
                                                                    EXHIBIT 99.1
                                                                   PRESS RELEASE


           Cape Coastal Trading Corporation Completes Second Offering
                       And Closes the Private Placement of
                Common Stock and Warrants Totaling $58.5 Million


Chicago, IL, February 6, 2006 - Cape Coastal Trading Corporation (OTC BB: CCSR)
whose uBid, Inc. subsidiary is one of the leading online auction companies in
the U.S., announced today it has raised an additional $13.5 million and sold
3,000,000 shares of common stock at $4.50 per share and 750,000 warrants
exercisable at $5.85 per share as part of a second closing of the private
placement that initially closed on December 29, 2005. This additional funding
completes a total capital raise of $58.5 million.

On December 29th, the company completed a $45 million private placement
involving the sale of 10,000,000 shares of Cape Coastal Trading Corporation
common stock to a group of institutional and accredited investors at $4.50 per
share. The Company also issued warrants to purchase an additional 2,500,000
shares of Cape Coastal Trading Corporation common stock exercisable at $5.85 per
share. The proceeds from both the first and second closings of the financing of
approximately $58.5 million are being used for the retirement of all debt, the
redemption of secondary shares and for general working capital purposes. SG
Cowen & Co. was the lead placement agent and ThinkEquity Partners was a
co-agent. Calico Capital Group, LLC acted as financial advisor for this
transaction.

"We are very pleased to complete the second tranche of the overall transaction
which puts uBid in a strong financial position with a diverse institutional
ownership base," said Robert H. Tomlinson, CEO of Cape Coastal Trading
Corporation. "uBid.com now has the ability to execute our vision for a
certified, fraud-free online marketplace which further differentiates us,
especially in light of the recent national news surrounding fraud and
counterfeit product sales on eBay, our direct competitor," he added.

About uBid, Inc.

On December 29th, 2005, uBid, Inc. merged with a subsidiary of Cape Coastal
Trading Corporation (OTC BB: CCSR) and survived the merger as a wholly-owned
subsidiary of Cape Coastal Trading Corporation. Cape Coastal Trading Corporation
plans to change its name to uBid.com Holdings, Inc and continue uBid's business
as its sole business operation. uBid, Inc. operates an online marketplace
located at www.uBid.com offering new, close-out, overstock and refurbished
merchandise to both consumers and businesses through a trusted auction style and
fixed price format. uBid.com provides consumers the opportunity to bid on or buy
a wide variety of popular, brand name products at significant discounts.
uBid.com's unique platform enables only certified suppliers and manufacturers a
more efficient and economical channel for maximizing revenue of their surplus
merchandise. Furthermore, uBid.com offers consumers a trusted buying
environment, eliminating potential fraud by certifying all its merchants and
processing 100% of all transactions between buyers and sellers.

Founded in 1997, uBid's predecessor completed an initial public offering in
December 1998 and was subsequently acquired by CMGI, Inc. (Nasdaq: CMGI) in
April 2000. In April 2003, uBid.com became a majority-owned subsidiary of the
Petters Group Worldwide, LLC. Both CMGI and Petters Group Worldwide are
shareholders in the surviving public entity.

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SEC Filings and Forward-Looking Statements

Additional information regarding uBid's private placement, the merger with Cape
Coastal Trading Corporation, the disposition of Cape Coastal Trading
Corporation's prior operating business, uBid's business and uBid's officers and
directors is contained in a Report on Form 8-K to be filed with the Securities
and Exchange Commission on January 5, 2006 by Cape Coastal Trading Corporation.

Certain statements made in this release are forward-looking statements,
including the statement that "uBid now has the ability to execute our vision for
a certified online, fraud-free online marketplace which further differentiates
us, especially in light of the recent national news surrounding fraud and
counterfeit product sales on eBay, our direct competitor." Forward-looking
statements are based on the then-current expectations, beliefs, assumptions,
estimates and forecasts about the business of uBid,Inc. and the industries and
markets in which uBid,Inc. operates. These statements are not guarantees of
future performance and involve risks, uncertainties and assumptions, which are
difficult to predict. Therefore, actual outcomes and results may differ
materially from what is expressed or implied by these forward-looking
statements. Factors which may affect uBid, Inc.'s business, financial condition
and operating results include the effects of changes in the economy, consumer
spending, the financial markets and the industries in which uBid,Inc. and its
partners operate, changes affecting the Internet and e-commerce, the ability of
uBid,Inc. to develop and maintain relationships with strategic partners and
suppliers and the timing of its establishment or extension of its relationships
with strategic partners, the ability of uBid, Inc. to timely and successfully
develop, maintain and protect its technology and product and service offerings
and execute operationally, the ability of uBid, Inc. to attract and retain
qualified personnel, the ability of uBid,Inc. to successfully integrate its
acquisitions of other businesses, if any, and the performance of acquired
businesses. uBid, Inc. and Cape Coastal Trading Corporation expressly disclaim
any intent or obligation to update these forward-looking statements, except as
otherwise specifically stated by uBid, Inc. or Cape Coastal Trading Corporation.

Contact:

Anthony Priore
Chief Marketing Officer
Tel:  773-272- 4446
Fax: 773-272-4055
tpriore@ubid.com

This press release shall not constitute an offer to sell or the solicitation of
an offer to buy any of uBid's securities.

