BOISE, Idaho, Dec. 17, 2008 (GLOBE NEWSWIRE) -- Hot Web, Inc. (Pink Sheets:HWBI) announced today that the Company has completed the repurchase of Ten Million (10,000,000) Common Shares or approximately 2.1% of the fully diluted outstanding shares in a private transaction with one of the Company's former lenders. The 10,000,000 shares were repurchased as part of the company's previously announced debt restructuring. The shares have been returned to the Company and will be sent to the transfer agent to be cancelled. The new fully diluted outstanding common stock following the cancellation of these shares is 444,887,086.
Jason Cooper, Interim President, stated, "We are happy to complete this transaction and reduce our outstanding stock by over 2%. We will continue to seek opportunities to enhance shareholder value, while building the HotWeb business model."
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
Safe Harbor
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Hot Web, Inc., and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.