HOUSTON, May 10, 2004 (PRIMEZONE) -- Coastal Holdings, Inc. (Pink Sheets:CSJJ), is pleased to announce that the investment conference, at which the Company was a presenter, hosted by the Jerusalem Investment Forum (JIF) at the Tel Aviv Hilton on May 5th was a tremendous success. A highlight of the invitation-only luncheon was the signing of a $2M investment contract between CSJJ and Vetdermal Systems Limited, an England-based company that is developing an innovative drug delivery system for animals. Vetdermal's novel drug dosage system is based on a unique technology platform originally developed in Israel. The company is planning drug trials in the coming months with strategic partners in the industry. This acquisition of a major stake in Vetdermal, a company with great potential involved in the multi-billion dollar global pharmaceutical industry, is a significant step forward in CSJJ's goal to become a dominant, leading-edge biotechnology holding company.
At the conference, Coastal Holdings initiated discussions with other biotechnology companies that exhibited an interest in the Company. Some of the firms are still in the design stage for their product(s) while others already have their product(s) on the market. CSJJ signed a draft proposal for a $2M investment in one of these companies. Further details will be provided once a binding letter of intent is signed with this company. These investments, with more to follow, will generate significant revenue and profits for Coastal Holdings. Due to the positive response to the Company, CSJJ has been invited to attend the next conference which will be announced shortly.
Coastal Holdings has two main resources to fulfill its vision. The first resource is financial strength as the Company has secured commitments from several major investors who are willing to fund the acquisitions. They are comprised of private investors and public, financial institutions. The current stage of funding is approximately $5M. The second resource is sound leadership. The management team is composed of biotechnology experts and an experienced financial and marketing staff who are all committed to transforming Coastal Holdings into a dominant, leading-edge biotechnology holding company.
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.