Aquagold International Inc (AQUI)

[jerseyshore]

Coastal Holdings, Inc. Announces Cancellation of Reverse Merger with Aqua Gold

Cancellation due to Aqua Gold's Breach and Misrepresentation of China Water
Distribution Contract

HOUSTON, TX, May 11 /PRNewswire-FirstCall/ - Coastal Holdings, Inc.
(PINKSHEETS: COHG - News) today announced, pursuant to the approval of a
majority of its shareholders, the cancellation of the reverse merger
agreement with Aqua Gold. This decision was based on critical information
received from WBDB Inc. with respect to the true ownership of the water
distribution contract recently disclosed by Aqua Gold. This information
exposed a breach and misrepresentation of contract on the part of Aqua Gold
International, Inc. Due to the significant negative impact of this
misrepresentation, which could be construed as defamation of character,
Coastal Holdings' management is seriously considering taking legal recourse
against these actions of Aqua Gold and its principals.
Furthermore as a result of this cancellation and according to majority
shareholder consensus, Coastal Holdings has decided to not retain the
following three previously announced Board members: (1) Mr. Gerald Enloe,
Chairman of the Board; (2) Mr. Paul A. Taillefer, Chief Operating Officer;
and (3) Mr. Daniel Sauve, Chief Financial Officer. Effective immediately,
Mr. Horace Sirois has been appointed as Chief Executive Officer and
Chairman of the Board of Coastal Holdings, Inc.
Pursuant to these extraordinary events, Coastal Holdings in conjunction
with Mr. Horace Sirois has agreed to sign a direct licensing agreement
concerning WBDB Inc.'s water distribution contracts in China. Further
details will be disclosed in short order upon the signing of the agreement.
The Company will take all the necessary steps to support the development of
Mr. Sirois' long-term and well-established relationship with China-based
companies.
Finally, Coastal Holdings announced that it will take immediate action
to terminate the dumping of shares by Aqua Gold's principals in order to
protect the interests of its shareholders.
Mr. Horace A. Sirois is currently President and CEO of the World
Business Development Bureau (WBDB - http://www.wbdb.biz). He is also an active
member of the Canada China Network Council (CCNC), and has successfully
executed several trading contracts and land development projects in China.
In particular the honorable Prime Minister of Quebec Jean Charest, during
his economic mission in China, was proud to announce the largest contract
in bottled water industry ever made between Canada and China; which was
executed by WBDB. Mr. Sirois is a highly experienced public servant who has
held various senior executive positions in both the public and private
sectors.
For more information on Coastal Holdings, Inc. please contact Mr. Alain
Barriere at [phone].
Forward-Looking Statements
Please be advised that statements made herein, other than historical
data, constitute forward-looking statements that involve risks and
uncertainties that could cause actual results to differ materially from
those stated or implied by such forward-looking statements. The potential
risks and uncertainties include, among others, potential volatility in the
company's stock price, increased competition, customer acceptance of new
products and services offered by the company, and uncertainty of future
revenue and profitability and fluctuations in its quarterly operating
results. Please also be advised that the company's stock is not currently
registered with the Securities and Exchange Commission.
Source: Coastal Holdings, Inc.

SOURCE Coastal Holdings, Inc

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