SAVANNAH, GA, Apr 24, 2008 (MARKET WIRE via COMTEX) -- To the Shareholders of Coastal Capital Acquisition Corporation:
As the Chairman, CEO and President of Coastal Capital Acquisition Corporation (PINKSHEETS: CCAJ) I want to thank each and every one of you for the patience and perseverance you have shown over the last several months while we have been working on our plan to build CCAJ. Your Board of Directors has been busy. The company is now in the initial stages of the acquisition of a privately held medical device company located in Marietta, Georgia. The Board of Directors has approved and we have executed a Letter of Intent with the target. We expect to complete definitive agreements in the coming months and file an 8K based on their execution with the Securities and Exchange Commission according to standard reporting practices. The target acquisition is a state-of-the-art technology-driven company that is profitable and brings with it a seasoned management team.
As you may know, I have spent much of the last ten years in the medical device sector having built a company which sold last year to one of the largest medical device companies in the world. I have built many quality relationships in this sector and it is my pleasure to mentor and guide our company in a direction that will foster profitability, growth and value for our shareholders in a very exciting industry that is rife with mergers, acquisitions and buyouts. Your Board of Directors and management team are currently seeking out, identifying and negotiating with merger and acquisition targets. Our focus in the coming months will be directed at the medical sector.
In a recent 8k, the company reported that it has retained the firm of Frazier & Deeter (F&D) to assemble our books from prior years through forensic accounting practices. This is an arduous process. The company will need to go back to past auditors, accountants, banks and legal counsel to retrieve documentation for verification by F&D. Our goal is to become fully reporting and move to an exchange that will enhance our value as a public company in the medical sector.
In closing, I want to thank you once again for the patience and support you have shown the company. I am very pleased with the changes that have been implemented by your Board of Directors and we are excited about the opportunities ahead.
Sincerely,
Timothy Taylor
Chairman and CEO |
