MOORESVILLE, N.C., May 19, 2010 (GLOBE NEWSWIRE) -- Coastal Integrated Services Inc. (Pink Sheets:COLV) announces today that the company has signed a letter of intent to acquire Revolution Products, Inc.
The company, on March 23rd, had announced it has signed a letter of intent with Revolution Products to develop a joint venture to work together on the creation, engineering and testing for new products in the lubrication industry with a concentration of fuel savings and improving carbon footprint (going green).
After further review of Revolutions Products current business plan and products in development, Coastal Integrated has come to the conclusion that an acquisition rather than a joint venture would benefit both companies and significantly enhance shareholder value for Coastal Integrated Services. Once the acquisition is completed, Revolution Products will become a wholly owned subsidiary of Coastal Integrated Services, Inc.
Coastal Integrated has also recently updated its Pink Sheets issuer status to Current Information and will be focusing on restructuring its core business plan to position itself to pursue other acquisition opportunities.
About Coastal Integrated Services
Coastal is an emerging multi-faceted energy company that combines the experience of its people with the strength of its alliances to create profitable projects within two energy related areas: production of oil and gas, and the reduction of nitrogen and sulfur compounds in motor fuel and lubricating oils. Coastal will also be seeking various acquisitions and/or development opportunities that will further enhance shareholder and will soon be announcing the launch of the Coastal Integrated Services website that will better reflect the Company's core business and direction.
Safe Harbor Statement
Except for the historical information contained herein, the matter set forth above may be forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ from those in the forward-looking statements. Such forward-looking statements are based on the current beliefs of management as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors such as the level of business and consumer spending, economic conditions in the industry and the financial strength of the Company's customers and suppliers. COLV does not undertake any obligation to update such forward-looking statements. Investors are also directed to consider all other risks and uncertainties.