Neues von Cybernet - 500 Beiträge pro Seite

[cyrosos]

[HOHOHO]

Na das sind ja wirklich umwerfende Neuigkeiten! Hast aber die Quelle vergessen

[onlineripper]

Wird die Firma jetzt zu einer Market Maker Firma umfirmiert, oder was hat Cybernet im Maklerboard zu suchen!?

[onlineripper]

@HOHO

[PeterS.]

Andreas Eder als neuen Geschäftsführer der CARDIS (DCS Automotive Deutschland) ernannt

28. Oktober 2002, London, U.K. – DCS Group plc (DCS) verkündet, dass die Automotive Division mit sofortiger Wirkung Herrn Andreas Eder als neuen Geschäftsführer der deutschen Niederlassung ernannt hat. Herr Eder (42) kann auf mehrjährige Erfahrung in der IT-Industrie und herausragende Erfolge verweisen, die er in den vergangenen Jahren bei führenden, international bekannten Unternehmen wie der Siemens Nixdorf Computer AG, der Boston Consulting Group und zuletzt als Gründer und CEO der Cybernet Internet Services Inc. erworben hat.


Vom deutschen Sitz in Murnau aus, wird Andreas Eder durch sein Management Team, bestehend aus Ingrid Küchel (Finance), Dieter Penner (Customer Services) und Gerhard Czerny (Strategic Sales), unterstützt.

Als Direktreport an Stephen Yapp, dem Vorstandsvorsitzenden der DCS Group plc, ist Herr Eder auch Mitglied des europäischen Automotive Boards und spielt dabei eine zentrale Rolle bei der strategischen Ausrichtung des Automotivegeschäftes in Europa und Deutschland.

„Wir freuen uns sehr, dass Andreas unserem Unternehmen beigetreten ist“ sagte Stephan Yapp. „Mit seiner Ernennung wird das deutsche Team verstärkt und in die Lage versetzt, die Position von DCS Automotive als Marktführer weiter auszubauen und die Ergebnisse deutlich zu steigern. Wir erwarten, dass er mit seinem Know-how und seinen Erfahrungen die DCS Automotive in Deutschland erfolgreich in die Zukunft führen kann.“


[31.10.2002]


http://www.dcs-automotive.de/
http://www.dcs-automotive.de/news_ie.asp?newsID=275

[schoko65]

was für eine tolle Formulierung
„Wir freuen uns sehr, dass Andreas unserem Unternehmen beigetreten ist“

Ist das ne Partei oder musste der Eder Geld bezahlen, um
bei dieser Firma aufgenommen zu werden.

[dreigeh]

freiwillig nimmt den doch keiner.

[Dr.Spezialist]

Der ist ja schon wieder zu einem Marktführer gegangen
Die Nadelstreifenjungs wissen doch immer wieder zu glänzen

Na ja trotzdem alles Gute dem Eder, da wußte man wenigstens noch wo man dran war, wenn die Ergebnisse leider auch nicht gestimmt haben

[adult-steigt]

Sehr geehrter Herr


Besten Dank für Ihre Anfrage. Wie Sie sicherlich schon gehört haben, ist das Internet Service Geschäft der Cybernet (Schweiz) AG von der VIATEL Holding erworben worden. Dabei sind die gesamten Namens- und Markenrechte der Cybernet (Schweiz) AG an die VIATEL Holding übergegangen.



Wir bitten Sie deshalb, sich bezüglich den Belangen der Cybernet-Gruppe an MFC zu wenden, die Ihnen sicherlich darüber Auskunft geben können, wie sich die heutige und zukünftige Situation darstellt.



Mit freundlichen Grüssen

Cybernet (Schweiz) AG

Marco Plüss / Marketing Director

[friska]

" ..., die Ihnen sicherlich Auskunft geben könne"

Na das wär doch mal was Neues - Aktionären Auskunft geben, na vielleicht versuchts mal einer?

[adult-steigt]

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FILED AS OF DATE: 20030328

REPORTING-OWNER:

COMPANY DATA:
COMPANY CONFORMED NAME: BROSSMAN SILKE SIBYLLE
CENTRAL INDEX KEY: 0001224719
RELATIONSHIP: DIRECTOR

FILING VALUES:
FORM TYPE: 3

MAIL ADDRESS:
STREET 1: FLOOR 21, MILLENNIUM TOWER
STREET 2: HANDELSKAI 94-96
CITY: VIENNA, AUSTRALIA
STATE: C3
ZIP: A-1200

SUBJECT COMPANY:

COMPANY DATA:
COMPANY CONFORMED NAME: MFC BANCORP LTD
CENTRAL INDEX KEY: 0000016859
STANDARD INDUSTRIAL CLASSIFICATION: SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
IRS NUMBER: 131818111
STATE OF INCORPORATION: B0
FISCAL YEAR END: 1231

FILING VALUES:
FORM TYPE: 3
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-04192
FILM NUMBER: 03622236

BUSINESS ADDRESS:
STREET 1: FLOOR 21, MILLENIUM TOWER
STREET 2: HANDELSKAI 94-96
CITY: A-1200 VIENNA
STATE: C4
BUSINESS PHONE: [phone]

MAIL ADDRESS:
STREET 1: FLOOR 21, MILLENIUM TOWER
STREET 2: HANDELSKAI 94-96
CITY: A-1200 VIENNA
STATE: C4

FORMER COMPANY:
FORMER CONFORMED NAME: NALCAP HOLDINGS INC
DATE OF NAME CHANGE: 19950725

FORMER COMPANY:
FORMER CONFORMED NAME: ARBATAX INTERNATIONAL INC
DATE OF NAME CHANGE: 19960603

FORMER COMPANY:
FORMER CONFORMED NAME: JAVELIN INTERNATIONAL LTD
DATE OF NAME CHANGE: 19871118
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
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FORM 3
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the
Securities Exchange Act of 1934, Section 17(a)
of the Public Utility Holding Company Act of 1935 or Section 30(h)
of the Investment Company Act of 1940
- -------------------------------------------------------------------------

1. Name and Address of Reporting Person BROSSMAN, SILKE SIBYLLE
c/o MFC Bancorp Ltd.
Floor 21, Millennium Tower
Handelskai 94-96 A-1200
Vienna, Austria
------------------------------


2. Date of Event Requiring Statement (Month/Day/Year) February 5, 2003
-----------------


3. IRS Identification Number of Reporting Person, if an Entity
(Voluntary)

---------------------------------------------------------------------

4. Issuer Name and Ticker or Trading Symbol MFC BANCORP LTD. ("MXBIF")
---------------------------

5. Relationship of Reporting Person to Issuer
(Check all applicable)

[X] Director [ ] Officer [ ] 10% Owner [ ] Other
(give title (specify
below) below)

6. If Amendment, Date of Original N/A
(Month/Day/Year) --------------------------------

7. Individual or Joint/Group X Form Filed by One
Filing(Check applicable line) ----- Reporting Person

----- Form Filed by More Than
One Reporting Person

- -------------------------------------------------------------------------

TABLE I - NON-DERIVATIVE SECURITIES BENEFICIALLY OWNED

<TABLE>
<CAPTION>

- ---------------------------------------------------------------------------------------

1. Title of 2. Amount of 3. Ownership 4. Nature of
Security Securities Form: Direct (D) Indirect
(Instr. 4) Beneficially Owned or Indirect Beneficial
(Instr. 4) (I) (Instr. 5) Ownership
(Instr. 4)
- -------------- ---------------------- -------------------- --------------
<S> <C> <C> <C>
Common Stock
$0.01 Par Value 0 N/A N/A
- ---------------------------------------------------------------------------------------

