CALL-NET BUYS INTO CYBERSURF
By Adnews Staff
Toronto-based telecommunications company Call-Net Enterprises Inc. is putting $12 million into Calgary-based Internet software firm Cybersurf Corp. The money will be used to speed the development of Cybersurf's 3web Network, an advertiser-supported Internet access service currently running in Calgary and Edmonton. The 3web software allows a user free access to Internet services such as websites and e-mail. It operates independently of a regular Web browser, generating revenue through e-commerce and non-avoidable, targeted advertising. Call-Net's cash will grease the wheels in preparation for a national roll-out of the service. In return, Call-Net gets 1.72 million shares of Cybersurf stock, plus warrants to buy more, as well as two members on the board of directors. Call-Net also becomes Cybersurf's national supplier of network services. Juri Koor, chairman, president and CEO of Call-Net, said: "We believe there is a great future for advertiser-supported Internet access services in Canada and we are excited to be part of it."