LYNCHBURG, Va., Oct. 29, 2004 (PRIMEZONE) -- Sitestar Corporation (OTCBB:SYTE), an Internet Service Provider and computer services company, today announced the results of operations for the third quarter 2004. Sitestar posted a net income of $156,051 for the three months ending September 30, 2004 and EBITDA of $348,570. Net income year-to-date is $10,584 and EBITDA is $536,742.
"Not only were we able to post a healthy net profit this quarter, but we have also reversed the net loss we posted in the first and second quarters of this year. I think we have turned the corner. Now we can see the results of lowering our expenses, especially the telecommunications costs. Acquisitions of other Internet Service Providers have given us additional revenue potential. We are continuing our efforts to find companies that are compatible and will integrate well into our operations. In addition, we are continuing to improve our products and services and create efficiencies in our costs," said Frank R. Erhartic Jr., Sitestar's president and CEO.
Erhartic added, "We are very excited about kicking off our new marketing program with the Hamlin Marketing Group. We anticipate great things to come from this strategic relationship and look forward to implementing exciting new projects in the near future. With national exposure for our services, promoted in a new format, we will develop brand awareness that will position us for continued growth."
About Sitestar Corporation
Sitestar Corporation is a mid-Atlantic Internet Service Provider and computer services company offering a broad range of services to business and residential customers. Sitestar's main customer base is primarily in the Va. and N.C. markets, but it also sells most of its services nationwide. Sitestar's wholly owned subsidiaries provide narrow and broadband Internet access, Web-hosting and design services, computer sales and repair and other technology-related solutions to its residential and business customers.
Sitestar's wholly owned subsidiaries include Sitestar.net (http://www.sitestar.net),SurfWithUs.Net (http://www.surfwithus.net), Lynchburg.net (http://www.lynchburg.net), Advanced Internet Services (http://www.advi.net), Computers by Design (http://www.computersbydesign.com) and CBD Toner Recharge (http://www.recharge.net).
Forward-Looking Statements
This report contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Stockholders are cautioned that all forward-looking statements involve risks and uncertainty, including without limitation, the company's ability to expand its customer base, make strategic acquisitions, general market conditions, and competition and pricing. Although the company believes the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements contained in the report will prove to be accurate.
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