WEST PALM BEACH, Fla., March 16 /PRNewswire-FirstCall/ -- Jimmy Cooper, the former CEO of International Coastal Biofuels (Pink Sheets: ICBU) has resigned his positions as CEO and Director. John T. Moran, the former CEO of International Coastal Biofuels, has been elected CEO and Sole Director. Mr. Moran has an irrevocable proxy on all of Mr. Cooper's stock. The management of International Coastal Biofuels has discovered that possibly more than 70,000,000 shares of ICBU stock was issued without restricted legend pursuant to a 504 exemption. This was done in spite of the fact that the stock was trading at approximately $.45 when the issuance occurred thus making the value of the issuance in excess of $30,000,000. The 504 exemption becomes invalid if the dollar amount issued exceeds $1,000,000. Based on this information it is the current opinion of management and its counsel that the shares should have not been issued without a restrictive legend and are in fact Unlegended, Unregistered shares that are not eligible to trade on the Pink Sheets Market. The Company and its counsel are conducting an investigation into this issuance and have notified the Securities Exchange Commission, Pink Sheets and its Transfer Agent about its current findings. The Company is exploring all of its options including the likelihood of filing a petition for bankruptcy protection. About International Coastal Biofuels - International Coastal Biofuels is a shell company with no business and no material assets. It is the belief of management that there are 350,000 shares of its stock that are validly free trading. The Company has not authorized any email campaigns, press releases other than this one and has no idea how millions of its shares could possibly trade in the open market. DATASOURCE: International Coastal Biofuels CONTACT: John T. Moran, President, International Coastal Biofuels, +1-561-279-0140,

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