BOSTON, April 28, 2009 (GLOBE NEWSWIRE) -- Hot Web, Inc. (Pink Sheets:HWBI) announced today that its 49%-owned subsidiary, Hot Web Properties, Inc. ("HWP"), has finalized its post-merger capitalization. Upon completion of HWP's previously announced merger with a publicly traded company, the new company will have approximately 76,000,000 shares outstanding of which Hot Web will receive 29,400,000 shares for its current 49% ownership. The new company will change its name to Max Media, Inc.
HWP also announced that it has come to terms for a $500,000 funding of the new company from its shareholders. The funding will be a private placement of 1,000,000 shares at $0.50 per share. The final closing of the merger will take place upon the completion of a name and symbol change.
Jason Cooper, managing Director of Presage Partners LLC and Interim CEO of Hot Web, Inc., commented, "This transaction, along with our joint venture with Western Sierra Mining, adds tangible assets to the Company from which future growth and valuation can grow. By owning shares in a publicly traded company, we will know on any given day that valuation and exactly what it brings to our shareholders. Whether through distribution to current shareholders or as an asset from which to obtain future financing, it is my opinion that this merger will be a great stepping stone to our goal of restoring shareholder value."
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.
About Hot Web, Inc.
The Company has recently changed its name to Gold Coast Mining Corp. ("GCM") and is currently in the process of a symbol change. GCM, as previously announced, is pursuing various opportunities in the mining industry. GCM has recently entered into a joint venture agreement with Western Sierra Mining for several mining projects in its portfolio.
Hot Web, Inc. also owns 49% of Hot Web Properties, Inc. ("HWP") who is engaged in the business of consigning "big ticket" transportation-related items through its diversified presences, both online and offline. HWP'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. HWP 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.
HWP's current portfolio of niche-focused online businesses consists of www.hotautoweb.com, www.hotboatweb.com, www.hotcycleweb.com, www.hotrvweb.com, www.hotcharityweb.com and www.hotplaneweb.com.