SOURCE: CYBERSURF CORP.

May 06, 2005 20:25 ET

Cybersurf Completes Acquisition of IGS

CALGARY, AB -- (MARKET WIRE) -- May 6, 2005 -- Cybersurf Corp. (TSX-V: CY), one of Canada's leading independent Internet service providers, today announced it has completed the acquisition of the Internet service provider business of Avalon Works Corp. (IGS)

Under the terms of the deal, Cybersurf acquired all of the issued and outstanding shares of 1085083 Ontario Inc. (c.o.b. Information Gateway Services), a wholly owned subsidiary of Avalon for a total cash consideration of approximately $2,200,000. All of the assets and employees employed in the ISP businesses of The Online Source Inc. (c.o.b. Worldchat) and Crosshands Group Inc. (c.o.b. Iosphere and Glen-Net Communications), which are also subsidiaries of Avalon, were transferred to IGS prior to closing.

"We are very pleased to announce the completion of the IGS transaction and we would like to welcome our new customers, employees and partners to Cybersurf," said Charles Rifici, Cybersurf's Vice President of Corporate Development. "Our strategy is clear and the IGS acquisition further demonstrates our desire to grow our business both organically and through strategic acquisitions to increase economies of scale and build shareholder value."

About Cybersurf Corp.

Cybersurf is an independent Internet and communications company providing Canadians 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 Canadians want 'The Freedom of Choice' that comes with having a truly independent provider as an alternative to Canada's 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.

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 Charles Rifici, Vice-President, Corporate Development at (613) 565-4646 ext. 603 or by email at investor.relations@cybersurf.com

Contact Information

  • Contact:
    Charles Rifici
    Vice-President, Corporate Development
    (613) 565-4646 ext. 603
    email: investor.relations@cybersurf.com

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