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| Cybera Announces Series B Preferred Stock Offering |
NASHVILLE, TN- (November 7, 2005) - Through a series of closings, Cybera has completed the sale of approximately $3 million of Series B preferred stock to existing and new investors. Cybera contemplates an aggregate sale of up to $5 million of Series B Preferred Stock. This funding provides the necessary capital to support Cybera's planned expansion in 2005 and 2006, and the restructuring of a portion of its existing debt.
Cybera plans to expand sales and marketing efforts to reach more deeply into the markets it serves and to open a new data center in Dallas in the first half of 2006. "With this latest round of funding in place, we plan to double the size of our sales force and increase our operating capacity and network footprint," said Cliff Duffey, Cybera's Chairman, Chief Executive Officer, and President.
The funding round also provides Cybera with the ability to refinance a portion of the company's underlying debt. Cybera's CFO, Patrick Keeble stated "Combined with improvements in our financial condition over the past few quarters, we believe that reducing our overall debt puts us in a stronger financial position than many of our competitors."
Furthermore, when asked about how this funding affects the future of Cybera, Cliff Duffey replied, "We intend to continue with our strategy of smart, steady growth so as to not compromise our strategic advantage in delivering superior customer service."
About Cybera (www.cybera.net)
Founded in February 2001 and based in Nashville, Tenn., Cybera Inc. is a managed service provider delivering high-speed, private networking solutions to multi-location businesses across North America. Cybera delivers turn-key wide area networking solutions by integrating leading edge network technology, broadband access lines from several national and regional carriers, and a comprehensive suite of network design, implementation, and support services. Each network solution is fully managed by Cybera and customized to meet the needs of specific customer applications. In addition, each solution is supported by some of the strictest guarantees on security, reliability and performance in the network industry.
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