13:51:58 - 30 June 2005

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Peer 1 Network Enterprises, Inc (www.peer1.com) 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. 

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