|AVNE and CCAJ:|
May 27, 2011, 8:48 a.m. EDT
Coastal Capital Acquisition Corp. Files to Form Joint Venture Limited Liability Company
GEORGETOWN, SC, May 27, 2011 (MARKETWIRE via COMTEX) -- Coastal Capital Acquisition Corp. (pinksheets:CCAJ) announced that it has formed a limited liability company for the purposes of entering into a joint venture agreement with WRW Holdings, LLC. The joint venture will develop an alternative waste-to-energy micro bio-refinery in North Charleston, SC. The refinery is designed to produce approximately 2.0 million gallons of drop-in green diesel per annum along with 200.0k gallons of drop-in green gasoline. The project is projected to cost $9.9 million and will be financed with a traditional lender and an equity infusion by the joint venture partner.
Aventura Equities, Inc.'s (pinksheets:AVNE) subsidiary Renewed World Energies, Inc. will provide the algae bio-reactor component of the refinery. Aventura will also provide the project and operational management of the project. CCAJ is a majority owned subsidiary of Aventura.
"This is the first of several joint ventures we are currently working on in Coastal," stated Rick Armstrong, the new Chief Executive Officer of Coastal Capital. "We believe that we are developing the first near-zero emission micro bio-refinery that produces drop-transportation fuels and is profitable immediately with no government grant assistance necessary." Mr. Armstrong further stated that, "We believe our business model is sound and that we can replicate these waste-to-energy micro refineries and place them in communities across the United States. We have identified the site in North Charleston, the waste feedstock necessary and the ultimate customer of the fuels."
The North Charleston refinery project is expected to employ 50-100 people during its eight month construction period and permanently employ 15-20 people.
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 algae closed-loop and gasification technology to become a leading 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.
ABOUT COASTAL CAPITAL ACQUISITION CORP.
Coastal Capital is pursuing joint venture opportunities with various capital sources to develop waste-to-energy micro bio-refineries. Coastal is currently developing its first project in North Charleston SC.
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