PEER 1 Network Enterprises, Inc.
TSX VENTURE : PIX

PEER 1 Network Enterprises, Inc.

June 28, 2005 21:00 ET

Peer 1 Network Extends Bridge Loan

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 28, 2005) - Peer 1 Network Enterprises, Inc (TSX VENTURE:PIX) announced today that the company has exercised its right to extend the maturity date of its $US 8 million bridge loan provided by Polygon Financial Investments, Inc. to finance the October 2004 purchase of ServerBeach Ltd. The maturity date has been moved from June 30, 2005 to December 31, 2005. Upon exercising its right of extension Peer 1 became obligated to pay to Polygon Financial a fee of $US 400,000. Polygon and Peer 1 have agreed that Peer 1 will satisfy this obligation in full by issuing 1,250,000 common shares, subject to regulatory approval.

About Peer 1 Network

Peer 1 Network, the first Internet infrastructure provider to offer a 100% uptime guarantee, delivers leading-edge server colocation, IP network and customer support solutions to performance-hungry customers worldwide. Since its inception in 1999, the company has grown to 12 state-of-the-art data centers and 17 points of presence across North America and Europe, all connected by Peer 1's world class IP network. Peer 1 serves customers who range from gaming to VoIP, to enterprise. The company's headquarters are located in Vancouver, Canada and the stock is traded on the TSX Venture exchange under the symbol PIX. In 2004 Peer 1 acquired ServerBeach Ltd, a self-managed dedicated server company. For more information visit www.peer1.net.


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