Appoints Fabio M. Banducci as Executive Vice President; will work closely with the executive management team to execute business plans.

Peer 1 Network Enterprises, Inc., a provider of Internet infrastructure, today announced that Fabio M. Banducci has been appointed Executive Vice President.

Peer 1 says that 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 plans.

Prior to Peer 1, Mr Banducci served as a director of Haywood Securities Inc. and the head of its Corporate Finance Department. He 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.

Fabio Banducci has been granted options by the company to purchase 500,000 common shares of Peer 1 at $0.47 per share for a period of five years. In addition, he 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.

"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."