Passionate Pet, Inc. Denies Bankruptcy Filing
WELLINGTON, Fla., Aug. 10, 2012 /PRNewswire/ -- Passionate Pet, Inc. (PINKSHEETS: "PPET"), a Nevada Corporation, has not filed for bankruptcy as the symbol change may suggest. The Company changed control on July 31, 2012 and is now majority owned by Geo-Co Ventures, LLC, an investor and manager.
Due to confusion subsequent to the closing a filing was erroneously made concerning the wholly owned subsidiary, Passionate Pet, Inc. a California corporation with the Federal Bankruptcy Court in Central District, California. The filing attorney, Attorney Bruce Tackowiak hired by Mr. John Dunn the past president of the holding company, is now filing motions to withdraw the chapter 7 filing for the California subsidiary.
"Passionate Pet management has contacted FINRA today to correct the erroneous symbol change", stated the new president Renee Galizio. "We are excited about our plans for the company and the new management and directors that we will be able to bring to the company".
Separately, the company announced that it will re-engage accountants and seek SEC legal representations to assist the company in bringing all required filings up to date over the next 45 days.
About Passionate Pet, Inc.
Passionate Pet, Inc. (PPET) also referred to as Passionate Pet and the Company, was founded in the State of Nevada on September 30, 2010. Passionate Pet, Inc. presently owns 100% of the shares of Passionate Pet, Inc., a California corporation ("PPIC"). PPIC is currently reorganizing their operations outside of bankruptcy and is currently requesting the Bankruptcy Court to expunge the above referenced erroneous filing. PPIC operated a retail pet store which offered a combination of premium pet food and supplies. Our retail operations carried products that included pet grooming, pet day care, pet food, toys, novelty items, and books. The Company offered customers a full range of assorted pet related products at competitive prices. The Company intends to pursue and re-start its' pet store operations in the near future.
This press release and the statements of representatives of Coastal Capital Acquisition Corp. (the "Company") related thereto contain, or may contain, among other things, "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact included herein are "forward-looking statements," including any other statements of non-historical information. These forward-looking statements are subject to significant known and unknown risks and uncertainties and are often identified by the use of forward-looking terminology such as "projects," "may," "could" "would," "should," "believes," "expects," "anticipates," "estimates," "intends," "plans," "ultimately" or similar expressions. All forward-looking statements involve material assumptions, risks and uncertainties, and the expectations contained in such statements may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including factors and risks discussed in the periodic reports that the Company files with the Securities and Exchange Commission (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. The Company undertakes no duty to update these forward-looking statements except as required by law.
Contact: Renee Galizio, President
Passionate Pet, Inc.
1196 Canyon Way
Wellington, FL 33414
SOURCE Passionate Pet, Inc.