April 6, 2006 – (HOSTSEARCH.COM) – Shareholders of web hosting provider Web.com (http://www.web.com) have published results of the company’s Annual Shareholders Meeting held on Friday, March 31, 2006.
The meeting heard three proposals, each approved by the meeting which included electing new members to the company’s Board of Directors, approving a proposal to increase the company's authorized common stock shares by five million, and approving its 2006 Equity Incentive Plan. In addition, Joseph A. Newcomb was welcomed as the company's Executive Vice President and General Counsel.
The meeting heard that Mr. Newcomb has agreed not to receive a salary until Web.com is profitable but that he will receive shares of Web.com’s common stock (subject to certain restrictions) and options to purchase further shares as “material inducement” to accept employment with the company.
Established in 1995 as Interland, Web.com offers a range of website design, web hosting, ecommerce, web marketing and email services geared towards both individuals and small businesses. The company caters for a global customer base and over 4 million websites have been built using Web.com's proprietary services and technology.
