LYNCHBURG, Va., March 1, 2006 (PRIMEZONE) -- Sitestar Corporation (OTCBB:SYTE), a provider of residential and business Internet access and value-added computer services, today announced that it expects to report record earnings based upon its preliminary and un-audited financial results. The company forecasts an increase in annual gross revenue stimulated by the dynamic growth of its Internet division. Similarly, Sitestar anticipates a sharp increase in EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) for the fiscal year compared to same period a year ago.
The company's momentum grew steadily in 2005 as Sitestar continued to solidify its position as a leading Internet Service Provider (ISP) for underserved rural markets in North America by delivering flexible Internet access service plans and around the clock customer service. Throughout 2005, Sitestar increased its customer base, exceeded revenue targets and posted record quarterly profits.
"2005 was a pivotal year for our company and shareholders," said Frank R. Erhartic, Jr., CEO for Sitestar. "We executed our business plan designed to optimize operational efficiencies, expanded our subscriber base and continued our commitment to deliver premium Internet access service backed by top-notch customer support. We are thrilled to have completed the best year in Sitestar's history and look forward to build and expand upon our successes through 2006."
Sitestar's fourth quarter and fiscal year 2005 results are preliminary, subject to the Company completing its customary quarterly and year-end closing and audit procedures. Sitestar plans to announce actual results for the fiscal year ended December 31, 2005 on or before the end March 2006.
About Sitestar
Sitestar (http://www.sitestar.com) is an Internet and computer solutions provider that offers narrow and broadband Internet access, Web hosting and design, and other value-added services. The company's customers include residential and commercial accounts throughout the United States and Canada. With a focus on competitive pricing, reliability, service and speed, Sitestar delivers customer value.
Its wholly owned subsidiaries include:
Sitestar.net (http://www.sitestar.net)
netROVER, Inc. (http://www.netrover.com)
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)
CBD Toner Recharge (http://www.recharge.net)
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, our ability to expand our customer base, make strategic acquisitions, general market conditions, and competition and pricing. Although we believe 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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