LYNCHBURG, Va., Jan. 9, 2006 (PRIMEZONE) -- Sitestar Corporation (OTCBB:SYTE), a provider of residential and business Internet access and value-added computer services, today announced that it has purchased Canadian-based Netrover, Inc. Sitestar gains over 7,000 customers including dial-up and Digital Subscriber Line (DSL) Internet subscribers, web hosting and other business accounts.
The Netrover acquisition builds upon the company's business strategy which focuses on aggressively growing the Sitestar customer base across North America. Recent initiatives have also included the purchase of residential Internet subscribers from Idacomm and an expanded DSL coverage area in the western part of the United States.
"The acquisition of Netrover bolsters both the financial and business position of Sitestar," said Daniel A. Judd, CFO for Sitestar. "Netrover is profitable, strengthens our balance sheet and increases our customer base and presence in North America."
"The Netrover purchase further expands the Sitestar service footprint and opens Canada as a new market for our services," said Frank R. Erhartic, Jr., CEO for Sitestar. "Sitestar is poised to continue its growth in 2006 as we continue to increase customers, revenue and shareholder value. We welcome Netrover's customers and staff to Sitestar."
Sitestar plans to maintain a physical presence in Canada using Netrover staff. The integration of customers to Sitestar will be transparent to existing subscribers. This transaction was consummated effective January 1, 2006.
About Sitestar
Sitestar Corporation is a North American Internet Service Provider (ISP) and computer services company offering a broad range of services to business and residential customers. Sitestar sells most of its services in the United States and Canada. Sitestar's wholly-owned subsidiaries provide narrow and broadband Internet access, Web-hosting and design services, computer sales and repair and other technology-related solutions to its residential and business customers.
Sitestar's wholly-owned subsidiaries include Sitestar.net (http://www.sitestar.net), Netrover, Inc. (http://www.netrover.com), SurfWithUs.Net (http://www.surfwithus.net), Lynchburg.net (http://www.lynchburg.net), Advanced Internet Services (http://www.advi.net), Computers by Design (http://www.computersbydesign.com) and CBD Toner Recharge (http://www.recharge.net).
Forward Looking Statements
This report contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Stockholders are cautioned that all forward-looking statements involve risks and uncertainty, including without limitation, our ability to expand our customer base, make strategic acquisitions, general market conditions, and competition and pricing. Although we believe the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements contained in the report will prove to be accurate.
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