HOUSTON, Sept. 14, 2005 (PRIMEZONE) -- Coastal Holdings, Inc. (Pink Sheets:CSJJ) today announced that further to its press release issued on September 10, the company is in negotiations to form a joint venture with a Russian oil and gas firm, Vladimir Fuel Company Ltd. Coastal Holdings will lead the financing of the joint venture by sourcing investment capital from the equity market. The company will also play an active role in identifying a prime location for the development of an oil refinery along the eastern seaboard of Canada or the United States. Once established, the refining capacity of Vladimir Fuel Company will be significantly expanded, along with immediate access to distribution throughout North America. For its part, Coastal Holdings will hold a percentage working interest in the joint venture. Further details will be disclosed upon signing of the formal joint operating agreement.
About Vladimir Fuel Company Ltd.
Vladimir Fuel Company Ltd. (Vladimirskaya Toplivnaya Kompania Ltd.) was established in Vladimir city, Vladimir province, Russia, on May 15, 2002. Headquartered in Moscow, the company participates wholly and via joint venture in the refining of crude oil for energy and industrial uses, in the construction of drilling works, as well as the management and operation of layers of hydrocarbon raw material in the limits of the Ermolinsk and Caspian areas, located in the Chernozemelsk region of the republic of Kalmykiya. To date, Vladimir Fuel Company has performed processing of the liquid petroleum gas condensate (from Urengoysk layer) for major Russian public companies such as Slanci FACTORY and KirishiNefteOrgSintez (http://www.kinef.ru/). In addition, it has signed crude oil refining contracts with Izhevsk State Bitumen Factory and with public companies UfaNefteHim and SalavatNefteOrgSintez (http://www.snos.ru/). The company's director-general is Yuriy Alexandrovich Kozhevnikov.
For more information please contact CEO Andrea Cortellazzi at (514) 288-9699 or visit the company Web site at www.coastalholdings.com.
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.