Planet Impact Inc. Renounces Share Exchange With CCAJ

Dec. 20, 2010 - PRLog -- Planet Impact, Inc. a Florida corporation (“Planet Impact”) announced today that it and Coastal Capital Acquisition Corp., a Florida corporation (“CCAJ.PK”) have mutually agreed to unwind an August 17, 2010 share exchange agreement (the “Share Exchange Agreement”) due to a failure of the parties to meet certain post-closing conditions.  

Pursuant to the Share Exchange Agreement, CCAJ agreed to acquire all of the issued and outstanding common stock of Planet Impact in exchange for 1,000,000 shares of Series C preferred stock of CCAJ.  The Series C preferred stock of CCAJ carries voting and conversion rights of 950:1 and other rights and preferences as set forth in Articles of Amendment filed with the Florida Secretary of State on August 10, 2010.  As a result of the share exchange, the parties intended for Planet Impact to become a wholly owned subsidiary of CCAJ.  Jeffrey Berkowitz and Tracy Anderson, CCAJ’s officers and directors, resigned and Mike Lambert, co-founder and CEO of Planet Impact, and Stephen Remondini, co-founder and President of Planet Impact, were appointed to fill the vacated board seats of CCAJ and officers subject to employment agreements.  

As a post closing condition of the Share Exchange Agreement, certain note holders of CCAJ agreed to convert all CCAJ debt prior to August 27, 2010.  Despite attempts by the parties to reconcile this post closing condition, the CCAJ debt was not converted resulting in today’s announcement of the parties to unwind the transaction.  

According to Steve Remondini, “It is unfortunate that it has come to this as we believed this was an excellent opportunity for everyone involved in the project.  We wish CCAJ management and shareholders all the best”  

As a result of today’s announcement, Mike Lambert and Stephen Remondini will return 1,000,000 shares of the CCAJ Series C Preferred Stock and CCAJ will return all 100,000 shares of Planet Impact to Mr. Lambert and Mr. Remondini.  Mr. Lambert and Mr. Remondini have agreed to resign as officers and directors of CCAJ and to reinstate former officer and director, Tracy Anderson.  Any development agreements between the parties or the defined business between the parties and all collateral agreements and understandings are also terminated.  Both companies will return to their previous course of business prior to the Share Exchange transaction.

Forward Looking Statements  - In this Press Release other than statements of historical fact, including statements regarding the Company's plans, beliefs and estimates as to projections are "forward-looking statements." Such statements are subject to certain risks and uncertainties, including factors listed from time to time in the publications and filings by the Company, and actual results could differ materially from expected results. These forward-looking statements represent the Company's judgment as of the date of this release.  The Company does not undertake to update, revise or correct any forward-looking statements.

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Planet Impact is a developer and distributor of fuel, water, solar and other environmental Products. Its offices are located at 1880 N. Congress Ave, Boynton Beach, FL 33426.