ONMC NEWS
AQUAGOLD International, Inc. Clarifies Coastal Holdings Relationship in Shareholder Letter Market Wire "US Press Releases "
SANTA ANA, CA -- (MARKET WIRE) -- 10/29/07 -- AQUAGOLD International, Inc. , who recently announced a merger with Omninet Media.com, Inc. (PINKSHEETS: ONMC), issued the following letter to AQUAGOLD shareholders dated October 27th 2007 to clarify the following information regarding a relationship between AQUAGOLD and Coastal Holdings, Inc.
ATTN AQUAGOLD INTERNATIONAL SHAREHOLDERS
REF: POINT FORM CLARIFICATION
It has come to my attention that there is a significant amount of confusion surrounding the relationships between AQUAGOLD International, Inc. , and Coastal Holdings Inc. The following points referenced with the appropriate documentation will clarify any ambiguities brought up by shareholders.
-- In September 2006 , AQUAGOLD International began negotiations with Pro-
Active (Andrea Cortellazi) out of Montreal for the acquisition of a public
shell company. Pro-Active presented different shell companies to AQUAGOLD
management. At no time was any documentation signed or any agreements taken
between the two companies, whether it is Letter of Intent or merger
agreement.
-- Both parties never came to an agreement on a potential merger.
-- On May 11 2007, Coastal holdings issued a press release announcing the
cancellation of a merger that never occurred. Immediately following this
announcement, Andrea Cortellazi issued an apology to AQUAGOLD International
on behalf of Coastal Holdings for its misrepresentation of company
information.
-- AQUAGOLD International has carried on with its business since these
events. I have had the opportunity to witness Manuel DaSilva's achievements
for AQUAGOLD in China as I was and still am legal counsel to the company
and have accompanied Mr. DaSilva to China for contract signings and other
related business. AQUAGOLD has strong local support in China , with the
assistance of our Chinese partners we have worked diligently to conform to
Chinese regulation. The steps of water analysis, commodity inspection,
label approval, and trademark applications have all been successfully
accomplished. Last but not least I am pleased to confirm that AQUAGOLD was
granted its import permit.
-- AQUAGOLD International has a strong and ongoing relationship with
Iroquois Water LTD. The companies have been collaborating together to
achieve the accomplishments in China .
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