- ---------------------------------------------------------------------------------------

- ---------------------------------------------------------------------------------------

- ---------------------------------------------------------------------------------------

</TABLE>

<PAGE>

FORM 3 (CONTINUED)

TABLE II - DERIVATIVE SECURITIES BENEFICIALLY OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)

<TABLE>
<CAPTION>

- ---------------------------------------------------------------------------------------------
1. Title of Derivative 2. Date Exercisable 3. Title and Amount
Security (Instr. 4) and Expiration Date of Securities Underlying
(Month/Day/Year) Derivative Securities
(Instr. 4)

------------------------- ----------------------------------
Date Expiration Title Amount or
Exercisable Date Number of Shares
- ----------------------- ----------- ---------- ----- ----------------
<S> <C> <C>

N/A
- ---------------------------------------------------------------------------------------------

- ---------------------------------------------------------------------------------------------

- ---------------------------------------------------------------------------------------------

- ---------------------------------------------------------------------------------------------


- ---------------------------------------------------------------------------------------------
4. Conversion or 5. Ownership Form 6. Nature of
Exercise Price of Derivative Indirect Beneficial
of Derivative Security: Direct (D) Ownership
Security or Indirect (I) (Instr. 5)
(Instr. 5)



- ---------------------------------------------------------------------------------------------
<S> <C> <C>


- ---------------------------------------------------------------------------------------------

- ---------------------------------------------------------------------------------------------

- ---------------------------------------------------------------------------------------------

- ---------------------------------------------------------------------------------------------

</TABLE>

Explanation of Responses:



SILKE SIBYLLE BROSSMAN

/s/ Silke Sibylle Brossman 03/26/03
---------------------------------- -------------
Signature of Reporting Person Date


Page 2



</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----

[cyrosos]

Was steht da?

[PeterS.]

Gibt es mal was neues von Cybernet?

Kann mir mal einer kurz den Stand der Dinge darlegen?

Hat Cybernet noch eine Zukunft?

Egal egal - schon mal HAPPY EASTER an alle!

Euer Peter

[adult-steigt]

wer übersetzt?



-----BEGIN PRIVACY-ENHANCED MESSAGE-----
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PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20030429
ITEM INFORMATION: Acquisition or disposition of assets
FILED AS OF DATE: 20030429

FILER:

COMPANY DATA:
COMPANY CONFORMED NAME: CYBERNET INTERNET SERVICES INTERNATIONAL INC
CENTRAL INDEX KEY: 0001070658
STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
IRS NUMBER: 510384117
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1231

FILING VALUES:
FORM TYPE: 8-K
SEC ACT: 1934 Act
SEC FILE NUMBER: 000-25677
FILM NUMBER: 03668962

BUSINESS ADDRESS:
STREET 1: SUITE 1620 400 BURRARD ST
STREET 2: VANCOUVER
CITY: BRITISH COLUMBIA
STATE: A1
ZIP: V6C 3A6
BUSINESS PHONE: [phone]

MAIL ADDRESS:
STREET 1: SUITE 1620 400 BURRARD ST
STREET 2: VANCOUVER
CITY: BRITISH COLUMBIA
STATE: A1
ZIP: V6C 3A6
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>doc1.txt
<TEXT>


===========================================================================

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549


FORM 8-K


CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934


Date of Report (Date of earliest event reported): April 29, 2003


CYBERNET INTERNET SERVICES INTERNATIONAL, INC.
(Exact name of Registrant as specified in its charter)


DELAWARE
(State of Incorporation)


000-25677 51-0384117
(Commission File Number) (I.R.S. Employer Identification No.)



1620 - 400 BURRARD STREET
VANCOUVER, BRITISH COLUMBIA V6C 3A6, CANADA
(Address of Registrant`s office)


[phone]
(Registrant`s telephone number, including area code)


================================================================================


<PAGE>

ITEM 5. OTHER EVENTS

Cybernet Internet Services International, Inc. (the "Company") is filing
herewith a copy of its audited consolidated financial statements for the year
ended December 31, 2002 (the "Financial Statements"). The Company has not yet
filed its annual report on Form 10-K for the year ended December 31, 2002. The
failure to file such annual report may constitute an event of default under
certain of the Company`s outstanding notes should such annual report not be
filed on or before May 8, 2003.


ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS

Exhibit Description
- ------- -----------------------------------

99.1 Financial Statements


<PAGE>

SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.




CYBERNET INTERNET SERVICES INTERNATIONAL, INC.

/s/ Michael J. Smith
-----------------------------------------
Michael J. Smith
President


Date: April 29, 2003




</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>doc2.txt
<TEXT>

PETERSON SULLIVAN PLLC
601 UNION STREET SUITE 2300 SEATTLE WA 98101 [phone] FAX
382-7700
CERTIFIED PUBLIC ACCOUNTANTS



INDEPENDENT AUDITORS` REPORT

To the Shareholders
Cybernet Internet Services International, Inc.

We have audited the accompanying consolidated balance sheet of Cybernet Internet
Services International Inc. and its subsidiaries as of December 31, 2002, and
the related consolidated statements of operations, comprehensive loss, changes
in shareholders` equity, and cash flows for the year then ended. These
financial statements are the responsibility of the Company`s management. Our
responsibility is to express an opinion on these financial statements based on
our audit. The financial statements of Cybernet Internet Services International
Inc. and its subsidiaries as of December 31, 2001 and 2000, were audited by
other auditors whose report dated April 15, 2002, included an explanatory
paragraph that referred to conditions raising substantial doubt about the
Company`s ability to continue as a going concern.

We conducted our audit in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the consolidated financial position of the Company and
its subsidiaries as of December 31, 2002, and the consolidated results of their
operations and their cash flows for the year then ended, in conformity with
accounting principles generally accepted in the United States.

The accompanying consolidated financial statements have been prepared assuming
that the Company will continue as a going concern. As more fully described in
Note 1, the Company has incurred recurring operating losses and used significant
amounts of cash to operate the Company. These conditions raise substantial
doubt about the Company`s ability to continue as a going concern. Management`s
plans in regard to these matters are also described in Note 1. The accompanying
consolidated financial statements do not include any adjustments to reflect the
possible future effects on the recoverability and classification of assets or
the amounts and classification of liabilities that may result from the outcome
of this uncertainty.


[GRAPHIC OMITED]



[GRAPHIC OMITED]


Peterson Sullivan P.L.L.C.
March 13, 2003
Seattle, Washington

<PAGE>
CYBERNET INTERNET SERVICES INTERNATIONAL, INC.
CONSOLIDATED BALANCE SHEETS
December 31, 2002 and 2001
(In Thousands of Euros)



<TABLE>
<CAPTION>

CYBERNET INTERNET SERVICES INTERNATIONAL, INC.
CONSOLIDATED BALANCE SHEETS
December 31, 2002 and 2001
(In Thousands of Euros)


2002 2001
---- ----


<S> <C> <C>
ASSETS
Cash and cash equivalents E 22,976 E 2,735
Restricted cash 1,815 2,743
Receivables 5,355 11,980
Restricted investments - 10,567
Prepaid and other 419 1,670
Total current assets 30,565 29,695
Long-Term Assets
Properties 1,125 32,653
Investments in equity method investees - 2,770
Deferred debt issuance cost 3,653 6,048
Other - 806
---------- ---------
4,778 42,277
---------- ---------
E 35,343 E 71,972
========== =========

LIABILITIES AND SHAREHOLDERS` DEFICIENCY
Current Liabilities
Trade accounts payable E 3,078 E 13,325
Other accrued expenses 10,838 11,835
Capital lease obligations - 1,060
Accrued personnel costs 1,079 1,848
--------- ---------
Total current liabilities 14,995 28,068
Long-Term Liabilities
Long term debt 158,342 164,573
Capital lease obligations - 435
--------- ---------
158,342 165,008
--------- ---------
Total liabilities 173,337 193,076

SHAREHOLDERS` EQUITY
Preferred stock, US$0.001 par value; 50,000,000
shares authorized, none issued and outstanding
at December 31, 2002 and 2001, respectively - -
Common stock, US$0.001 par value; 50,000,000 shares
authorized, 26,445,663 shares issued and
outstanding at December 31, 2002 and 2001 25 25
Additional paid-in capital 127,718 127,718
Accumulated deficit (287,931) (249,473)
Accumulated other comprehensive income 22,194 626
--------- ---------
Total shareholders` deficiency (137,994) (121,104)
--------- ---------
E 35,343 E 71,972
========= =========
</TABLE>


The accompanying notes are an integral part of these consolidated
financial statements.

