LYNCHBURG, VA -- (Marketwire) -- 11/17/09 -- Sitestar Corporation (PINKSHEETS: SYTE), a provider of residential, business and wholesale Internet access, web hosting and value-added products and services, today reported quarterly results for the third quarter ended September 30, 2009. In spite of the challenging economic climate, the Company successfully posted a net profit of $114,145. Financial highlights for the quarter include:
-- Total Revenue for the three (3) months ended September 30, 2009 was $2,012,619. -- Net Income for the three (3) months ended September 30, 2009 was $114,145. -- Total Revenue for the nine (9) months ended September 30, 2009 was $6,845,230. -- EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) for the nine (9) months ended September 30, 2009 was $2,272,732. -- Net Income for the nine (9) months ended September 30, 2009 was $439,181.
Sitestar continued its focus on long-term value creation by initiating new acquisition opportunities that will expand and diversify the customer base, consolidating its network to further reduce costs and exploring other ways to streamline its operation to gain added efficiencies. The Company also fulfilled its commitment to issue amended previous financial statements. Most importantly, Sitestar enlisted additional expert resources to strengthen and expedite the Company's return to the OTCBB for active trading.
"Setbacks notwithstanding, we remain very excited and optimistic about the future of Sitestar," said Frank R. Erhartic, Jr., CEO for Sitestar. "Our balance sheet remains strong and healthy so we can opportunistically acquire customers and expand into services that compliment our business model. Further, we have every confidence that the question of being relisted for active trading on the OTCBB is not a matter of 'if' but 'when.' The Company is continuing to execute with an eye on the long-term which, we believe, will reward the shareholders for their continued support and patience."
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.
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.
Frank R. Erhartic, Jr.
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