Vancouver, BC, April 8, 2005--Peer 1 Network Enterprises, Inc. today announced the closing of a non-brokered private placement previously announced on March 16, 2005. 4,750,000 common shares priced at $0.28 per common share were issued for gross proceeds of $1,330,000. All securities issued are subject to a four month hold period to August 9, 2005, in accordance with TSX Venture Exchange policy and applicable securities laws.
The subscriber to the offering, Werner K. Paulus, a director of Peer 1, acquired the 4,750,000 common shares issued.
The proceeds of this private placement will be used for general working capital requirements.
In a separate matter, the company has agreed to add the $500,000 transaction fee associated with the Bridge Loan as disclosed in the Business Acquisition Report dated January 4, 2005, to the principle of the Bridge Loan, effective March 17, 2005.
About Peer 1 Network
Peer 1 Network, the first Internet infrastructure provider to offer a 100% uptime guarantee, delivers leading-edge server colocation, IP network and customer support solutions to performance-hungry customers worldwide. Since its inception in 1999, the company has grown to 12 state-of-the-art data centers and 17 points of presence across North America and Europe, all connected by Peer 1's world class IP network. Peer 1 serves customers who range from gaming to VoIP, to enterprise. The company's headquarters are located in Vancouver, Canada and the stock is traded on the TSX Venture exchange under the symbol PIX. Peer 1's family of companies includes ServerBeach Ltd, an unmanaged dedicated server company, and Symmetric Broadband Inc, a wholesale VoIP termination and origination provider. For more information visit www.peer1.net.
Statements in this release relating to matters that are not historical fact are forward-looking statements based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Factors that could cause or contribute to such differences include, but are not limited to, general economic conditions, changes in technology, reliance on third party manufacturing, managing rapid growth, global sales risks, limited intellectual property protection and other risks and uncertainties described in Peer 1's public filings with securities regulatory authorities.
Contact:
Peer 1 Network Enterprises, Inc.
James P. Taylor
Chief Financial Officer
(604) 683-7747
jtaylor@peer1.net
OR
Peer 1 Network Enterprises, Inc.
Katie Wilson
Director of Communications
(604) 683-7747
communications@peer1.net
www.peer1.net
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.