berkowitz to
serve as the company President and CEO in my place. Mr. Berkowitz
also accepted the position of Chairman. Shareholders should recall
that Jeff was instrumental in negotiating and ridding the company
of the likes of Cornell Capital and the death spiral funding
undertaken by prior management at that time."
Jeff Berkowitz the newly appointed President and CEO said, "I'm
happy to come aboard and to be able to work with such talented
professionals as Tracy Anderson and Greg Pasco to re-build
shareholder value. We will start with the implementation of a plan
that has been a passion of mine for many years. In short this plan
involves assisting private companies in going public. We will
utilize the registration process for certain deals and with certain
other deals we'll utilize a newly created subsidiary or 'SPAC'
(Special Purpose Acquisition Corp). Through this process our
shareholders will be exposed to certain rights offerings and or
dividends of our client's common stock. These rights offerings and
or dividends when offered, will take place prior to the client
filing a registration with the SEC."
As a part of this plan we are moving the corporation from
Georgia to Florida and changing the corporate name to JB Consulting
Inc. After the move to Florida is complete we will apply to FINRA
for a new ticker symbol to reflect our corporate name. We also took
the domain JBconsultinginc.com and are in the process of building
our corporate website.
Lastly, given the direction we are taking, we felt it was best
to accept Mr. Barry Baker's resignation as he has taken a position
with another public company.
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 statements 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: Investor Relations Richard Kravets (215) 485-8239
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