HOUSTON , June 7, 2004 (PRIMEZONE) -- Coastal Holdings, Inc. (Pink Sheets:CSJJ) is pleased to announce that it is in the advanced stages of negotiations to acquire an interest in a European Biotech Retractable Syringe Company. The advanced bio-technology of this company and the retractable syringe has received FDA and NIH approval. It is a viable business with revenues currently being generated through the sale of their retractable syringe on a worldwide basis.
CSJJ will assist the company in expanding the distribution of this product and hiring a new CEO. This new CEO will be required to possess a minimum of 35 years' experience in the medical field.
According to Frost and Sullivan, a well-respected research firm, there have been growing safety concerns of healthcare and nursing staff regarding syringes. These growing concerns have helped promote the acceptance of retractable syringes.
According to the statistics of Frost and Sullivan, "Nearly 5.6 million healthcare workers in the U.S. suffer as many as 800,000 sharp injuries -- mostly with needlesticks -- each year. At this rate, around 2,100 health care professionals are likely to incur a needlestick-related injury every day. On an average, one out of every seven workers is accidentally struck by a contaminated sharp/needle and only one out of three incidents is reported."
Frost and Sullivan continued to state in their research report: "The presence of a huge patient base in China and India coupled with the aging of world population, and the corresponding increase in the amount spent on healthcare is likely to increase the demand for retractable syringes in the coming years. Moreover, newer and stricter government regulations are forcing healthcare facilities and physicians to adopt the use of retractable syringes. Intense competition and growing demand from patients for safer, sophisticated retractable syringes are forcing market participants to spend millions of dollars in developing innovative and high-quality products."
Based on the European Biotech Retractable Syringe Company's FDA and NIH approval, CSJJ is confident this acquisition will be beneficial to its shareholders and their company as a whole.
For more information, please contact Investor Relations at (973) 351-3868 or visit the Company website 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.