<PAGE>
CYBERNET INTERNET SERVICES INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
For the Years Ended December 31, 2002, 2001 and 2000
(In Thousands of Euros, Except Per Share Data)

<TABLE>
<CAPTION>

2002 2001 2000
----- ----- -----


<S> <C> <C> <C>
Revenues E 25,078 E 39,077 E 35,831
Costs and expenses
Direct cost of services 13,370 25,105 23,117
Network operations 5,784 7,861 8,426
General and administrative expenses 16,244 18,842 21,318
Sales and marketing expenses 5,295 10,186 13,428
Impairments 7,305 37,110 2,265
Depreciation and amortization 6,621 20,156 19,563
--------- --------- ---------
54,619 119,260 88,117
--------- --------- ---------
Loss from operations (29,541) (80,183) (52,286)
Other income (expense)
Interest expense (26,034) (25,728) (35,189)
Interest income 930 1,477 5,437
Gain on sale of assets and other 17,175 123 198
Foreign currency losses (597) (6,721) (3,670)
--------- --------- ---------

Loss before taxes, loss in equity
method investees and extraordinary
item (38,067) (111,032) (85,510)

Income tax benefit (expense) - (27,678) 6,976
--------- --------- ---------

Loss before loss in equity method
investees and extraordinary items (38,067) (138,710) (78,534)
Loss in equity method investees (391) (538) (168)
Loss before extraordinary item (38,458) (139,248) (78,702)

Extraordinary item, gain on
extinguishment of debt, net of tax - 4,608 17,754
--------- --------- ---------
Net loss E (38,458) E(134,640) E 60,948
========= ========= =========
Basic and diluted loss per share:
Loss per share before extraordinary
item E (1.45) E (5.36) E (3.38)
Extraordinary item - 0.18 0.76
--------- --------- ---------
Loss per share E (1.45) E (5.18) E 2.62
========= ========= =========

</TABLE>

The accompanying notes are an integral part of these consolidated
Financial statements.

<PAGE>
CYBERNET INTERNET SERVICES INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
For the Years Ended December 31, 2002, 2001 and 2000
(In Thousands of Euros)



CYBERNET INTERNET SERVICES INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
For the Years Ended December 31, 2002, 2001 and 2000
(In Thousands of Euros)
<TABLE>
<CAPTION>


2002 2001 2000
----- ----- -----


<S> <C> <C> <C>
Net loss E (38,458) E (134,640) E (60,948)
Other comprehensive income
Foreign currency translation
adjustment 21,511 90 (128)

Unrealized holding gains (losses)
arising during the period (61) (47) 579

Reclassification adjustment for
(gains) losses included in net loss 118 290 (46)
---------- ----------- ----------
57 243 533
Other comprehensive income 21,568 333 405
---------- ----------- ----------
Comprehensive loss E (16,890) E (134,307) E (60,543)
========== =========== ==========

</TABLE>


The accompanying notes are an integral part of these consolidated
financial statements.

<PAGE>
CYBERNET INTERNET SERVICES INTERNATIONAL, INC.

CONSOLIDATED STATEMENTS OF SHAREHOLDERS` EQUITY
For the Years Ended December 31, 2002, 2001 and 2000
(In Thousands of Euros)



<TABLE>
<CAPTION>


ACCUMULATED OTHER
COMPREHENSIVE INCOME
--------------------
FOREIGN UNREALIZED
ADDITIONAL CURRENCY GAINS
PREFERRED STOCK COMMON STOCK PAID-IN ACCUMULATED TRANSLATION (LOSSES) ON SHAREHOLDERS`
--------------- ------------
SHARES AMOUNT SHARES AMOUNT CAPITAL DEFICIT ADJUSTMENT SECURITIES EQUITY
------- ------- ------ ------ -------- ---------- ----------- ----------- -------------

<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Balance at December 31, 1999 4,793 E 5 20,970 E 20 E122,417 E(53,885) E 721 E (833) E 68,445
Issuance of shares for acquisitions - - 652 - 5,246 - - - 5,246
Conversion of preferred stock (4,193) (4) 4,193 4 - - - - -
Other issuances - - 30 - 55 - - - 55
Net loss - - - - - (60,948) - - (60,948)
Other comprehensive income (loss) - - - - - - (128) 533 405
------ ----- ------ ----- --------- --------- ----- ------ ---------

Balance at December 31, 2000 600 1 25,845 24 127,718 (114,833) 593 (300) 13,203

Conversion of preferred stock (600) (1) 600 1 - - - - -
Net loss - - - - - (134,640) - - (134,640)
Other comprehensive income - - - - - - 90 243 333
------ ----- ------ ----- -------- -------- ----- ------ ---------

Balance at December 31, 2001 - - 26,445 25 1 27,718 (249,473) 683 (57) (121,104)
Net loss - - - - - (38,458) - - (38,458)
Other comprehensive income - - - - - - 21,511 57 21,568
------ ----- ------ ----- -------- --------- ------- ------ ---------
Balance at December 31, 2002 - E - 26,445 E 25 E127,718 E(287,931) E22,194 E - E(137,994)
======= === ====== ===== ======== ========= ======= ====== ========

</TABLE>

The accompanying notes are an integral part of these consolidated
financial statements.



<PAGE>
CYBERNET INTERNET SERVICES INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended December 31, 2002, 2001 and 2000
(In Thousands of Euros)

