BOSTON, April 21, 2009 (GLOBE NEWSWIRE) -- Hot Web, Inc. (Pink Sheets:HWBI), in its continuing effort to keep its shareholders updated, announced its progress and recent activities.
CORPORATE
-The Company has completed the necessary documents and requests to complete its name and symbol change to Gold Coast Mining. The Company is confident the changes will be completed with FINRA shortly and a new trading symbol will be given.
-Dennis Atkins, CPA is continuing his work to bring HWBI's financials current and prepare them for an audit. Once these financials are reviewed, they will be updated to Pink Sheets.
-The Company has been working with several large shareholders to assist the Company with eliminating liabilities and securing capital for its joint venture with Western Sierra Mining.
HOT WEB PROPERTIES, INC. ('HWP")
HWP, which is 49% owned by the Company, announced the following updates.
-HWP has launched www.hotcharityweb.com and is in discussions with several large charities to be the facilitator of selling cars, boats and other high-ticket items on their behalf.
-HWP is launching a campaign to hire and train regional Inspection Representatives throughout the country. Currently, the Company has reps in Jacksonville, Mobile, Tampa and Philadelphia. HWP has set a target of 100 regional reps by year's end.
-HWP is in the final closing of a merger with a publicly traded company. This merger will be a major step in creating tangible value and liquidity for HWBI's 49% ownership of HWP. An update on this merger and additional details of the transaction will be announced shortly.
-HWP continues to host a radio show every Saturday from 9-10 a.m. in Tampa. The show is broadcast live on the Internet. The link can be accessed at www.hotautoweb.com or www.maximummotoring.com. HWP takes phone calls toll free at 866-977-4820 during the show and emails at theguys@maximummotoring.com.
MINING ACQUISITIONS
The Company's previously announced joint venture with Western Sierra Mining is continuing forward. The Company continues to secure financing commitments from a group of its shareholders that will be primarily debt oriented. It is the Company's intention to finance this joint venture with debt rather equity at these current prices. At this time the Company and Western Sierra are focusing their efforts on developing the ORO CACHE MINE.
Jason Cooper, managing Director of Presage Partners LLC and Interim CEO of Hot Web, Inc., commented, "We are very pleased with the progress we are making with the restructuring and re-capitalization of the Company. We are eliminating liabilities and building shareholder value with each step we take. Most people, including myself, would like to see these things happen overnight but it just doesn't work that way. In the end, the Company is restoring value to the Company without reverse splits or toxic financings that destroy most over the counter traded companies. The closing of Hot Web Properties merger that will give the Company 49% ownership of the publicly traded entity will create tremendous value for our shareholders as well as a tangible asset from which to build the Company going forward."
About Hot Web, Inc.
Hot Web, Inc. is engaged in the business of consigning "big ticket" transportation-related items through its diversified presences, both online and offline. The Company's mission is to "change the way the world buys and/or bids online" by harnessing the power of the Internet and coupling it with human interaction and expertise to create a safe, productive, comfortable and 'Fraud Free' way to conduct online/offline commerce. The company utilizes both its internal certified regional representative base in addition to online third-party marketing tools like eBay Motors and others to attract and market vehicle listings. The Company's current portfolio of niche-focused online businesses consists of www.hotautoweb.com, www.hotboatweb.com, www.hotcycleweb.com, www.hotrvweb.com and www.hotplaneweb.com. The company is also currently developing other Hot Web-branded online business units to complement its current roster.
The Hot Web, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4946