Voip News:PEER 1 Enhances Executive Management Team3 December 2005
PEER 1 Network Enterprises, Inc. (TSX VENTURE:PIX - News) announced today that Fabio M. Banducci has been appointed Executive Vice President of PEER 1. In this newly created position Mr. Banducci will work closely with the CEO and other members of the executive management team to execute PEER 1's business plan.
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"We feel that Fabio will be an excellent addition to our team," said Lance Tracey, PEER 1's co-founder and chairman of the board of directors. "He has a tremendous record of achievement in the financial and business community and I look forward to his participation and the impact he will have on the PEER 1 story."
For the twelve years ending in October 2003, Mr. Banducci served as a director of Haywood Securities Inc. and the head of its Corporate Finance Department. Since leaving Haywood, Mr. Banducci has been engaged in providing corporate advisory services to several public and private companies. Mr. Banducci holds a Bachelor of Applied Science from UBC and an MBA from McGill University. He is a CFA charterholder and a member of the Vancouver Society of Financial Analysts.
Mr. Banducci has been granted options by PEER 1 to purchase 500,000 common shares of PEER 1 at $0.47 per share for a period of five years.
In addition, Mr. Banducci has agreed to subscribe for 833,333 units of PEER 1 at a per unit price of $0.30 for gross proceeds of $250,000, which will be used for general working capital purposes. Each unit will consist of one common share and one share purchase warrant entitling the holder to acquire one additional common share of PEER 1 at a per share price of $0.40 for a period of five years, subject to the approval of the TSX Venture Exchange.
About PEER 1
PEER 1, the leading Internet infrastructure solutions company provides full services to handle the needs of customers requiring 100% uptime for their online presence including network, co-location, and dedicated hosting services. Since its inception in 1999, the company has grown to include data centers and network points of presence in 16 major cities across North America and Europe, all connected by PEER 1's world class IP (Internet Protocol) network. PEER 1 serves a variety of customers including hosting providers, online gaming companies, Internet phone (VoIP) companies and many small and medium-sized businesses. The company's headquarters are in Vancouver, Canada and the stock is traded on the TSX Venture exchange under the symbol PIX. For more information visit www.peer1.com.
Statements in this release relating to matters that are not historical fact are forward-looking statements based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Factors that could cause or contribute to such differences include, but are not limited to, general economic conditions, changes in technology, reliance on third party manufacturing, managing rapid growth, global sales risks, limited intellectual property protection and other risks and uncertainties described in PEER 1's public filings with securities regulatory authorities.
The TSX Venture Exchange does not accept responsibility for the ad equacy or accuracy of this release. PEER 1 Network Enterprises, Inc. (TSX VENTURE:PIX - News)
Contact:
PEER 1 Network Enterprises, Inc.
James P. Taylor
Chief Financial Officer
(604) 683-7747
jtaylor@peer1.net
OR
PEER 1 Network Enterprises, Inc.
Katie Wilson
Director of Communications
(604) 683-7747
kwilson@peer1.net
www.peer1.com
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Source: PEER 1 Network Enterprises, Inc.
Source: Business Wire
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