PEER 1 Network Enterprises, Inc.

PEER 1 Network Enterprises, Inc.

July 12, 2005 19:05 ET

Correction to June 28th, 2005 News Release Entitled 'Peer 1 Network Extends Bridge Loan'

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - July 12, 2005) - Further to its news release on June 28th, 2005 announcing the extension of the maturity date from June 30th, 2005 to December 31st, 2005 of its US $8.0 million bridge loan provided by Polygon Financial Investments, Inc. to finance the October 2004 acquisition of ServerBeach Ltd., Peer 1 Network Enterprises, Inc. (TSX VENTURE:PIX) has received regulatory approval to satisfy in full its obligation to pay Polygon an extension fee of US $400,000 by issuing common shares. 1,538,625 common shares will be issued to Polygon, rather than 1,250,000 common shares previously announced in error.

About Peer 1 Network

Peer 1 Network, the first Internet infrastructure provider to offer a 100% uptime guarantee, delivers leading-edge server colocation, IP network and customer support solutions to performance-hungry customers worldwide. Since its inception in 1999, the company has grown to 12 state-of-the-art data centers and 17 points of presence across North America and Europe, all connected by Peer 1's world class IP network. Peer 1 serves customers who range from gaming to VoIP, to enterprise. The company's headquarters are located in Vancouver, Canada and the stock is traded on the TSX Venture exchange under the symbol PIX. In 2004 Peer 1 acquired ServerBeach Ltd, a self-managed dedicated server company. For more information visit

Statements in this release relating to matters that are not historical fact are forward-looking statements based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Factors that could cause or contribute to such differences include, but are not limited to, general economic conditions, changes in technology, reliance on third party manufacturing, managing rapid growth, global sales risks, limited intellectual property protection and other risks and uncertainties described in Peer 1's public filings with securities regulatory authorities.

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

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