Peer 1 Network Withdraws Private Placement due to Market Conditions
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and server co-location facilities, announced today that, due to unfavorable market conditions, the company has withdrawn the private placement previously announced on October 12th, 2004 and amended October 22nd, 2004.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.
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PEER 1 believes in the limitless opportunity of the Internet, and the business growth potential it provides for its more than 10,000 customers. As a global online IT hosting provider, PEER 1 offers a reliable high performance Internet network supporting scalable Managed Hosting, Dedicated Hosting through the ServerBeach brand, and Colocation solutions. Backed by its 100 percent uptime guarantee and 24x7x365 FirstCall Support™, PEER 1 ensures customers’ online presence is always fast, always available. Since 1999, PEER 1 has grown to... read more
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