April 13, 2010 – (HOSTSEARCH.COM) – PEER 1 Network Enterprises, Inc.
(TSX:PIX), operating as PEER 1 Hosting, a leading provider of online IT infrastructure, today announced it has settled, by means of a confidential mediation, an action that had been pursued in the Supreme Court of British Columbia by WindyPoint Capital Inc. ("WindyPoint") and others for compensation alleged to be due and owing to WindyPoint in connection with financial advisory and investment banking services that it provided to the Company in 2005.
In accordance with the terms of the settlement, the Company will pay to the plaintiffs the total sum of CDN$ 450,000. In all respects, the settlement reached is to the mutual satisfaction of the parties. The Company expects to incur a one-time charge of approximately $500,000 related to the settlement in the third quarter of its 2010 fiscal year.
About PEER 1 Hosting
PEER 1 Hosting 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 Hosting 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 Hosting ensures customers’ online presence is always fast, always available. Since 1999, PEER 1 Hosting has grown to include 17 state-of-the-art data centres and points-of-presence throughout North America and Europe. The company’s headquarters are in Vancouver, Canada, with European operations headquartered in Southampton, UK. PEER 1 Hosting shares are traded on the TSX under the symbol PIX