Vancouver, British Columbia, Canada – (The Hosting News) – December 23, 2005 – Network, co-location and dedicated server hosting company, Peer 1 Network Enterprises, Inc. has named its board of directors for the coming year.
At its annual
general meeting, the shareholders of Peer 1 Network Enterprises, Inc.
elected Mark Benham, Michael Cytrynbaum, Werner K. Paulus,
Scott Shaw, Chris Theodoropoulos and Lance Tracey as directors of the company
for the coming year.
The directors will guide the company forward after a year which has seen Peer 1 Network acquire approximately 8,300 servers, as well as operating facilities in Atlanta, GA, Miami, FL, and Fremont, CA from Interland. The dedicated server assets accounted for approximately 37% of Interland’s revenues for the nine-month period ending May 31, 2005.
Peer 1 also recently announced a financial report for the first quarter of the
company’s 2006 fiscal year, the three months ended September 30, 2005. The
results include the first portion of a month of operations with the Interland
assets, reflecting the impact that the September 2nd 2005 acquisition will have
on the company’s financial state.
The results included a 205% increase in quarterly revenues (three months ended September 30, 2005 vs. three months ended September 30, 2004) from $3.8 million to $11.6 million as a result of the acquisition of ServerBeach and Interland assets, as well as growth in the base business.
Peer 1 had also previously purchased all of the assets of discount dedicated server company ServerBeach. The assets included a data center located in San Antonio, Texas and over 4,200 dedicated servers. The net effect of this highly accretive acquisition was expected be to increase Peer 1’s monthly recurring revenue by 57% to over $CDN 2 million.
The ServerBeach business is operated as a wholly owned subsidiary of Peer 1.The purchase price was comprised of $US 7.5 million in cash, a management services contract , and other bandwidth services.
To learn more about Peer 1, please visit: www.peer1.com.