Coastal Capital Acquisition Corp. Update on Accounting and Legal Activity
Wednesday June 4, 12:03 pm ET
COLUMBUS, GA--(MARKET WIRE)--Jun 4, 2008 -- Coastal Capital Acquisition Corp. (Other OTC:CCAJ.PK - News) desires to update its shareholders on the progress of its accounting activity and that of its acquisition target, NBD, Inc. as well as the engagement of Peter Campitiello, past legal counsel to the company.
The company continues to monitor and review its accounting work, tax preparation, and financial compilation with Frazier & Deeter and has made good progress over the last few weeks. We have received historical information from the last auditor of EZTO/CCAJ and have been in numerous conversations with our accounting professionals at Frazier & Deeter. We are also identifying and gathering materials that will assist us in this effort from other sources and will pass along all pertinent information to our accountants as we gather it. In addition, the company is interviewing separate independent accounting firms to conduct the audit of the books assembled by management and Frazier & Deeter in accordance with SEC rules and regulations and will make that selection public as soon as it is deemed appropriate.
The NBD, Inc. audit has successfully been completed and has been reviewed by NBD's management as well as forwarded to CCAJ's management team for review. We are pleased to have this step completed and will make public any pressing information concerning this event as necessary. This audit gives us three years of audited financials from NBD, Inc. and moves us closer to defining a closing date. In addition, we are making steady progress on our due diligence of NBD Inc.
The company has also retained its prior legal counsel to assist with our historical fact-finding and other duties as deemed required by management and the Board. Peter Campitiello, Esq. of New York-based Tarter Krinsky & Drogin LLP, is a valuable asset and worked on many of the company's prior transactions. Capturing and correctly booking all prior transactions is an important step toward the company producing audited financials and the company is making its best effort to accurately account for the period since the last audit.
All of these activities move us closer to completing our first transaction with NBD, Inc. and moving us closer to becoming a fully reporting company. Tim Taylor, Chairman, Pres. and CEO, states that, "This clean up process continues to be time-consuming but every day we are making progress that will create value in the future if done properly. The Board and our officers are totally committed to seeing these projects completed as quickly as possible." As events warrant additional comments, we will follow up on the progress of this accounting and corporate activities. |
