Coastal Capital Acquisition Corporation Update on Accounting Activity
Thursday May 8, 10:18 am ET
COLUMBUS, GA--(MARKET WIRE)--May 8, 2008 -- Coastal Capital Acquisition Corp. (Other OTC:CCAJ.PK - News) is providing this brief update on the progress of its accounting activity and that of its acquisition target, NBD, Inc.
The company is continuing to monitor and assist the accounting work, tax preparation, and financial compilation with Frazier & Deeter and making steady progress in this area. We have been in many conversations with prior accountants and attorneys and are identifying and gathering the materials that will assist us in becoming a fully reporting company again. The company will be engaging a separate independent accounting firm to audit the work as well as the books assembled by Frazier & Deeter in accordance with SEC rules and regulations.
NBD, Inc. has engaged an independent accounting group to handle its 2007 audit work as the company has already completed years 2005 and 2006. The audit should be completed on or before May 30th, 2008.
All of these efforts move us closer to completing our first transaction with NBD, Inc. Jeff Radcliffe is quoted as saying, "It's a tedious process, but we are going to get this right and push as hard as possible to get it done quickly." As events warrant additional comments, we will follow up on the progress of this accounting activity. |
