CALGARY, Alberta, May 30, 2003 (PRIMEZONE) -- Cybersurf Corp. (Other OTC:CYBUF) (TSX Venture Exchange:CY), one of Canada's leading Internet services and technology companies, today announced it has acquired all of the shares of Comnet Corporation and its wholly-owned Internet service provider, Cyberus Online Inc. Cyberus is a well-known ISP provider in the Ottawa market.
Cybersurf paid, subject to certain holdbacks, $1,160,000 in cash to acquire Comnet and Cyberus' over 10,000 dial-up, Residential High Speed DSL and Commercial High Speed DSL subscribers. The majority of the 18 employees of Comnet and its subsidiary are remaining as employees after the acquisition. Concurrently with closing, Cybersurf has also repaid certain third party debt of Comnet.
Cybersurf is confident that the service of Cyberus subscribers will be unaffected by the acquisition and confirms that there will be no change to subscribers' email addresses.
"We are very pleased to have completed this step in the implementation of our business plan. The acquisition of this reputable and profitable company is a very positive step for our shareholders", said Paul Mercia, Cybersurf's President and CEO. "Over the next few months, as we recognize the synergies from this acquisition, combined with ongoing cost-cutting initiatives, management anticipates reaching a cash flow positive position. The main impediment to achieving positive cash flow has been the delays in implementing the Company's business plan and costs associated with the ongoing efforts of a dissident shareholder group led by Mercury Partners & Company Inc. to replace the Cybersurf Board of Directors."
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: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.