Q9 Networks Inc. Announces Pricing of Its Initial Public Offering

HostReview.com
Friday, April 16, 2004; 12:00 AM

Toronto, ON - April 16, 2004 - Q9 Networks Inc. announced today that it has entered into an underwriting agreement and has filed its final prospectus with the securities regulatory authorities in each of the provinces of Canada in connection with its initial public offering of 3,810,000 common shares at a price of $8.50 per common share for total gross proceeds of approximately $32 million. In addition, Q9 Networks Inc. has granted to the underwriters an option to purchase up to an additional 571,500 common shares at the same price to cover over-allotments, if any, and for market stabilization purposes. Closing of the offering is scheduled to take place on April 29, 2004.

CIBC World Markets Inc. and TD Securities Inc. are co-lead managers of the underwriting syndicate, which also includes BMO Nesbitt Burns Inc., GMP Securities Ltd., RBC Dominion Securities Inc. and Scotia Capital Inc.

Q9 has received conditional approval for the listing of its common shares on the Toronto Stock Exchange under the symbol "Q", subject to Q9 fulfilling all of the requirements of the Toronto Stock Exchange by July 7, 2004.

This press release does not constitute an offer to sell or the solicitation of an offer to buy common shares of Q9 Networks in the United States.

About Q9 Networks
Q9 Networks is a leading Canadian provider of outsourced Internet infrastructure and related managed services. Q9's data centres and network are backed by an industry leading SLA which guarantees 100% network and power availability. Q9 managed services, including: bandwidth, dedicated servers, firewalls, load balancing, virtual private networking (VPN) and back-up/restore, enable the rapid provisioning and scalability of client infrastructure.

For further information, please contact: Q9 Networks Kevin Spikes Director of Corporate Communications Q9 Networks Inc. Toronto: 416-365-7211 1-888-696-2266 kevin.spikes@Q9.com