SOURCE: CYBERSURF CORP.

May 30, 2005 17:43 ET

Cybersurf Corp. Announces Results for Three-Month Interim Period Ended March 31, 2005

CALGARY, AB -- (MARKET WIRE) -- May 30, 2005 -- Cybersurf Corp. (TSX-V: CY), one of Canada's leading independent Internet service providers, today reported financial results for the three-month interim period ended March 31, 2005, being the third quarter of Cybersurf's fiscal year 2005.

The Corporation earned revenues of $2,838,209 in the third quarter of fiscal year 2005. After adjusting for a number of one-time items including legal costs recovered and carrier accruals associated with Cybersurf's High Speed and Dial Network, the net income for the quarter was $248,299. It should be noted that the Corporation had incurred significant legal expenses in the quarter and believes that going forward these will significantly decrease.

"The third quarter was a very active period for our Company," said Paul Mercia, Cybersurf's President and CEO. "As we enter our fourth quarter with the successful resolution of our action against Mercury Partners & Company Inc. (currently called Black Mountain Capital Corp.) and the recent completion of our acquisition of Avalon's ISP businesses (IGS) we look forward to stronger performance and increasing shareholder value."

FINANCIAL SUMMARY
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                                     3 months ended         3 months ended
                                     March 31, 2005         March 31, 2004
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Operating Revenue                       2,838,209              2,730,020
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Earnings/(Loss)                           248,299               (300,692)
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Earnings/(Loss) per share                    0.01                  (0.01)
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Highlights for period ending March 31, 2005

* Settlement of lawsuit with the dissident shareholder, Mercury Partners & Company Inc.

* Continued growth in high speed Internet and long distances margins.

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.

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.

Contact Information

  • For more information, please contact
    Paul Mercia
    President and CEO
    (403) 777-2000 ext. 262
    or by email at Email Contact