BOSTON, Feb. 27, 2009 (GLOBE NEWSWIRE) -- Hot Web, Inc. (Pink Sheets:HWBI), in an effort to keep its shareholders updated, announced its progress and recent activities.
Corporate
-- The Company has officially changed its name to Gold Coast Mining
Corp. ("GCM") with the State of Florida. The name and symbol
change is in process with CUSIP and is expected to take effect
shortly.
-- HWBI has retained the services of Dennis Atkins, CPA to bring its
financials current and prepare the Company for an audit. The Company
anticipates filing its reviewed financials with Pink Sheets once
they are completed, which is expected in the next 30 days.
Hot Web Properties, Inc.("HWP")
HWP, which is 49% owned by the Company, announced the following updates.
-- The 877-BID-WEBS (1-877-243-9327) is back up and running.
-- Advertising is being added to the websites and a complete
relaunch of the sites will be completed in the next 30-60 days.
The revamped sites will enable HWP to take advantage of various
revenue streams that were previously unavailable.
-- HWP is offering anyone that has listed, bought or sold an item
with Hot Web in the past a free listing that will include a run
on eBay for the month of March.
-- HWP has launched a radio show every Saturday from 9-10am in
Tampa. The show is also 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 and a separate detailed update on its progress will be announced shortly. Currently, the Company has secured 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 than equity at these current prices.
Jason Cooper, managing Director of Presage Partners LLC and Interim CEO of Hot Web, Inc., commented, "While not at the pace we would all like to see, Hot Web is progressing forward and getting closer each day to its goal of rebuilding shareholder value. We will continue to work daily towards this goal and will keep our shareholders updated as often as possible."
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