BOSTON, June 11, 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
-- FINRA has requested additional corporate history documents to complete its file for the name and symbol change. The Company has submitted the requested documents and is of the opinion that all requirements shall now be satisfied.
-- The Company continues to complete its financials for filing with Pink Sheets and expects them to be filed upon completion of the name and symbol change.
-- The Company continues to reject toxic financing proposals involving tremendous dilution on a daily basis.
Jason Cooper, managing Director of Presage Partners LLC and Interim CEO of Hot Web, Inc., commented, "We will not involve ourselves or our shareholders in any of these types of financings. I am of the opinion that groups involved in these financing proposals are trading our securities in anticipation of us doing one. I assure you that we will not participate in any of these toxic type of financings."
-- The Company currently has 444,887,086 shares issued and outstanding.
HOT WEB PROPERTIES, INC. ("HWP")
HWP, which is 49% owned by the Company, announced the following updates.
-- HWP has completed the final steps of closing its merger with a publicly traded company. The symbol will be released upon completion of the filing requirements with the NASD and FINRA. As previously announced, the Company will receive 29,400,000 shares of the publicly traded company, Max Media, Inc. Max Media will obtain financing of $500,000 in a private placement of 1,000,000 shares of its common stock.
-- The record date for a dividend regarding the shares will be announced shortly.
-- HWP continues to host a radio show every Saturday from 9-10am 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 has secured some financing from a group of its shareholders that is debt oriented. The joint venture is using this initial funding for the beginning phase of developing the ORO CACHE MINE.
Jason Cooper, managing Director of Presage Partners LLC and Interim CEO of Hot Web, Inc., commented, "Although some items out of our control are taking longer than expected, we are on track to restoring value and growth to the Company. While waiting on our name and symbol change, we have been putting all the pieces of our mining ventures and Max Media in place. The mining ventures are showing positive results on a daily basis and are now presenting additional opportunities for us with additional mines."
Cooper further stated, "The ownership of Max Media is going to prove to be a major accomplishment for the Company in driving that growth and increase in shareholder value. Upon completion of Max Media's launch as a publicly traded company, we expect exponential growth in Max's traffic and revenues as their business model is implemented."
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