Lance Tracey, chairman and CEO of PEER 1 Network Enterprises, Inc. (TSX-V: PIX), a leading provider of Internet infrastructure, announced on Friday that the board of directors has approved the grant of 2,662,100 options to members of the executive management group (non-director officers) pursuant to the company’s Long Term Incentive Plan approved by the shareholders at PEER 1’s most recent annual general meeting. 

The options are exercisable at a price per share of $1.25, expire on June 20, 2012, and vest as follows: one third on June 20, 2008 and the remaining two thirds monthly in equal amounts over the 24 months ending June 20, 2010.

With this grant PEER 1 now has 9,597,004 options outstanding, representing approximately 8.27% of the company’s basic shares outstanding.

PEER 1, a leading Internet infrastructure provider, delivers client-centric solutions that ensure customers’ online presence is available 100% of the time. From Internet network and co-location to dedicated hosting, PEER 1 has a solution to meet the online needs of companies of all sizes.  Since its inception in 1999, the company has grown to include data centers and network points of presence in 16 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.