-- Total Revenue was $10,227,438, an increase of $3,660,174 or 57.7
percent from $6,567,264 for the same period in 2007.
-- EBITDA was $4,338,166, an increase of $1,709,004 or 65 percent from
$2,629,162 for the same period in 2007.
-- Net Income was $896,076, an increase of $106,104 or 13.4 percent from
$789,972 for the same period in 2007.
-- Notes payable, less current portion, was $915,615, a decrease of
$779,221 or 46 percent from $1,694,836 for the same period in 2007.
-- End of year net income per share was $.01.
"We are absolutely thrilled to report that Sitestar has completed its best year in company history," said Frank R. Erhartic, Jr., CEO for Sitestar. "This is even more significant given the current economic climate which has adversely impacted the performance of many companies across multiple industries. To be sure, the financial health of the Company has never been stronger. In 2008, robust cash flow from sales enabled us to complete more acquisitions than in previous years and fueled our strategy to diversify our holdings including expansion into the wholesale dial-up and fiber to the home (FTTH) service markets. Our financial performance also facilitated the retirement of all of our outstanding bank notes and commencement of a stock repurchase program designed to acquire up to 10,000,000 shares of common stock to stimulate Sitestar's share price. Lastly, due to our growth, we were able to not only retain our employees but, more importantly, create new jobs to service our expanded customer base and operations." Commenting on the Company's outlook for the current fiscal year, Mr. Erhartic added the following guidance, "Clearly, the present economic state is having an impact on businesses, consumers and the stock market. We believe that Sitestar is in a position of strength to continue to acquire business assets that increase and complement our value. Similarly, we feel that our share price is undervalued and has weathered the volatility of the overall market. Going forward, we will continue to execute our conservative growth plan to capitalize on opportunities and deliver shareholder value." Safe Harbor for Forward-Looking Statements This press release contains forward-looking statements that are based on management's expectations, estimates, projections and assumptions. The Company assumes no obligation except as required by law to update the forward-looking statements contained in this press release as a result of new information or future events or developments. These forward-looking statements generally can be identified by words such as "believes," "expects," "projects," "anticipates," "foresees," "forecasts," "estimates," "should" or other words or phrases of similar import. Forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual future results and trends may differ materially from what is forecast in forward-looking statements due to a variety of factors, including and without limitation, as found in the Company's reports filed with the Securities and Exchange Commission. About Sitestar Sitestar is an Internet solutions provider that offers consumer and business-grade Internet access, wholesale managed modem services for downstream ISPs and Web hosting. Headquartered in Lynchburg, Virginia, Sitestar maintains multiple sites of operation and provides services to customers throughout the U.S. and Canada. With a focus on competitive pricing, reliability, service and speed, Sitestar delivers customer value. For more information, visit www.sitestar.com.
Contact Information: Contact: Frank R. Erhartic, Jr. 434-239-4272