Cybersurf Corp. Holds Annual Meeting, AppointCYBERSURF CORP Quick Quote:
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Cybersurf Corp. Holds Annual Meeting, Appoints New CFO
12/17/05
CALGARY, AB, Dec 17, 2005 (MARKET WIRE via COMTEX) --
Cybersurf Corp. ("Cybersurf" of the "Company") (TSX-V: CY) one of Canada's leading Internet technology and service companies held its annual meeting of shareholders today. At the meeting, Deloitte & Touche LLP were re-appointed as the Company's auditors to hold office until the next annual meeting of shareholders. R. James Milliken, Jay M. Roberge and Paul Mercia were reappointed as the Company's directors to hold office until the next annual meeting of shareholders or until their successors are duly elected or appointed.
At a meeting held subsequent to the annual meeting of shareholders, the Company's Board of Directors made the following appointments relating to the Board and its permanent committees:
Chairman of the Board - Jay M. Roberge
Composition of Audit Committee - R. James Milliken, Jay M. Roberge and Paul Mercia
Chair of Audit Committee - R. James Milliken
Composition of Personnel Committee - R. James Milliken and Jay M. Roberge
Chair of Personnel Committee - Jay M. Roberge
Mr. Roberge, who was already a Board member, assumed the position of Chair of the Board after Mr. Milliken decided to step down from that position. In thanking Mr. Milliken for his service as Chair of the Board, Cybersurf President and Chief Executive Officer Paul Mercia stated: "I am grateful to Jim for his leadership during an important period in the Company's development, which included a settlement of the Company's litigation with Mercury Partners & Company Inc. (now called Black Mountain Capital Corporation (TSX-V: BMM.U)), the expansion of the Company's network and services and most recently, the attainment by the Company of a positive cash flow position, as set out in its most recently released interim financial statements. I am very pleased that he will continue to serve on the Board. I also look forward to working with Jay in his new role."
Today, the Board also appointed Charles Rifici as the Company's new Chief Financial Officer ("CFO"), effective immediately. Prior to Mr. Rifici's appointment as CFO, Mr. Paul Mercia performed functions similar to those performed by a CFO. Prior to his new appointment, Mr. Rifici was Cybersurf's Vice President, Finance, a position that he will also continue to retain. In commenting on Mr. Rifici's new appointment, Mr. Mercia said: "Charles has been very instrumental in helping the Company improve its financial position. He has worked very hard to help the Company maximize the synergies available from its acquisitions of Surf The Net Internet Service Inc. and 1085083 Ontario Inc. ("Information Gateway Services") during the last couple of years and to reduce costs and improve Cybersurf's financial controls. I look forward to his ongoing contributions to the Company in his expanded role." Before joining Cybersurf, Mr. Rifici was a principal of Cyberus Online Inc. where he held business development, finance and operational roles. Mr. Rifici holds an MBA from Queen's University and a Bachelor in Applied Science in Computer Engineering from the University of Ottawa.
About Cybersurf Corp.
Cybersurf is an independent Internet and communications company providing Canadians with a value-driven alternative to large incumbent carriers. Cybersurf prides itself on providing the highest possible quality of services at the lowest possible prices and is one of Canada's largest independent Internet service providers.
Cybersurf believes Canadians want 'The Freedom of Choice' that comes with having a truly independent provider as an alternative to Canada's larger incumbent telephone companies or cable carriers -- a choice that allows users to connect to the Internet how they want and with an independent provider that focuses on the needs of today's average user by providing quality service at the best possible price. Cybersurf is that choice.
For more information about Cybersurf, please visit www.cybersurf.com or email investor.relations@cybersurf.com.
Cybersurf's common shares trade on the TSX Venture Exchange (TSX-V: CY).
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.
Forward-Looking Statements
This news release may contain certain forward-looking statements. All statements, other than statements of historical fact, included herein, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made, and Cybersurf does not undertake an obligation to update forward-looking statements should conditions or management's estimates or opinions change.
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