HOUSTON, Nov. 23, 2004 (PRIMEZONE) -- Coastal Holdings, Inc. (Pink Sheets:CSJJ), a leading edge global technology holding company, announced today that it has decided to proceed with the acquisition of an equity interest in Efoora, Inc. Efoora Inc. is a late stage developer and manufacturer of laboratory quality rapid biotech diagnostic tests and components. Efoora's flagship test, the Efoora rapid HIV test detects the presence of circulating human antibodies to the HIV virus in serum, plasma, whole blood and fingertip whole blood. The test passed its FDA clinical trials in March of 2003 with exceptional performance for both sensitivity (greater than 99.8%) and specificity (greater than 99%). Test results are available in 20 minutes.
Coastal Holdings Inc.'s Board of Directors voted unanimously to execute the Investment Agreement that was originally signed on November 3, 2004. This decision was made after the completion of a comprehensive review performed by the Company's legal department. According to the review's findings, Efoora, Inc. is a legitimate going concern with the potential to provide above-average returns to Coastal Holdings Inc. and its shareholders. CEO Andrea Cortellazzi stated: "Following this review, we are now confident that our investment in Efoora Inc. will add value to Coastal Holdings Inc. and assist us in our goal of building a profitable technology holding company. We are also seriously considering increasing the amount of our investment due to its attractiveness and high potential return."
About Efoora, Inc.
Efoora, Inc. is a developer of rapid diagnostic tests and biosensors for a variety of diseases. Efoora's flagship assay, the Efoora Rapid HIV test recently completed U.S. clinical trials, and is under review by the FDA. In addition, Efoora is developing rapid diagnostic assays and biosensors for a variety of other diseases and substances of abuse. Efoora's test format utilizes an innovative biochemical approach developed as a result of years of research that yields both consistent and reproducible assays compliant under both GLP and GMP. Efoora's assays are manufactured using Virotek's proprietary, cost-saving technology. Virotek is the wholly owned in-vitro diagnostic and medical device-manufacturing subsidiary of Efoora. For more information, please visit http://www.efoora.com or contact David Grosky, CEO and Chairman of Prion at (847) 634-6400.
About Prion Developmental Laboratories
Prion Developmental Laboratories, Inc. (PDL) is a subsidiary of Efoora, Inc. dedicated to the design, development, and production of rapid diagnostic tests for Transmissible Spongiform Encephalopathies (TSE's) in animals and humans. PDL utilizes the manufacturing technology of the Efoora subsidiary Virotek, the wholly owned, in-vitro diagnostic and medical device-manufacturing subsidiary of Efoora. For more information about PDL, please visit http://www.prionlabs.com For more information please contact CEO Andrea Cortellazzi at (514) 288-9699 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.