The Cortellazzi Consortium

October 30, 2007

Update – The Water Boys

Filed under: Uncategorized — 18montecristo67 @ 2:02 am
Tags: ,

It has come to the attention of the blog that AQUAGOLD International Inc. has recently merged with Omninet Media, Inc.

On 29 October 2007 at 11:56 ET, AQUAGOLD International, Inc. issued a press release to clarify its previous relationship with Coastal Holdings, then issued a correction to the press release at 14:46 ET.

The blog always strives to ensure the complete accuracy of its information, therefore it wishes to take this opportunity to present portions of the statement of the clarification issued by AQUAGOLD which pertained to facts mentioned in the blog’s earlier item:

“– In September 2006, AQUAGOLD International began negotiations with Pro- Active (Andrea Cortellazi) out of Montreal for the acquisition of a public shell company. Pro-Active presented different shell companies to AQUAGOLD management. At no time was any documentation signed or any agreements taken between the two companies, whether it is Letter of Intent or merger agreement.

— Both parties never came to an agreement on a potential merger. — On May 11 2007, Coastal holdings issued a press release announcing the cancellation of a merger that never occurred. Immediately following this announcement, Andrea Cortellazi issued an apology to AQUAGOLD International on behalf of Coastal Holdings for its misrepresentation of company information.

This being said, the blog takes this opportunity to point out the Coastal Holdings merger cancellation announcement took place at 10:16 AM EDT.

The blog reproduces once again the statement issued by AQUAGOLD’s Marc-Olivier Hassoun on 11 May 2007, at 1.49 PM (3 hours later) on the Investors Hub message board in order that readers may assess for themselves what transpired on 11 May 2007:
“Posted by: aquagold
In reply to: None
Date:5/11/2007 1:49:10 PM
Post #of 2318

Aqua Gold International Inc. confirms contractual validity with WBDB and legal action against Horace Sirois president and CEO of WBDB.

Legal action will be taken against WBDB for breach and Misrepresentation of China Water Distribution Contract to Coastal Holdings Inc.

May 11, 2007 / In response to Coastal Holdings Inc. press release of today, Aqua Gold International Inc. announces that it will be taking legal action against the WBDB for its misrepresentation of contractual facts. Aqua Gold International will take all necessary legal action to enforce the validity of its subsidiary company’s contractual agreement with WBDB. Aqua Gold International’s subsidiary company has exclusive distribution rights for the fulfillment of WBDB’s contract for 65 millions cases of water and has ownership of 50% of all profits from the fulfilment of this contract. Any alleged agreements pertaining to this specific contract of 65 millions cases water are without legal effect.

Aqua gold International Inc. “

The 29 October 2007 AQUAGOLD clarification also states no agreements were signed.

“At no time was any documentation signed or any agreements taken between the two companies, whether it is Letter of Intent or merger agreement.

In this regard, the blog refers the reader to the 26 April 2007 press release issued by current AQUAGOLD CEO, Mr. Manuel Da Silva, in which he which names 2 current AQUAGOLD corporate executives ( Mr. Paul A. Taillefer and Mr. Daniel Sauvé) to the Coastal Holdings board and went on to state:

“The Board will also be proceeding with Company name change to Aqua Gold International Inc, and will initiate a request for CUSIP and symbol change.

New Management would like to take this opportunity to thank Coastal Holdings’ previous management for providing Aqua Gold with the opportunity to become publicly trading and wishes them success in their future Endeavour’s. “

These facts having been identified, the reader is of course welcome to draw his or her own conclusions.

This being said, the blog has no other comment or observation to offer in regards to the remainder of the initial press release , the later clarification or the current AQUAGOLD merger agreement .

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