Contact Information: Contact: Frank R. Erhartic, Jr. 434-239-4272
Sitestar Retires More Common Shares
Company Cancels 2,000,000 Outstanding Shares
| Source: Sitestar Corporation
LYNCHBURG, VA--(Marketwire - October 30, 2007) - Sitestar Corporation (OTCBB : SYTE ), a
provider of residential and business Internet access, web hosting and
value-added products and services, announced today that 2,000,000 shares
issued in connection with the acquisition of NetRover Inc. have been
reacquired and cancelled.
"We are staying true to our commitment to provide shareholder value," said
Frank R. Erhartic, Jr., CEO for Sitestar. "We have taken advantage of an
opportunity to increase the value of the investments our shareholders have
made in us by reacquiring shares we issued for the purchase of our Canadian
operations."
Also, Mr. Erhartic said, "By cancelling these shares, the value of the
company is spread over a smaller base thus increasing the value of each
share." Additionally he noted, "I am confident that our future revenue
stream will continue to produce results that our shareholders have come to
expect. These things, combined with other exciting events we see in the
very near future, should make this and the next couple of years the best in
Sitestar's history."
Safe Harbor for Forward-Looking Statements
This press release contains forward-looking statements that are based on
management's expectations, estimates, projections and assumptions. The
Company assumes no obligation except as required by law to update the
forward-looking statements contained in this press release as a result of
new information or future events or developments. These forward-looking
statements generally can be identified by words such as "believes,"
"expects," "projects," "anticipates," "foresees," "forecasts," "estimates,"
"should" or other words or phrases of similar import. Forward-looking
statements are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995, as amended. These statements are
not guarantees of future performance and involve certain risks and
uncertainties, which are difficult to predict. Therefore, actual future
results and trends may differ materially from what is forecast in
forward-looking statements due to a variety of factors, including and
without limitation, as found in the Company's reports filed with the
Securities and Exchange Commission.
About Sitestar
Sitestar (www.sitestar.com) is an Internet and computer solutions provider
that offers consumer and business-grade Internet access, Web hosting and
design, and other value-added services including web acceleration, spam and
virus filtering as well as spyware protection. Headquartered in Lynchburg,
Virginia, Sitestar maintains multiple sites of operation and provides
services to customers throughout the U.S. and Canada, with concentrations
of customers in the Mid-Atlantic and Rocky Mountain regions in the U.S. and
in Ontario, Canada. With a focus on competitive pricing, reliability,
service and speed, Sitestar delivers customer value.