February 20, 2009 17:00 ET

Cybersurf Corp. Announces Results for Fiscal Year Ended June 30, 2008

CALGARY, ALBERTA--(Marketwire - Feb. 20, 2009) - Cybersurf Corp. ("Cybersurf") (TSX VENTURE: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, 2008.

Cybersurf's year ending June 30, 2008 was highlighted by a net profit of $334,879 which is an increase from the ($1,600,785) loss for the previous year. This improvement in performance was primarily due to the re-evaluation of various estimates for amounts previously recorded as liabilities and direct costs going back over several years. These liabilities were associated with high speed internet and other telecommunication services provided by Bell Canada ("Bell"). During 2008, Cybersurf undertook an extensive review of these transactions and aggressively pursued settlement of the disputed amounts and credit claims for long term service issues. Further, Cybersurf filed an application with the Canadian Radio-Television and Telecommunication Commission ("CRTC") to seek relief from what the Cybersurf to resolve the billing dispute with Bell and provide other relief. As a result of these actions, Cybersurf has changed its estimated amount owing to Bell. Cybersurf's operations generated a net gain of $332,942 and Cybersurf remained cash flow positive. Cybersurf also continues to reduce costs under general and administration, and to lower its operational costs.

12 months ended 12 months ended
June 30, 2008 June 30, 2007
Operating Revenue $ 13,186,332 $ 15,202,850
Net Income (Loss) before Other Income
(Expense) $ 332,942 $ (1,614,032)
Net Income (Loss) $ 334,879 $ (1,600,785)
Net Income (Loss) per Share $ 0.01 $ (0.05)

A complete copy of Cybersurf's Audited Consolidated Financial Statements for the fiscal years ending June 30, 2008 and 2007 and of Cybersurf's Management Discussion and Analysis of Financial Condition and Results of Operations for the Year Ended June 30, 2008 are available on the Internet at

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.

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

Note: Cybersurf is currently subject to a Cease Trade Order issued by the Alberta Securities Commission on December 30, 2008 and the Ontario Securities Commission on January 16, 2009.

Distributed by Filing Services Canada and retransmitted by Marketwire.

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.

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

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