<TABLE>
<CAPTION>

2002 2001 2000
----- ----- -----

<S> <C> <C> <C>
Cash Flows from Operating Activities:
Net loss E(38,458) E(134,640) E(60,948)
Adjustments to reconcile net loss to net cash used in operations:
Deferred taxes - 27,657 (6,976)
Depreciation 6,621 8,365 8,125
Amortization - 11,791 11,438
Losses in equity method investees 391 538 168
Provision for losses on accounts receivable 1,807 5,514 1,305
(Gain) loss on sale of investments 118 290 (46)
Loss on disposal of leased assets 113 - 198
Amortization of bond discount 2,471 2,656 4,663
Accreted interest expense on long-term debt 13,364 11,861 13,484
Impairment 7,305 32,354 2,265
Loss (gain) on disposal of assets (18,345) 4,756 -
Loss on disposal of business 1,170 - -
Gain on extinguishment of debt - (4,608) (17,754)
Foreign currency transaction losses 131 7,786 6,427
Changes in operating assets and liabilities:
Restricted cash 928 49 (2,792)
Receivables 1,403 686 (5,338)
Prepaid and other (81) 500 (3,655)
Trade accounts payable (3,963) 1,726 (6,716)
Other accrued expenses 264 (1,058) (2,172)
Accrued personnel costs (127) (482) (351)
-------- --------- --------
Net cash used in operating activities (24,888) (24,259) (58,675)
Cash Flows from Investing Activities:
Purchase of short-term investments - - (35,924)
Proceeds from sale of short-term investments - 25,230 72,201
Proceeds from sales of property and equipment 37,336 - -
Proceeds from restricted investments 8,994 10,194 21,014
Product development costs - - (623)
Purchase of property and equipment (473) (5,905) (23,888)
Acquisition of businesses, net of cash acquired - - (2,037)
Sale of business, net of cash sold 541 - -
Acquisition of investments in equity method investees - (409) (1,000)
Payment of deferred purchase obligations - (2,078) -
-------- --------- --------
Net cash provided by investing activities 46,398 27,032 29,743
Cash Flows from Financing Activities:
Principal payments under capital lease obligations (1,495) (1,347) (2,140)
Proceeds from issuance of bonds and other borrowings - - 962
Repayment of borrowings - (3,722) (36,664)
-------- --------- --------
Net cash used in financing activities (1,495) (5,069) (37,842)
Effect of foreign exchange rate on cash and cash equivalents 226 (940) (134)
-------- --------- --------
Net increase (decrease) in cash and cash equivalents 20,241 (3,236) (66,908)
Cash and Cash Equivalents, beginning of year 2,735 5,971 72,879
-------- --------- --------
Cash and Cash Equivalents, end of year E 22,976 E 2,735 E 5,971
======== ========= ========
</TABLE>


The accompanying notes are an integral part of these consolidated
financial statements.

<PAGE>
CYBERNET INTERNET SERVICES INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Continued)
For the Years Ended December 31, 2002, 2001 and 2000
(In Thousands of Euros)

<TABLE>
<CAPTION>

<S> <C> <C> <C>
2002 2001 2000
------ ------ ------
Noncash investing and financing transactions:

Transfer from restricted investments to
short-term investment due to removal of
restrictions E 10,567 E 2,339 E 20,374
======== ======= ========

Conversion of preferred stock into
common stock E - E 1 E 4
======== ======= ========

Acquisition of property and equipment
through capital lease obligations E - E 214 522
======== ======= =======

Other supplemental cash flow disclosures

Cash paid for interest E 10,970 E10,476 E 27,791
======== ======= ========

Cash paid for taxes E - E 109 E 149
======== ======= ========

</TABLE>


The accompanying notes are an integral part of these consolidated
financial statements.

<PAGE>
CYBERNET INTERNET SERVICES INTERNATIONAL, INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS


Note 1. The Company and Summary of Significant Accounting Policies

Cybernet Internet Services International, Inc. ("the Company") is a U.S.
corporation incorporated in Delaware. The amounts in the notes are rounded to
the nearest thousand except per share amounts.

Going Concern
- --------------

The Company, through its European subsidiaries, offered a variety of Internet
related telecommunication and systems integration services to corporate
customers located in Europe. However, the Company has incurred significant
losses from operations resulting in a shareholders` deficiency of (137,994) at
December 31, 2002. The Company does not expect to achieve sufficient revenues
to support future operations without additional financing. These conditions
raise substantial doubt about the Company`s ability to continue as a going
concern. The Company is in the process of reviewing its strategic options
including seeking additional financing, restructuring its debt, sales of assets
and liquidation. However, there are no assurances that management`s review of
these options will result in a plan which can be accomplished or will provide
sufficient cash to fund the Company`s operations or satisfy its creditors in the
future. The accompanying consolidated financial statements have been prepared
assuming that the Company will continue as a going concern. Accordingly, these
consolidated financial statements do not include any adjustments to reflect the
possible future effects on the recoverability and classification of assets or
the amounts and classification of liabilities that may result from the outcome
of this uncertainty.

The Company sold subsidiaries and assets during 2002 to raise cash and reduce
operating losses. The Company sold two subsidiaries and the stock of an equity
method investee for cash of 1,128 resulting in a loss of (1,170) and also sold
assets for cash amounting to 37,336 resulting in a gain of 18,345. Subsequent
to December 31, 2002, the Company sold assets for cash amounting to 2,700
resulting in a gain of 2,415 and also sold three subsidiaries for cash of 10
resulting in a gain of 2.

Estimates
- ---------

The preparation of financial statements in conformity with accounting principles
generally accepted in the United States requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates.


<PAGE>
- ------
Principles of Consolidation
- -----------------------------

The consolidated financial statements include the accounts of the Company and
its majority-owned subsidiaries. Investments in entities where the Company owns
at least a 20% interest, but does not have control, are accounted for under the
equity method. Significant intercompany accounts and transactions have been
eliminated.

Reclassifications
- -----------------

Certain prior year amounts in the consolidated financial statements have been
reclassified to conform to the current year presentation.

Foreign Currency
- -----------------

The functional currency for the Company and its subsidiaries is the local
currency of the country in which the subsidiary is located. In accordance with
Statement of Financial Accounting Standards ("SFAS") No. 52, "Foreign Currency
Translation," the assets and liabilities for the Company`s international
subsidiaries are translated into the Euro using current exchange rates at the
balance sheet dates. Revenue and expenses are translated at average exchange
rates prevailing during the applicable period. The gains and losses resulting
from the changes in exchange rates from year to year are reported in accumulated
other comprehensive income. Foreign currency transaction gains or losses are
included in the calculation of net loss.

Cash and Cash Equivalents
- ----------------------------

Cash and cash equivalents include highly liquid investments with an original
maturity of three months or less. The Company maintains cash balances in
financial institutions in excess of insured limits.

Restricted Cash
- ----------------

Restricted cash consists of cash in bank for bank guarantees used to secure
miscellaneous obligations.

Goodwill and Other Intangible Assets
- ----------------------------------------

Prior to January 1, 2002, the Company had been amortizing goodwill and other
intangible assets to expense. Based on a new accounting standard, amortization
of goodwill and other intangible assets with indefinite lives are no longer to
be amortized beginning January 1, 2002. However, during 2001, management
determined, based on estimated future cash flows, that the remaining carrying
value of goodwill and other intangible assets should be written off. Therefore,
no amount for goodwill and other intangible assets are reflected in the December
31, 2002 and 2001, consolidated balance sheets.


<PAGE>
- ------
Properties
- ----------

Depreciable properties are stated at cost unless the estimated undiscounted cash
flows that result from either the use of an asset or its eventual disposition
are less than its carrying amount. In that situation, an impairment loss is
recognized based on the fair value of the asset. Depreciation is based on the
estimated useful lives of the assets (four to ten years) and is computed using
the straight-line method. Repairs and maintenance are charged to expense
incurred.

Based on management`s analyses, impairment losses on properties were recorded
during 2002, 2001 and 2000 in amounts of 5,629, 3,937 and 1,620,
respectively.

Revenue Recognition
- --------------------

The Company offers Internet telecommunication and system integration products,
data center services, network services and voice telephony products.

The Company recognizes revenue pursuant to Securities & Exchange Commission
("SEC") Staff Accounting Bulletin ("SAB") No. 101, "Revenue Recognition in
Financial Statements." In accordance with SAB No. 101, revenue is recognized
when all four of the following criteria are met: (i) persuasive evidence that
arrangement exists; (ii) delivery of the products and/or services has occurred;
(iii) the selling price is both fixed and determinable; and, (iv) collectibility
is reasonably probable.

