SOURCE: Sitestar Corporation

October 30, 2007 18:25 ET

Sitestar Retires More Common Shares

Company Cancels 2,000,000 Outstanding Shares

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 ( 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.

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