PEER 1 Hosting completes SAS 70 Type II and CICA 5970 Audit

VANCOUVER, Aug. 18 /PRNewswire-FirstCall/ - PEER 1 Hosting (TSX:PIX), a global online IT hosting provider, today announced it has successfully completed two independent audits of its selected controls, processes and procedures in compliance with the American Institute of Certified Public Accountants' (AICPA) Statement on Auditing Standards (SAS) # 70 for service organizations and the Canadian Institute of Chartered Accountants (CICA) Section 5970 for the period from January 1, 2010 through June 30, 2010. SAS 70 Type II and CICA 5970 audits are widely recognized within the industry as rigorous and stringent benchmarks for service organizations, and they require a thorough audit of the internal controls of the service organization by a licensed independent auditor.

The SAS 70 Type II and CICA 5970 audit reports are intended to provide PEER1 Hosting's customer organizations and their auditors with information sufficient to obtain an understanding of those aspects of PEER 1 Hosting's controls that may be relevant to their internal controls over financial reporting and thereby aid in assessments of business risk for customer organizations. A Type II report not only includes the service organization's description of existing controls, but also includes detailed testing regarding the design and operating effectiveness of the service organization's controls. In particular these reports, when combined with an understanding of the controls in place at customer organizations, are intended to assist in the understanding of PEER1 Hosting general computer controls. Areas covered include corporate strategic planning and organization, manage human resources, manage operations and monitoring, manage changes, manage performance and capacity, ensure system security, manage the configuration, manage problems and incidents, manage data and backups, and manage facilities.

"By completing both SAS 70 Type II and CICA 5970 audits, we are providing a level of transparency and validation to our customers that we have the processes and safeguards in place to protect their assets and data," says Jad Jebara, VP, Finance and IT, PEER 1 Hosting. "These internationally recognized and respected auditing standards are critical for our customers' peace of mind. It also provides us with a benchmark for proactive and continuous improvement of our processes, procedures and controls."

About PEER 1 Hosting

PEER 1 Hosting is one of the world's leading IT hosting providers. The company is built on two obsessions: Ping & People. Ping, represents its commitment to best-in-breed technology, founded on a high performance 10Gb SuperNetwork(TM) connected by 17 state-of-the-art data centres, 21 points-of-presence and 10 colocation facilities throughout North America and Europe. People, represents its commitment to delivering outstanding customer service to its more than 10,000 customers worldwide, backed by a 100 percent uptime guarantee and 24x7x365 FirstCall Support(TM). PEER 1 Hosting's portfolio includes Managed Hosting, Dedicated Servers under the ServerBeach brand, Colocation and Cloud Services. Founded in 1999, the company is headquartered in Vancouver, Canada, with European operations headquartered in Southampton, UK. PEER 1 Hosting shares are traded on the TSX under the symbol PIX. For more information visit: www.peer1.com or www.peer1hosting.co.uk.

Forward Looking Statements:

Statements in this release relating to matters that are not historical fact are forward-looking statements based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Factors that could cause or contribute to such differences include, but are not limited to, general economic conditions, changes in technology, reliance on third party manufacturing, managing rapid growth, global sales risks, limited intellectual property protection and other risks and uncertainties described in PEER 1 Hosting's public filings with securities regulatory authorities.

SOURCE Peer 1 Network Enterprises, Inc.