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Peer 1 Network Corp Quick Quote: V.PIX 0.45 (Even)
Peer 1 Network Joins the TSX Venture Exchange, Completes Reverse Takeover, Raises Funds for Expansion
7/26/02
VANCOUVER, BRITISH COLUMBIA, Jul 26, 2002 (CCNMatthews via COMTEX) --
Peer 1 Network Inc., a provider of high performance Internet bandwidth and server co-location facilities, today announced the successful completion of a reverse takeover (RTO) of Talltree Resources Ltd and the completion of an Exchange Offering Prospectus. Initiated in October 2001, the completion of the RTO and subsequent renaming of Talltree Resources to Peer 1 Network Enterprises Inc. (TSX: PIX) brings the company into the TSX Venture Exchange as an actively listed company.
"We continue to surpass even our own self-appointed, aggressive milestones for business growth," said Geoff Hampson, President and CEO of Peer 1 Network. "As a publicly listed company, Peer 1 can now realize an accelerated rate of growth as we reach into untapped North American markets."
The sales model for Peer 1 Network, co-location and high bandwidth services for Web-centric companies, takes advantage of a maturing market where reliable bandwidth is the ultimate goal. As a pure play provider of highly available, low latency bandwidth, coupled with a responsive customer service team, Peer 1 has already distinguished itself from its competitors.
According to Toronto-based market research firm IDC Canada Ltd., demand for bandwidth will continue to increase for the foreseeable future. "The Internet market will remain a major engine for North American telecom with a five-year growth rate of 14 per cent between 2001 and 2006 - more than twice the growth rate of the overall telecom market," said Lawrence Surtees, senior telecom analyst, IDC Canada. "That growth will also herald significant potential for companies that offer cost-effective bandwidth solutions."
About Peer 1 Network
Peer 1 Network provides high performance Internet bandwidth and server co-location facilities to companies across North America. Building on a redundant, 100% Cisco powered internal network, Peer 1 guarantees 100% uptime Internet access for companies with mission-critical applications. Since its inception in 1999, Peer 1 Network has established local offices in Toronto, Montreal and New York with additional co-location facilities in Seattle. The headquarters are in Vancouver, British Columbia. More information is available at https://www.peer1.net/.