SOURCE: CYBERSURF CORP.

March 01, 2007 19:09 ET

Cybersurf Corp. Announces Results for Three-Month Interim Period Ended December 31, 2006 and Change of Auditors

CALGARY, AB -- (MARKET WIRE) -- March 1, 2007 --Cybersurf Corp. (TSX-V: CY) ("Cybersurf"), one of Canada's leading independent Internet technology and service companies, today reported financial results for the three month interim period ending December 31, 2006, being the second quarter of Cybersurf's fiscal year 2007.

The Company's financial results for the second quarter of fiscal 2007 indicate an increase in gross revenues and gross margin. Cybersurf's consolidated operating revenues increased 4% to $4,384,624 for the second quarter of fiscal year 2007 compared to $3,964,399 for the second quarter of fiscal 2006. Gross margin for the quarter was 46%, an increase of 2% over the same quarter of the previous year. The consolidated net loss for the quarter ended December 31, 2006 was $168,568 or ($0.01) per share compared to $318,509 or ($0.01) per share in the quarter ended December 31, 2005.

A complete copy of the Company's Consolidated Financial Statements and of the Company's Management Discussion and Analysis of Financial Condition and Results of Operations for the second quarter of fiscal 2007 are available on the Internet at www.sedar.com.

Deloitte & Touche LLP, Chartered Accounts are resigning as Cybersurf's auditors effective immediately and Raymond Chabot Grant Thornton LLP, Chartered Accountants have been approved as the Company's new auditors by the Board of Directors of Cybersurf, subject to the completion of all required notifications required by law. The change of auditors is occurring in the normal course of business of Cybersurf and does not involve the occurrence of any Reportable Events as that term is defined in National Instrument 51-102 - Continuous Disclosure Obligations.

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."

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

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.

For more information about Cybersurf, please visit www.cybersurf.com or www.cia.com, contact Paul Mercia, President and CEO at (403) 777-2222, ext. 262 or email investor.relations@cybersurf.com.

Contact Information

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