December 22, 2008 13:45 ET

Cybersurf Corp. Notice of Default Update

CALGARY, ALBERTA--(Marketwire - Dec. 22, 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 engaged DNTW Chartered Accountants, LLP a national Chartered Accounting firm with local offices in Calgary and Ottawa. The Corporation will disclose when it expects to complete its audit on December 23, 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.

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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