Revenues from Internet telecommunication and system integration products, which
includes equipment sales, are recognized upon completion of the related project
and receipt of customer acceptance. Revenues from ongoing network services,
voice telephony and data center services, including co-location, are recognized
when services are provided. All payments received in advance of providing
services are deferred until the period that such services are provided which
amounted to 1,162 and 594 at December 31, 2002 and 2001, respectively. These
amounts are included in other accrued liabilities on the consolidated balance
sheets.

The Company enters into multiple element arrangements, which may include any
combination of monthly network services, professional consulting services and/or
equipment sales. Each element of a multiple element arrangement is evaluated to
determine whether it represents a separate earnings process. If a multiple
element arrangement can be segmented, revenue is allocated among the multiple
elements based upon the fair value of the elements. If an undelivered element
is essential to the functionality of a delivered element, no revenue allocated
to the delivered element is recognized until that undelivered element is
delivered.

Direct Cost of Services
- --------------------------

Direct cost of services consists of 1) telecommunications expenses, which mainly
represent the cost of transporting Internet traffic from a customer`s location
through a local telecommunications carrier to one of the Company`s access nodes,
transit and peering costs, and the cost of leasing lines to interconnect the
Company`s backbone nodes, and 2) the cost of hardware and software sold. The
Company mainly utilizes leased lines for its backbone network, and to connect
its network to its major customers premises.


<PAGE>

Network Operations
- -------------------

Network operations mainly consist of 1) the personnel costs of technical and
operational staff and related overhead, 2) the rental of premises solely or
primarily used by technical staff, including premises used to generate our
co-location services revenue, and 3) consulting expenses in the area of network
and software development.

General and Administrative Expenses
- --------------------------------------

General and administrative expenses consist principally of salaries and other
personnel costs for our administrative staff, office rent and maintenance of
office equipment.

Sales and Marketing Costs
- ----------------------------

Marketing costs include the costs of all personnel engaged in marketing
activities, the costs of advertising and public relations activities (e.g. trade
shows), and other related costs. Advertising costs are expensed as incurred.
Advertising expense was approximately 553, 1,706 and 3,095 in the years ended
December 31, 2002, 2001 and 2000, respectively.

Taxes on Income
- -----------------

The Company accounts for income taxes under an asset and liability approach that
requires the recognition of deferred tax assets and liabilities for expected
future tax consequences of events that have been recognized in the Company`s
financial statements or tax returns. In estimating future tax consequences, the
Company generally considers all expected future events other than enactments of
changes in the tax laws or rates.

Deferred Debt Issuance Costs
- -------------------------------

Deferred debt issuance costs are amortized to interest expense over the term of
the related debt. Any remaining balance will be charged to expense if the debt
is retired early.

Stock-Based Compensation
- -------------------------

The Company has a stock-based employee compensation plan, which is described
more fully in Note 9. The Company accounts for the plan under the recognition
and measurement principles of APB Opinion No. 25, "Accounting for Stock Issued
to Employees," and related interpretations. No stock-based employee
compensation cost is reflected in net income, as all options granted under the
plan had an exercise price equal to or greater than the market value of the
underlying common stock on the date of grant. The following table illustrates
the effect on net income and earnings per share if the Company had applied the
fair value recognition provisions of Statement of Financial Accounting Standards
No. 123, "Accounting for Stock-Based Compensation," to stock-based employee
compensation.


<PAGE>

<TABLE>
<CAPTION>

2002 2001 2000
-------- -------- --------

<S> <C> <C> <C>
Reported loss before extraordinary item E (38,458) E (139,248) E (78,072)
Deduct: Total stock-based employee
compensation expense determined under
fair value based methods for all awards,
net of any related tax effects (2,848) (3,251) (3,654)
--------- ---------- ---------

Proforma loss before extraordinary item (41,306) (142,499) (81,726)
Extraordinary item - 4,608 17,754
--------- ---------- ---------
Proforma net loss E (41,306) E (137,891) E (63,972)
========= ========== =========
Basic and diluted loss per share
As reported before extraordinary item E (1.45) E (5.36) E (3.38)
Extraordinary item - .18 .76
--------- ---------- ---------
As reported E (1.45) E (5.18) E (2.62)
========= ========== =========
Proforma before extraordinary item E (1.56) E (5.48) E (3.51)
Extraordinary item - .18 .76
--------- ---------- ---------
Proforma E (1.56) E (5.30) E (2.75)
========= ========== =========

</TABLE>


Earnings Per Share
- --------------------

Basic earnings per share is computed by dividing income available to common
shareholders by the weighted average number of common shares outstanding in the
period. Diluted earnings per share takes into consideration common shares
outstanding (computed under basic earnings per share) and potentially dilutive
common shares.

Segment Reporting
- ------------------

The Company operates primarily in one business segment, which is providing
international Internet backbone and access services and related communication
services for corporate customers. The Company`s operations are in Europe and
present management does not find it useful to segment operations any further.
Therefore, no country segment data is provided in these consolidated financial
statements.


<PAGE>

New Accounting Standards
- --------------------------

Statements of Financial Accounting Standards No. ("SFAS") 145 and 146 are
generally modifications to previously adopted standards. A part of SFAS 145 is
effective for years beginning after May 15, 2002, and SFAS 146 is effective for
years beginning after December 31, 2002. These new standards do not have an
effect on the Company`s consolidated financial statements.



Note 2. Goodwill and Other Intangible Assets

The changes in the carrying amount of goodwill during 2001 and 2000 are
summarized below:

<TABLE>
<CAPTION>



2001 2000
-------- -------
<S> <C> <C>
Balance, beginning of year E 26,054 E 26,120
Acquired 354 6,968
Amortization expense (4,386) (7,034)
Impairment losses (22,022) -
-------- --------
Balance, end of year E - E 26,054
======== ========
</TABLE>

The Company did not acquire any goodwill or other intangible assets during 2002.

Other intangible assets consist of customer lists and management contracts and
are summarized below:

<TABLE>
<CAPTION>

2002 2001 2000
---- ----- ------
<S> <C> <C> <C>
Gross carrying amount . . . E - E - E 17,392
Accumulated amortization. . - - 7,991
Amortization for the period - 3,006 4,142
Impairment recognized . . . - 6,395 -

</TABLE>

In addition, impairments of other assets of 1,676, 4,756, and 645 were
recorded for the years ended December 31, 2002, 2001 and 2000, respectively.


<PAGE>
The transitional disclosures required under Statement of Financial Accounting
Standards No. 142 with respect to goodwill and other intangible assets are as
follows:

<TABLE>
<CAPTION>



Year Ended December 31
-------------------------------------
2002 2001 2000
-------- -------- ---------
<S> <C> <C> <C>
Reported loss before extraordinary item E (38,458) E (139,248) E (78,702)
Add back amortization
Goodwill - 4,386 7,034
Other intangible assets - 3,006 4,142
---------- ---------- ---------
Adjusted loss before extraordinary item (38,458) (131,856) (67,526)
Extraordinary item - 4,608 17,754
---------- ---------- ---------
Adjusted net loss E (38,458) E (127,248) E (49,772)
========= ========== =========
Basic and diluted loss per share
Reported loss before extraordinary item E (1.45) E (5.36) E (3.38)
Amortization
Goodwill - .17 .30
Other intangible assets - .12 .18
Extraordinary item - .18 .76
--------- ---------- ---------
Adjusted net loss per share E (1.45) E (4.89) E (2.14)
========= ========== =========

</TABLE>

Note 3. Restricted Investments

Restricted investments were required as part of the Company`s debt financing.
These investments were classified as available-for-sale securities at December
31, 2001, and consisted of U.S. Treasury Notes which matured in 2002. There
were no available-for-sale securities at December 31, 2002. Proceeds from the
sales of available-for-sale securities amounted to 8,994, 10,194 and 21,014
during 2002, 2001 and 2000, respectively. Realized gains (losses) on the sales
of these securities were (118), (290) and 46 in 2002, 2001 and 2000,
respectively. The cost of these securities was 9,112 and 20,395 at December
31, 2001 and 2000, respectively, which resulted in unrealized losses of 57 and
300 being recorded in accumulated comprehensive income at December 31, 2001 and
2000, respectively. Cost is based on the specific identification method to
determine realized gains or losses.


