CALGARY, Feb. 4, 2003 (PRIMEZONE) -- Cybersurf Corp. ("Cybersurf") (TSX Venture Exchange:CY), one of Canada's leading Internet technology companies, announced that the Alberta Court of Queen's Bench has dismissed in its entirety the application by a dissident shareholder, Mercury Partners & Company Inc., seeking to overturn the results of the Cybersurf Annual General Meeting held on November 27, 2002.
The judgment confirms that the Chairman acted properly in all respects in relation to the meeting and that the extensive procedures and safeguards Cybersurf put in place to ensure a fair and accurate vote properly maintained the integrity of the system. The decision therefore confirms that the Management slate of directors is the duly elected and authorized board of Cybersurf.
"The ongoing efforts by Mercury Partners to replace the Cybersurf board and monetize the assets of the company have necessitated a costly and time-consuming process. We are therefore very pleased to have such a definitive and positive ruling on the Mercury application," says Mr. Paul Mercia, Cybersurf's President and CEO. "The court has confirmed the will of the shareholders and we are once again able to focus on expeditiously launching our high-speed product and pursuing accretive acquisitions".
About 3web Corp.
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 centers 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.
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.