Coastcast Corporation reported that the Chairman is no longer pursuing an acquisition of the company.
Commenting, Hans Buehler, Chairman and CEO, stated: “On September 16, 2003, the company convened a special meeting of the Board of Directors. At that meeting, Mr. Novelly and Mr. Buehler informed the Board that they are no longer interested in pursuing an acquisition of the company. It was determined that it was not in the best interest of all the shareholders to proceed with this course of action. The Special Committee of the Board will continue with the assistance of Fairmont Partners LLC to find suitable alternatives.
The Board of Directors of the company have agreed that it is too expensive and not in the best interest of all the shareholders to continue as an SEC-reporting company. The company, accordingly, will file a Form 15 with the SEC. The resultant impact will be that the company's common stock will no longer be traded on the OTC Bulletin Board.
