GEORGETOWN, SC -- (Marketwire) -- 05/04/11 -- Aventura Equities, Inc. (PINKSHEETS: AVNE) and Coastal Capital Acquisition Corp. (PINKSHEETS: CCAJ) jointly announced a share exchange agreement whereby Aventura Equities will become the majority shareholder of Coastal Capital Acquisition Corp. Aventura plans to house all alternative energy production properties within Coastal as Aventura plans the implementation of significant bio-refinery development.
"Technologies enabling alternate energy production have advanced significantly over the last few years," stated Richard "Rick" Armstrong, Chief Executive of Aventura Equities. "As a result of our ongoing research and development of the Company's patent pending, Algae system combined with advances made in Bio-waste gasification, we are now prepared to develop facilities with the ability to take in Bio-waste and produce transportation fuels in a closed loop zero emission environment," Mr. Armstrong went on to say.
The reorganization of the company structure has been planned and approved by the board of directors to more easily define corporate goals and objectives for the purpose of obtaining traditional financing of the Bio-Refinery facilities.
Mr. Tracy Anderson and Mr. Richard Kravets have agreed to remain on the Board of Directors of Coastal. Mr. Richard Armstrong, Mr. Timothy Tompkins and Mr. William Wiley will join the Coastal Board. Mr. Richard Armstrong will assume the role of Chief Executive Officer of Coastal.
Mr. Wiley is a licensed Real Estate Broker/Developer, located in the Charleston, SC area, where his name is synonymous with broad scale, marquee community participation, and on-going economic development activities. Mr. Wiley has over 30 years of results-driven experience with Fortune 100 & 500 companies. Currently, Mr. Wiley is involved in projects that include Bio-mass developments exceeding $1B in value per location, a proposed Multi-million dollar Green Energy car manufacturing facility, Oil & Gas 3D Laser Imaging of Refineries & Platforms, Gasification Facilities, Waste Oil Reclamation & Refinery Projects, and Storage Tank Farm development. Finally, Mr. Wiley is the Co-Founder and managing Principle of Core 4 Advisors, a Domestic & Internationally based Renewable Energy & Oil Refinery Consulting Company with operations in the United States, Brazil, Norway & London.
Separately, Mr. Richard von Gnechen tendered his resignation as a board member of Aventura. The board of directors accepted his resignation with regret. Mr. von Gnechen resigned for personal reasons and does not have any disputes or differences with the company.
ABOUT AVENTURA EQUITIES, INC.
Aventura Equities is pursuing alternative energy solutions to meet the growing demand for environmentally responsible energy in world markets through its Alternative Energy Group (Coastal Capital). The Company's vision is to become a leader in the development of innovative gasification projects for the commercial production of energy in the United States. The Company's objective for the next decade is to utilize our proven closed-loop gasification technology to become a senior energy producer of syn-gas, producing methane for power generation, and refinery operations for the production of transportation fuels (diesel, gasoline, etc.), all of which are fundamental products for the world's growing energy needs.
Safe Harbor Statement
This release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by phrases such as AVNE or its management "believes," "expects," "anticipates," "foresees," "forecasts," "estimates" or other words or phrases of similar import. Similarly, statements herein that describe the Company's business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements.