Vancouver, BC, March 17, 2005--Peer 1 Network Enterprises, Inc. (TSX VENTURE:PIX), a leading provider of high-performance Internet infrastructure, today announced a non-brokered private placement of up to 5 million shares priced at $0.28 per common share. This transaction is subject to regulatory approval.
The proceeds of this private placement will be used for general working capital requirements.
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.
Katie Wilson
Director of Communications
Phone: (604) 683-7747
communications@peer1.net
www.peer1.net