Peer 1 Network Withdraws Private Placement due to Market Conditions

HostReview.com
Wednesday, December 15, 2004; 02:11 PM

Peer 1 Network Enterprises, Inc., a provider of high performance Internet bandwidth and server co-location facilities, announced today that, due to unfavorable market conditions, the company has withdrawn the private placement previously announced on October 12th, 2004 and amended October 22nd, 2004.

"The fundamentals of Peer 1," says James Taylor, CFO, "are very strong, especially with the acquisition of ServerBeach. The company will continue to focus on reducing costs through the integration process and will move forward with its growth strategy." 

Peer 1 Network's management has determined through consultation with Haywood Securities Inc. that current market conditions prevent the company from completing a private placement at a price that is acceptable to Peer 1.