PEER 1 Hosting completes SSAE 16 Type II and CSAE 3416 Audit

VANCOUVER, Aug. 23, 2011 /PRNewswire/ - PEER 1 Hosting (TSX:PIX), a global IT hosting provider, today announced it has successfully completed two independent audits this year, further demonstrating its commitment to customers. The Standards for Attestation Engagements 16 (SSAE 16) Type II and Canadian Standard on Assurance Engagements 3416 (CSAE 3416) were completed for the period between July 1, 2010 through June 30, 2011 and are widely recognized audits that assure PEER 1 Hosting's controls, processes and procedures adhere to industry best practices. The SSAE 16 and CSAE 3416 replaced the SAS70 and CICA 5970 respectively as the new standards.

PEER 1 Hosting had previously completed the SAS70 Type II and CICA 5970 audits in 2010 and updated their standing by engaging in these more rigorous and in-depth audits conducted by an internationally recognized auditing firm.  The audit scope for SSAE 16 Type II and CSAE 3416 was also expanded to include two additional business platforms (dedicated hosting operating under the ServerBeach brand and colocation) and three data center facilities (Virginia, San Antonio, and Los Angeles) - bringing the total number of data centers included to seven.

"This is an important milestone for PEER 1 Hosting. We are proud to be one of the first companies to complete the rigorous SSAE 16 and CSAE 3416 Type II audits and to expand the scope of the audits to include more platforms and locations," said Jad Jebara, Senior VP of Finance and Administration, PEER 1 Hosting. "Our mission is to enable our customers to focus on their core business, we worry about everything else related to their IT infrastructure. Not only can PEER 1 Hosting assure customers that we're providing them with the service that we promised, but they also have the peace of mind and confidence in our controls."

The re-certification to the new standards validates PEER 1 Hosting's controls and provides customers with greater independent assurance that their hosting facilities are compliant with industry standards. In turn customers can put more reliance on PEER 1 Hosting's internal controls for their audit requirements.

Notably, PEER 1 Hosting undertook completing the requirements for the new CSAE 3416 standard six months ahead of the December 15^, 2011 effective date. The SSAE 16 is effective for audit periods ending after June 15, 2011. These two standards were revised to respond to industry market needs and to better align Canadian and U.S. standards with International standards and requirements.

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 FastFiber Network™ connected by 17 state-of-the-art datacenters, 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™. 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.