ATLANTA, GA--(Marketwire - March 7, 2011) - Coastal Capital Acquisition Corp. (PINKSHEETS: CCAJ) has named Richard Kravets as a director of the company. Mr. Kravets comes from a legal as well as financial background and currently serves as a trusted and respected Investor Relations Representative. His appointment to the board by Tracy Anderson comes after Coastal reversed a previously closed transaction regarding the acquisition of Planet Impact, Inc. The transaction was reversed in December 2010 and the preferred shares issued to the owners of Planet Impact, Inc., were returned to the company.
"The appointment of Mr. Kravets to the board made perfect sense to me given his prior and continued commitment to the company and its shareholders," stated Mr. Anderson. Mr. Kravets will continue to handle investor/shareholder relations for the company. Mr. Kravets said, "I am happy to take the position of Secretary and look forward to playing a part in creating value for our shareholders."
Mr. Anderson added, "We are looking at certain other strategies and transactions, some of which are organic in nature and others that would require a change in control. With that said Mr. Kravets addition to the board of directors fills a requirement in our corporate bylaws of at least two sitting directors in lieu of any corporate vote or actions." |
