CALGARY, Canada, April 10, 2003 (PRIMEZONE) -- Cybersurf Corp. (TSX Venture Exchange:CY), one of Canada's leading Internet services and technology companies, is today releasing this update to shareholders on its operations. This update includes specifics on the progress of the company's two main business initiatives, which are geared toward creating a positive cash flow position for the company: the pending launch of the 3webXS High Speed Internet product and acquisitions. Further shareholder updates will be issued as these initiatives progress or more information becomes available.
High-Speed Internet Access
Cable access in Cybersurf's points of interconnections (POIs) in Eastern Canada are currently being tested by Cybersurf's selected carrier for 3webXS High Speed. Rogers Cable Inc. has ordered and is awaiting delivery of hardware necessary for the new infrastructure. Based on the timelines dictated by the company's third party Internet access agreement (TPIA) with Rogers, Cybersurf expects to begin testing its 3webXS High Speed Internet service in May, with marketing and deployment taking place in the weeks thereafter.
According to the TPIA between Cybersurf and Shaw Cablesystems G.P., a similar timeline for the Western Canadian deployment of 3webXS High Speed is anticipated. Cybersurf continues to work with both Shaw and Rogers to launch its high-speed product within the shortest possible time frame and will release an update regarding progress and deployment plans when there is additional information available.
Acquisitions
Cybersurf is continuing its negotiations with several Internet service providers in the pursuit of accretive acquisition opportunities to augment its subscriber base and thus increase revenues. Cybersurf now has signed non-binding letters of intent with two strategic acquisition targets and is in the process of performing due diligence on these companies while continuing discussions with several others. If any of these acquisitions are completed, Cybersurf currently plans to merge operations and integrate the resultant new Internet customers into the company's operation and network facilities.
Other Business
Mercury Partners & Company Inc is a dissident shareholder that acquired a position in the Company in 2002, unsuccessfully attempted to replace the incumbent board of directors at the company's Annual General Meeting held in November 2002 (the "AGM") and subsequently unsuccessfully launched a court battle in the Alberta Court of Queen's Bench seeking to overturn the results of that meeting. Mercury Partners & Company have now filed a Notice of Appeal with the Court of Appeal of Alberta in connection with the unsuccessful court battle.
The original judgment of the Court of Queen's Bench dismissed in its entirely the application of Mercury Partners and awarded costs to Cybersurf. The company is confident this judgment will be upheld on appeal.
Mercury's initial dissident action and subsequent legal activities have proven costly to Cybersurf and have caused the company to delay the execution of its core business initiatives. It is the company's hope that this does not continue.
About 3web
3web Corp. is Canada's largest independent Internet service provider, having served hundreds of thousands of Canadians from coast to coast since 1998. Through its 3webXS service, 3web provides its subscribers with premium, unlimited Internet access at a fraction of the cost of other competing services.
3web provides service in 30 major centres including Barrie, Calgary, Chicoutimi, Edmonton, Gatineau (formerly Hull), Guelph, Halifax, Hamilton, Kingston, Kitchener, London, Montreal, Newmarket, Oshawa, Ottawa, Peterborough, Quebec City, Saint John, St. Catharines, St. Jerome, St. John's, Sherbrooke, Sudbury, Thunder Bay, Toronto, Trois Rivieres, Vancouver, Victoria, Windsor and Winnipeg.
Canadians are invited to visit www.get3web.com to download the latest version of the 3webXS software. 3web also operates a national long distance service under the brand 3webLD.
About Cybersurf Corp.
Cybersurf operates through two separate wholly owned subsidiaries, Cybersurf Technologies Corp. and 3web Corp. Cybersurf Technologies Corp. is responsible for the development of Internet-related software products and services, and for all implementation and licensing initiatives pertaining to these unique technologies. The software developed by Cybersurf Technologies Corp. creates revenue opportunities for any Internet company focused on client acquisition, content delivery or advertising revenue, elements vital to any company in the Internet sector.
3web Corp. utilizes Cybersurf Technologies Corp.'s products and services in its national Internet service. 3web Corp. is the first business model to showcase the various proprietary software applications developed by Cybersurf Technologies Corp.
Forward-Looking Statements: This news release may contain certain forward-looking statements. All statements, other than statements of historical fact, included herein, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made, and Cybersurf does not undertake an obligation to update forward-looking statements should conditions or management's estimates or opinions change.
For more information about Cybersurf and 3web, please visit www.cybersurf.com and www.3web.com.
Cybersurf's common shares trade on the TSX Venture Exchange (TSX Venture Exchange: CY).
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.
For more information, please contact: investor.relations@cybersurf.com.