Sep 28, 2011 8:49:00 AM
GEORGETOWN, S.C., Sept. 28, 2011 /PRNewswire/ -- Aventura Equities, Inc. (OTC: AVNE) (the "Company) announced that it has acquired RL Armstrong, Inc., a project systems consulting company. Currently, RL Armstrong, Inc. has approximately $250,000 to $300,000 in annual revenue and is consulting international manufacturing companies on manufacturing systems, industrial plant design and development.
The Company is putting into action a strategic and significantly changed business plan to directly identify the Company as a significant player in the green product and renewable energy industry sector. The Company plans to announce within the next 30 days the details of the plan and the timeline implementation of the plan. "The Company has been quietly developing and implementing changes in the corporate structure, management and business direction which we believe will not only satisfy shareholders but put the Company squarely in the middle of the green and renewable energy sector," stated Richard Armstrong the Company's chief executive officer. "We have a clear vision of where Aventura is heading and it will include further development of our proprietary algae technology, patent development in the industry, renewable fuel development and closed loop systems utilizing our expertise in algae farming."
Separately, the board of directors of the Company have agreed to an "unwind and release" agreement related to a previously announced acquisition of a majority interest in Coastal Capital Acquisition Corp. Aventura Equities, Inc. will maintain and assume ownership rights to any and all projects that were going to be developed through Coastal Capital. The Company does not intend to comment directly on the reason for the unwind agreement other than the following statement by Mr. Armstrong, "We believe that under our current business plan, the management distraction of operating another publicly traded company was not in the best interest of Aventura and its shareholders."