<PAGE>

Note 4. Receivables

<TABLE>
<CAPTION>



December 31
----------------------
2002 2001
-------- --------
<S> <C> <C>
Trade accounts receivable E 7,956 E 14,717
Receivables from affiliates - 356
Other 1,534 2,721
------- --------
9,490 17,794
Less allowance for doubtful accounts (4,135) (5,814)
------- --------
E 5,355 E 11,980
======= ========

</TABLE>

Receivables are stated at their outstanding principal balances. Management
reviews the collectibility of receivables on a periodic basis and determines the
appropriate amount of any allowance. Based on this review procedure, management
has determined that the allowances were adequate at December 31, 2002 and 2001.
The Company charges off receivables to any allowance when management determines
that a receivable is not collectible. The Company does not generally require
collateral for any of its receivables.


Note 5. Properties

<TABLE>
<CAPTION>

December 31
--------------------
2002 2001
-------- --------
<S> <C> <C>
Computer equipment and software E 4,383 E 23,846
Leasehold improvements 4,349 24,607
Furniture and fixtures 587 2,753
-------- --------
9,319 51,206
Less accumulated depreciation and amortization (8,194) (18,553)
-------- --------
E 1,125 E 32,653
======== ========

</TABLE>


<PAGE>

NOTE 6. DEBT

<TABLE>
<CAPTION>

December 31
--------------------
2002 2001
-------- --------
<S> <C> <C>
Senior Dollar Notes, interest at 14% due January 1
and July 1 until maturity on July 1, 2009,
originally issued in US $1,000 principal units
including one warrant to purchase approximately
30 common shares of the Company`s stock at an
exercise price of US$22.278 per share exercisable
until July 1, 2009 resulting in E45,405 being
allocated to additional paid-in capital and a
discount applied to the original principal amount
of debt of which E14,918 and E20,104 remained at
December 31, 2002 and 2001, respectively; E2,481,
E2,677 and E6,498 was charged as interest expense
resulting from the amortization of the discount
during 2002, 2001 and 2000, respectively; at
December 31, 2002,4,535 shares of the Company`s
Common stock have been reserved as a result of the
Warrants E 49,697 E 55,672

Convertible Senior Euro Subordinated Payment-
in-Kind Notes, interest at 13% payable in the
form of secondary payment-in-kind notes on
February 15 and August 15 each year until August
15, 2004, when beginning with the February 15
semi-annual interest due date, current interest
is payable in cash until maturity on August 15,
2009, these notes are convertible at any time
prior to maturity at the rate of one share
of the Company`s common stock for each E25
in outstanding note balance at the option of
the creditor, at December 31, 2002, 1,439 of
the Company`s common stock have been reserved
in connection with these notes 35,969 32,619

Convertible Senior Dollar Subordinated Discount
Notes, 13% interest due semi-annually beginning
February 15, 2004, until maturity on August 15,
2009, convertible prior to maturity at the rate
of one share of the Company`s common stock for
each US $25 of accreted value, as defined, of
the notes being converted 72,676 76,282
--------- ---------
E 158,342 E 164,573
========= =========

</TABLE>

During 2001 and 2000, the Company extinguished Senior Dollar Notes in the
carrying amount of 7,933 and 51,591 for cash of 3,325 and 33,837 resulting
in extraordinary gains. None of the warrants associated were acquired in the
extinguishments.

<PAGE>

Note 7. Income Taxes

The provision for income taxes (benefit) for years ended December 31 consists of
the following:

<TABLE>
<CAPTION>

2002 2001 2000
------ ------ ------
<S> <C> <C> <C>
Provision for income taxes
Current E - E 21 E 3
Deferred - 27,657 (6,979)
------ ------- -------
- 27,678 (6,976)
====== ======= =======

</TABLE>

Differences between the U.S. Federal Statutory and the Company`s effective
income tax rate for years ended December 31 are as follows:

<TABLE>
<CAPTION>

2002 2001 2000
------ ------ ------
<S> <C> <C> <C>
U.S. Federal statutory rate on loss
from operations E (13,460) E (20,228) E (20,926)
Tax differential on foreign losses 360 (3,191) 3,214
Valuation allowance 13,100 51,209 2,265
Other (112) 8,471
--------- --------- ---------
E - E 27,678 E (6,976)
========= ========= =========

</TABLE>

Deferred income tax assets are composed of the following:

<TABLE>
<CAPTION>

December 31
<S> <C> <C>
2002 2001
------ ------
Tax loss carryforwards:
U.S. E 35,564 E 22,439
Germany 39,891 40,176
Other 3,314 3,054
-------- --------
78,769 65,669
Valuation allowance (78,769) (65,669)
-------- --------
Net deferred income tax asset E - E -
======== ========

</TABLE>

The tax loss carryforwards are subject to audit by the applicable tax
authorities which may result in changes to the amounts above. Since the Company
has incurred significant losses and does not expect to generate taxable income
in the near future, a valuation reserve for all of the deferred income tax
assets has been deemed appropriate by management.

Losses from foreign source operations amounted to E(4,733), E(41,718) and
E(35,077) for 2002, 2001 and 2000, respectively.


<PAGE>

The Company has U.S. total estimated net operating loss carryforward amounting
to 101,612 at December 31, 2002, which, if not utilized, will expire in years
ended 2022. Other tax loss amounts approximate 97,628 at December 31, 2002,
result primarily from operations in Germany which may be carried forward
indefinitely under current tax law.


Note 8. Shareholders` Equity

The Company is authorized to issue 50,000,000 shares of Preferred Stock with
relative rights, preferences and limitations determined at the time of issuance.
As of December 31, 2002, the Company has no issued and outstanding Series A and
B and C Preferred Stock. All of the Company`s previously issued Preferred Stock
was converted to Common Stock.

Series A Preferred Stock entitles the holder to receive dividends at a rate
equal to US $0.01 per share per annum before any dividends are paid or set apart
for payment upon any other series of Preferred Stock of the Company, other than
Series B or Series C Preferred Stock, or on the Common Stock of the Company.
Dividends on the Series A Preferred Stock are to be paid for each fiscal year
within five months of the end of each fiscal year, subject to the availability
of surplus or net profits. The dividends on the Series A Preferred Stock are
not cumulative. The holders of the Series A Preferred Stock are not entitled to
vote. The shares of Series A Preferred Stock may be redeemed by the Company at
any time, at a redemption price of one share of the Common Stock of the Company
for each share of Series A Preferred Stock plus any unpaid dividends earned
provided that all and not less than all of the shares of Series A Preferred
Stock are so redeemed.

Upon the liquidation, dissolution or winding up, whether voluntary or
involuntary, of the Company, the holders of the Series A Preferred Stock will be
entitled to be paid the sum of US $3.00 per share plus an amount equal to any
unpaid accrued dividends before any amount is paid to the holder of any other
series of Preferred Stock, other than the Series B Preferred Stock or the Series
C Preferred Stock, or to the holder of any Common Stock of the Company. After
payment of these amounts to the holders of the Series A Preferred Stock, the
remaining assets of the Company will be distributed to the holders of the Common
Stock.

