HOUSTON, July 26, 2005 (PRIMEZONE) -- Coastal Holdings, Inc. (Pink Sheets:CSJJ), today announced that it will begin the application process to list the Company's common shares on the OTC Bulletin Board. As part of the OTC Bulletin Board application and approval process, the Company is required to meet certain eligibility criteria including the filing of audited financial statements in order to become fully reporting with the Securities and Exchange Commission. In order to expedite this process, the Company will purchase an OTC Bulletin Board shell. This purchase is currently in the negotiation stages with the Company's legal department.
"By beginning the process to list CSJJ's shares on the OTC Bulletin Board, we move closer to achieving another milestone set out for the company," stated CEO Andrea Cortellazzi. "The listing of CSJJ's common stock on the OTC Bulletin Board will enhance the Company's liquidity and credibility, and enable the Company to expand and enhance its business through mergers and acquisitions. The Company is currently evaluating other investment opportunities and ventures in the biotechnology and nanotechnology fields in Israel to add to its equity interest in Vetdermal Systems Limited."
Coastal Holdings is also pleased to announce that it has initiated its stock buyback program. All repurchased shares of common stock will be retired and cancelled by the Company, which will decrease both the issued and outstanding and authorized number of shares of the Company's common stock. In addition, the analyst report on the Company should be released in the next five business days. The delay was due to the fact that the investment firm has been verifying information submitted by the Company.
For more information please contact CEO Andrea Cortellazzi at (514) 288-9699.
Forward-Looking Statements
Please be advised that statements made herein, other than historical data, constitute forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those stated or implied by such forward-looking statements. The potential risks and uncertainties include, among others, potential volatility in the company's stock price, increased competition, customer acceptance of new products and services offered by the company, and uncertainty of future revenue and profitability and fluctuations in its quarterly operating results. Please also be advised that the company's stock is not currently registered with the Securities and Exchange Commission.