June 30, 2005 — (WEB HOST INDUSTRY REVIEW) — Internet infrastructure provider Peer 1 Network (peer1.net) announced on Tuesday that the company has extended the maturity date of the $8 million bridge loan provided by Polygon Financial Investments to finance the October 2004 purchase of ServerBeach (serverbeach.com).
The maturity date has been pushed back from June 30, 2005 to December 31, 2005. Prior to exercising its right of extension, Peer 1 was obligated to pay Polygon Financial $400,000.
Polygon and Peer 1 have agreed that Peer 1 will satisfy this obligation in full by issuing 1,250,000 common shares, subject to regulatory approval.
Peer 1 Network is a Vancouver-based Internet infrastructure provider that offers 100 percent uptime guarantee, server colocation, IP network and customer support solutions to customers around the world.