The Series B Preferred Stock entitles the holder to receive dividends at a rate
equal to US $0.01 per share per annum before any dividends are paid or set apart
for payment upon any other series of Preferred Stock of the Company other than
the Series C Preferred Stock or on the Common Stock of the Company. Dividends
on Series B Preferred Stock are to be paid for each fiscal year within five
months of the end of each fiscal year, subject to the availability of surplus or
net profits. The dividends on the Series B Preferred Stock are not cumulative.
The holders of the Series B Preferred Stock are entitled to one vote per share.


<PAGE>

The shares of Series B Preferred Stock may be redeemed by the Company at a
redemption price of one share of the Common Stock of the Company for each share
of Series B Preferred Stock plus any unpaid dividends earned thereon through the
date of redemption; provided that all and not less than all of the shares of
Series B Preferred Stock are so redeemed. A holder of Series B Preferred Stock
may convert each share held into one share of the Common Stock of the Company
provided, however, any conversion may not be for less than all of the Series B
Preferred Shares held by the converting shareholder eligible for conversion at
the time of the notice.

Upon the liquidation, dissolution or winding up, whether voluntary or
involuntary, of the Company, the holders of the Series B Preferred Stock will be
entitled to be paid the sum of US $3.00 per share plus an amount equal to any
unpaid accrued dividends before any amount is paid to the holder of any other
series of Preferred Stock other than the Series C Preferred Stock or to the
Common Stock of the Company. After payment of these amounts to the holders of
the Series B Preferred Stock, the remaining assets of the Company will be
distributed to the holders of the Common Stock.


Note 9. Stock Based Compensation

In 1998, the Company adopted a stock incentive plan that provides for the grant
of stock options to purchase shares of the Company`s common stock to employees
and members of the Board of Directors. The Company has reserved 5,000,000
shares of common stock for issuances under the plan. The following table
presents the changes in the stock options during the year.

<TABLE>
<CAPTION>

Weighted Average
Exercise Price
Stock Options (In US Dollars)
---------------------- ----------------
<S> <C> <C>
Outstanding at December 31, 1999 2,194,015 $ 16.10
Granted 2,307,700 7.25
Cancelled 1,068,550 15.94
Forfeited 1,082,533 15.78
-----------
Outstanding at December 31, 2000 2,350,632 9.68
Granted 1,666,450 1.54
Forfeited 1,258,616 10.04
-----------
Outstanding at December 31, 2001 2,758,466 4.60
Forfeited 2,456,541 4.36
-----------
Outstanding at December 31, 2002 301,925 6.54
===========

</TABLE>


<PAGE>

Since plan inception through December 31, 2002, no options have been exercised
and none have expired. The weighted-average remaining contractual life of
options outstanding at December 31, 2002, was 7.30 years with a contractual life
of 10 years.

As of December 31, 2002, 2001 and 2000, the Company had 249,225, 1,079,049 and
568,869 options exercisable, respectively. The weighted-average exercise price
of options exercisable as of December 31, 2002, is US $7.28. Options vest over
a period of three years from the date of grant and become exercisable upon
vesting. The Company has not recognized any compensation expense related to
stock options in 2002, 2001 or 2000.

The following table presents information about options outstanding as of
December 31, 2002.

<TABLE>
<CAPTION>

Weighted Weighted Weighted
Average Average Average
Exercise Remaining Exercise
Number of Price Contractual Number of Price
Exercise Price Options (In US Life Options (In US
Range Outstanding Dollars) (In Years) Exercisable Dollars)
- --------------- ----------- -------- ---------- ----------- ---------
<S> <C> <C> <C> <C> <C>

0.41 - 1.89 51,850 $ 1.44 8.23 17,117 $ 1.45
3.06 - 6.65 103,800 4.94 7.27 87,133 4.79
8.19 - 14.36 143,775 9.14 7.01 142,475 9.12
20.30 - 35.43 2,500 29.63 6.00 2,500 29.63
-------- --------
301,925 249,225
======== ========

</TABLE>

The fair value of each option granted is estimated at the date of grant using
the Black-Scholes option-pricing model. The assumptions used in calculating the
fair value of the options granted were as follows:

<TABLE>
<CAPTION>

2002 2001 2000
-------- -------- --------
<S> <C> <C> <C>
Risk-free interest rate 3.5% 4.61% 5.5%
Stock price volatility factor 4.498 1.242 0.859
Expected life of the options. 5 years 5 years 5 years
Dividend yield 0.0% 0.0% 0.0%

</TABLE>

During 2000, the Company offered plan participants the opportunity to exchange
stock options previously granted for new options at the current stock price.
Approximately 1.07 million new options with an exercise price of US $9.02, the
fair market value of the stock on the date of the exchange, were exchanged for
previously issued options. This exchange is considered a re-pricing and changes
the status of these options to variable options. These options are accounted
for as variable from July 1, 2000, until the options are exercised, forfeited or
expire unexercised. However, because the market price of the Company`s stock
decreased since July 1, 2000, the effect has had no impact on net loss. But,
any future increases in the market price of the stock, above the exercise price
of the options, will result in recognition of stock-based compensation expense
in future reporting periods.


<PAGE>

Note 10. Earnings Per Share

Earnings per share data for year ended December 31 is summarized as follows:

<TABLE>
<CAPTION>

Net Income (Loss)
--------------------------------

[Schimmelbusch]

wasn das?
nimmt der offizielle todposter die ederbuam in schutz?

[adult-steigt]

schimmelbusch: witzig

nein, eine offiziele adhoc

[adult-steigt]

kann das bitte einmal jemand zusammenfassen - in deutsch. danke

[schoko65]

per Translator, etwas durcheinander aber sehr interessant!!!Die Firma wird ermächtigt, 50,000,000 Anteile Bevorzugter Aktie mit relativen Rechten, Vorzügen auszugeben, und Leistungsgrenzen entschlossen zu Zeit des Ausgabe. Ab dem Dezember hat 31, 2002, die Firma nein ausgegebene und hervorragende
Serie Ein und B und C Hat Aktie Bevorzugt. Alle Companyçs hat Bevorzugte Aktie in Gemeinsame Aktie vorhergehend ausgegeben wurde umgewandelt.



Serie, die Eine Bevorzugte Aktie den Behälter berechtigt, Dividenden mit einer Geschwindigkeit gleich UNS $0.01 pro Anteil pro annum, bevor irgendeine Dividenden für Zahlung auf anderer Serie Bevorzugter Aktie der Firma gezahlt oder
werden abgehoben werden, zu empfangen, anders als Serie B oder Serie Hat C Aktie, oder auf der Gemeinsamen Aktie der Firma Bevorzugt. Dividenden auf der Serie soll Eine Bevorzugte Aktie von jedem fiskalischen Jahr, Thema zur
Verfügbarkeit von Überschuß oder Netz Gewinn für jedes fiskalische Jahr innerhalb fünf Monaten des Endes gezahlt werden. Die Dividenden auf der Serie ist Eine Bevorzugte Aktie nicht anwachsend. Die Behälter wird Eine Bevorzugte Aktie
der Serie nicht berechtigt zu wählen. Die Anteile kann Eine Bevorzugte Aktie der Serie durch die Firma, an einem Einlösung Preis eines Anteils von der Gemeinsamen Aktie der Firma für jeden Anteil Eine Bevorzugte Aktie der Serie und
irgendeine unbezahlten Dividenden jederzeit eingelöst werden, verdient worden sind, die daß alle und nicht weniger als alle Anteile Eine Bevorzugte Aktie der Serie, damit eingelöst werden.



