PEER 1 Network Enterprises, Inc.
TSX VENTURE : PIX

PEER 1 Network Enterprises, Inc.

December 21, 2006 08:30 ET

PEER 1 Elects Detampel to Board of Directors

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 21, 2006) - At its annual general meeting held December 20, 2006, the shareholders of PEER 1 Network Enterprises, Inc. (TSX VENTURE:PIX) elected Mark Benham, Michael Cytrynbaum, David Harrison, Werner K. Paulus, Scott Shaw, Chris Theodoropoulos, Lance Tracey and Donald F. Detampel, Jr. as directors of the company for the coming year.

Mr. Detampel is a new addition to PEER 1's board this year, with over 30 years experience with major corporations at senior executive and Board of Director levels. Mr. Detampel worked for Raindance Communications, Inc. (NASDAQ:RNDC) as president and CEO from February 2004 to April 2006. Prior to joining Raindance, Mr. Detampel served as chairman and CEO of OneSecure Inc., a network security product company, and president of GlobalCenter Inc., a complex web hosting company. Mr. Detampel has also provided guidance as a consultant to numerous network security, computer technology and telecommunications companies. He currently serves as a member of the Board of Directors of Masergy Communications Inc. and New Global Telecom Inc.

PEER 1's Chairman of the Board, Lance Tracey, said, "The directors of PEER 1 welcome Mr. Detampel to the Board. We are confident that his experience and knowledge of the Internet, network security, computer technology, as well as his vast business expertise will be an asset to our company."

PEER 1's disinterested shareholders also approved implementation by the Board of Directors of a new incentive stock option plan which reserves for issuance 15,468,382 common shares of PEER 1 representing 20% of the outstanding common shares of the company. All outstanding options granted pursuant to PEER 1's previous option plan are now governed by the new plan and the previous plan has been terminated. There are currently 8,656,350 options outstanding, representing 11.0% of the outstanding shares of the company.

About PEER 1

PEER 1, the leading Internet infrastructure solutions company provides full services to handle the needs of customers requiring 100% uptime for their online presence including network, co-location, and dedicated hosting services. Since its inception in 1999, the company has grown to include data centers and network points of presence in 17 major cities across North America and Europe, all connected by PEER 1's world class Internet network. PEER 1 serves a variety of customers including hosting providers, online gaming companies, Internet phone (VoIP) companies and many small and medium-sized businesses. The company's headquarters are in Vancouver, Canada and the stock is traded on the TSX Venture exchange under the symbol PIX. For more information visit http://www.peer1.com.

Statements in this release relating to matters that are not historical fact are forward-looking statements based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Factors that could cause or contribute to such differences include, but are not limited to, general economic conditions, changes in technology, reliance on third party manufacturing, managing rapid growth, global sales risks, limited intellectual property protection and other risks and uncertainties described in PEER 1's public filings with securities regulatory authorities.

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

Contact Information

  • PEER 1 Network Enterprises, Inc.
    Gary Sherlock
    Chief Financial Officer
    (604) 683-7747
    or
    PEER 1 Network Enterprises, Inc.
    Katie Wilson
    Director of Communications
    (604) 683-7747
    Website: www.peer1.com