CYBERSURF CORP.
TSX VENTURE : CY

CYBERSURF CORP.

December 12, 2008 19:43 ET

Cybersurf Corp. Notice of Default Update

CALGARY, ALBERTA--(Marketwire - Dec. 12, 2008) - Cybersurf Corp. (TSX VENTURE:CY) (the "Corporation"), was unable to file its audited financial statements and other material for the fiscal year ended June 30, 2008 (the "Financial Statements") by the October 28, 2008 deadline set forth in National Instrument 51-102-Continuous Disclosure Obligations. A Management Cease Trade Order was issued by the Alberta Securities Commission on November 5, 2008. This Default Status Report is issued pursuant to National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203").

The Corporation continues to implement its remediation plan as outlined in its Notice of Default filed on October 5, 2008 and amended on November 5, 2008. The Corporation has not yet made a decision on hiring a new auditor or engaging its existing auditor. The Corporation has met with a number of potential replacement auditors and has narrowed it choice down to two potential replacement auditor firms. The Corporation has received audit proposals (with estimates) and is currently reviewing them. The Corporation expects to make a decision by December 16, 2008.

The Corporation continues to expect to file its Financial Statements by December 27, 2008. The Corporation intends to continue to satisfy the provisions of the Alternative Information Guidelines by issuing bi-weekly Default Status Reports in the form of news releases, so long as it remains in default.

The Corporation is not in any insolvency proceedings at the present time and there is no other material information relating to the affairs of the Corporation that has not been generally disclosed.

There are no other changes required to be disclosed pursuant to section 4.4 of NP 12-203.

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.

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

Contact Information