Coastal Capital Acquisition Corp (CCAJ)

[insmanjon]

News out

Coastal Capital Acquisition Corporation Cancels Merger With Energy-Evolution.com, Inc. and Announces New Business Strategy and Merger Candidate
3:07p ET January 7, 2009 (Market Wire)
Coastal Capital Acquisition Corp. (PINKSHEETS: CCAJ) -- Coastal Capital Acquisition Corporation announced today that it has terminated the agreement reached with Energy-Evolution.com, Inc. The company and its board of directors has been informed by the President of Energy-Evolution.com, Inc. that he is presently and has been in the hospital for the past two weeks with an undetermined liver ailment. Frank Manzo, Chief Executive Officer, said: "At this time our best wishes go out to Brian Tice with hopes of a speedy recovery. However being a public company with shareholder value in mind, we must move on to other opportunities that have been presented to us." Mr. Manzo went on to say: "We as a board of directors, since learning of Mr. Tice's medical condition, have developed a multi faceted plan to increase shareholder value which we will announce in detail next week. This plan involves filing the past two years' financials, which we have in hand and a disclosure statement prepared by our corporate attorney filed with Pinksheets.com. With this corporate action we can and will attain the Pinksheet listing designation of current filer as determined by Pinksheet's format http://www.pinksheets.com/content/doc/ps/Disclosure/Guidelines/2.pdf.

"In addition, as part of this plan, we will the create a number of additional subsidiaries and complete a merger with a privately held South Florida consulting company that has been in business for over 10 yrs. The details of this merger and the creation of the new business entities will be announced in the coming days. We as the board of directors would like to thank you the shareholders for your patience as well as your understanding of the situation. In closing, the company and its board of directors wish all our shareholders a happy and healthy 2009."