ATLANTA, GA -- 08/18/10 -- Coastal Capital Acquisition Corp. (PINKSHEETS: CCAJ) announced today that it has acquired 100% of the shares of Planet Impact, Inc. (www.planetimpactinc.com) through a share exchange agreement in which Mr. Michael Lambert (current CEO of Planet Impact Inc.) and Mr. Stephen Remondini, (current President of Planet Impact Inc.) have agreed to join the Board of Directors of the Company.
"We have been in discussions for 5 weeks with Mr. Remondini's team and believe that the 'green business model' will create significant value for the shareholders of CCAJ," stated Jeff Berkowitz, past President and CEO of the Company. As a result of the transaction Mr. Berkowitz has resigned as an officer and director of the Company, effective immediately, and Mr. Tracey Anderson will assist the new Board in the transition and resign effective August 27th. Mr. Berkowitz further added, "We have been through many opportunities and iterations of the Company over the last 4 years and I believe this transaction will bring lasting stability and infinite opportunities for CCAJ and its shareholders."
Planet Impact, Inc. distributes innovative energy-efficient carbon emission and water purification products designed to meet the burgeoning demands of government, industry, agriculture, consumer and recreational needs, humanitarian assistance, and emergency response. Planet Impact's flagship products include; the Vitalizer™ for the reductions of carbon emissions, and the Aqualizer™ and AquaMaster™ for water purification, disinfectants and desalination.
As a result of the transaction, Mr. Remondini will accept the role of Chairman and President of the Company, Mr. Lambert will accept the position of Chief Executive Officer and Director. "We are excited about entering into a transaction of this type because of its potential to provide additional resources by which we can grow the company at a faster pace in this economy and create greater opportunities for the shareholders," stated Mr. Remondini. He added, "We are big on communicating the 'Green Message' to the investing public, and to educating as many people as possible about the Company's mission and our planned approach into multiple green markets. As a result of this desire, we will hold an investor conference call within the next few weeks, and will inform the public in advance of the date and time." |
