SOURCE: CYBERSURF CORP.

October 30, 2007 11:11 ET

Cybersurf Corp. Announces Results for Fiscal Year Ended June 30, 2007

CALGARY, AB--(Marketwire - October 30, 2007) - Cybersurf Corp. ("Cybersurf") (TSX-V: CY), one of Canada's leading Internet technology and service companies, today reported financial results for the fourth quarter and its fiscal year ended June 30, 2007.

The Company's 2007 financial results indicate a slight decrease (5%) in gross revenues to $15,202,850 for fiscal year 2007 compared to $16,044,904 for fiscal 2006. The consolidated net loss for the year ended June 30, 2007 was $1,600,785 (or $0.05 per share), compared to $1,386,917 (or $0.04 per share) in fiscal year 2006. The Company experienced a significant decline in its high margin dial up customer base and continued to incur expenses as a result of supply problems caused by one of the Company's suppliers in the last year. However, the Company has completed, for the most part, the amalgamation of the IGS acquisition and has capitalized on the majority of synergies by eliminating any unprofitable products, significantly reducing costs under general and administration, eliminating redundant telecom services and improving collections processes in an effort to reduce accounts receivable and bad debt expenses. In addition, the Company has experienced significant growth in its local phone "VoIP" services and long distance customer base which are high margin services.

Fiscal 2007 Highlights
* Revenue growth of 372% increase in the Company's Local Phone services;
* Company continues to add to its High Speed and Local Phone footprint;
* Considerable reduction of debt

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YEAR TO DATE FINANCIAL SUMMARY
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                                      12 months ended    12 months ended
                                       June 30, 2007      June 30, 2006
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Revenue                                  $15,202,850       $16,044,904
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Loss  before Other Income (Expense)      ($1,614,032)      ($1,384,865)
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Loss                                     ($1,600,785)      ($1,386,917)
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Loss per Share                              ($0.05)           ($0.04)
------------------------------------------------------------------------

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A complete copy of the Company's Audited Consolidated Financial Statements for the fiscal years ended June 30, 2007 and 2006 and of the Company's Management Discussion and Analysis of Financial Condition and Results of Operations for the Year Ended June 30, 2007 are available on the Internet at www.sedar.com.

About Cybersurf Corp.

Cybersurf is an independent Internet and communications company providing consumers in the United States and Canada with a value-driven alternative to large incumbent carriers. Cybersurf prides itself on providing the highest possible quality of services at the lowest possible prices and is one of Canada's largest independent Internet service providers.

Cybersurf believes consumers want 'The Freedom of Choice' that comes with having a truly independent provider as an alternative to larger incumbent telephone companies or cable carriers -- a choice that allows users to connect to the Internet how they want and with an independent provider that focuses on the needs of today's average user by providing quality service at the best possible price. Cybersurf is that choice.

For more information about Cybersurf, please visit www.cybersurf.com or www.cia.com.

Cybersurf's common shares trade on the TSX Venture Exchange under the trading symbol "CY."

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.

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.

Contact Information

  • Contact:
    Paul Mercia
    President and CEO
    1-888-858-8958
    email Email Contact

    Cybersurf Corp.
    300, 1144 - 29 Avenue NE
    Calgary, AB
    T2E 7P1
    Ph: 403.777.2000
    Fax: 403.777.2003