Auf der Liquidation, der Auflösung oder das Winden auf, ob freiwillig oder unabsichtlich, von der Firma, den Behältern
Eine Bevorzugte Aktie der Serie wird berechtigt werden gezahlt zu werden die Summe von UNS $3.00 pro Anteil und ein
Betrag gleich irgendeinem unbezahlten ist zugekommen Dividenden bevor irgendein Betrag zum Behälter anderer Serie von
Bevorzugter Aktie gezahlt wird, anders als die Serie Hat B Aktie oder die Serie C Bevorzugt Hat BevorzugtAktie, oder zum
Behälter irgendeiner Gemeinsamen Aktie von der Firma. Nachdem Zahlung von diesen die Behälter Eine Bevorzugte Aktie der
Serie beträgt, die übrigen Vermögenswerte der Firma zu den Behältern der Gemeinsamen Aktie werden verteilt werden.



Die Serie B Hat Aktie Bevorzugt, zu berechtigen den Behälter Dividenden mit einer Geschwindigkeit gleich UNS $0.01 pro Anteil pro annum, bevor irgendeine Dividenden für Zahlung auf anderer Serie Bevorzugter Aktie der Firma gezahlt oder werden
abgehoben werden, zu empfangen, anders als die Serie Hat C Aktie oder auf der Gemeinsamen Aktie der Firma Bevorzugt. Dividenden auf Serie B Haben Aktie von jedem fiskalischen Jahr, Thema zur Verfügbarkeit von Überschuß oder Netz Gewinn für
jedes fiskalische Jahr innerhalb fünf Monaten des Endes Bevorzugt soll gezahlt werden. Die Dividenden auf der Serie B Haben Aktie Bevorzugt, nicht anwachsend zu sein. Die Behälter der Serie B Haben Aktie zu einer Wahlstimme pro Anteil
Bevorzugt wird berechtigt.

[Mitro]

Und was heißt das jetzt?

[schoko65]

Es werden wohl 50 Millionen neue Aktien mit bevorrechtigter
Dividendenzahlung ausgegeben.
Wichtig der Hinweis, dass diese Bevorrechtigung speziell
auch für den Fall der Liquidation der Firma Cybernet, aus
welchen Gründen auch immer, gilt.
Wie bekommen wir als Altaktionäre in den Genuß der neuen
Aktien?????

Wieso meldet sich hier keiner, jetzt wo es ans eingemachte
geht ????

[tensor]

CYN ist hochverschuldet und gibt noch nicht einmal einen positiven Geschäftsausblick. Wer soll diese 50 Mio Aktien eigentlich kaufen? Oder habe ich da etwas falsch verstanden?

[Mitro]

Geschäftsausblick? Cybernet? Cybernet hat doch gar kein Geschäft mehr? Oder?

[superman]

Irgendwie soll über diese neue Aktien Dividende ausgeschüttet werden, also doch das Geld an die Aktionäre fliesen. Aber im Prinzip müssten da Altaktionäre zum Bezug berechtigt werden. Aber es ist alles sehr nebulös...

[Mitro]

Hat der 31.12.2002 was zu bedeuten?

[Alfinanz]

in anbetracht der tatsache, dass es sich bei cybernet um einen bb wert handelt, dürfte wohl alles möglich sein (inkl. verarschung der meist Klein-/Altaktionäre ;-))
Also seid und bleibt lieber auf der sicheren seite.
so long

[schoko65]

SHAREHOLDERSÇ BILLIGKEIT Bevorzugte Aktie, US$0.001 pari Wert; 50,000,000 ermächtigte Anteile, hat keiner und
hervorragend 31, 2002 und 2001, jeweilig am Dezember ausgegeben - - Gemeinsame Aktie, US$0.001 pari Wert;
50,000,000 ermächtigte Anteile, 26,445,663 Anteile ausgegeben und hervorragend am Dezember 31, 2002 und 2001
25 25 Zusätzliche Einlagekapitale 127,718 127,718 Angesammelten Defizit (287,931) (249,473) Angesammelten
anderes umfassendes Einkommen 22,194 626 --------. - ---------. Gesamter shareholdersç Mangel (137,994)
(121,104) --------. - ---------. E 35,343 E 71,972 ======= = = ======= = =

[friska]

Schoko

Wer soll denn allen Ernstes diesen Kauderwelsch verstehen??????????????????????????

[Fliegenschiss]

Hallo Schoko,
bitte erklaer mal was du da geschrieben hast.
Was hier zur Zeit geschrieben wird, sind alles boemische Doerfer.


Gruss

Fliege

[Alfinanz]

das sind die zahlen von cybernet und wie es aussieht, können die eh nichts ausschütten. durch die herausgabe neuer aktien wird nur der freefloat erhöht. man müsste mal überprüfen ob das eine ordentliche kapitalerhöhung war oder nur die "freigabe" bisher gesperrter vorzugsaktien...

[callof]

Hallo die Herrschaften,

Meine 5 cents


Ok, folgendes hat sich MFC ausgedacht:

Es gibt 3 Chargen Vorzugsaktien.

Charge A hat kein Stimmrecht und kann gesamt oder teilweise in common shares umgewandelt werden (nach Lust und Laune der Company).

Charge B hat Stimmrecht (1 per Share) und kann nur in commons umgewandelt werden, wenn ALLE Shares der Charge umgewandelt werden.

Charge C wird erst bei Ausgabe definiert.

Den Chargen A&B sind folgende häßliche Features gemeinsam: Die Inhaber dieser Vorzugsaktien kriegen festgeschriebenermassen 0,01 Dollar Dividende pro Jahr. VOR allen anderen Dividendenberechtigten, und egal obs sonst Dividende gibt oder nicht. Wenns Dividende gäbe, kriegen zuerst die Vorzugsaktieninhaber Kohle und wenn DANN noch was übrig ist, der Common Stock. (also wir)
Sollte die Firma jemals dichtmachen, kriegen die Vorzugsaktienihnaber ZUALLERERST 3 ganze Dollar pro Aktie und bis dahin noch fällige Dividenden. Dann kriegt der common Stock Kohle. (macht bei 50 Millionen Stück 150 Millionen Dollar. Hmm, wieviel Cash hat Cybernet noch ? Na, wer schaut da in die Röhre ?)

Ganz nebenbei können sie noch 5 Millionen Stück common Stock generieren ( 1998er Stock incentive Plan ), wenn sie meinen dass doch noch was übrigbleibt.

FAZIT:

Es wird der Versuch unternommen die Firma zu sanieren (durch Ausgabe der Vorzugsaktien), die im Grunde nix anderes als bessere Anleihen sind. Würde mich nur noch interessieren an wen die verscheuert werden.
Auf jeden Fall sind unsere Teile, der common Stock, nun komplett wertlos bis aufs Stimmrecht.


Wie üblich repräsentiert dies nur meine Interpretation des Filings.

MfG

callof

[adult-steigt]

wenn ich das richtig verstehe, ist das also die Lösung der Bondsprobleme?

50 Mio. Aktien, die eine Rendite von 0,01 $ je Aktie verspricht. Ist doch nicht so übel? Sind doch nur 500 Tausend im Jahr!?

Bleibt also noch einige Jahre Zeit, bei Cash-Bestand von über 20 Mio.!

Also den Anteil an B&N aufstocken, und dann sieht man weiter!

[dreigeh]

am 01.05. ist hv bei ventegis, vielleicht kommt dort etwas licht ins dunkel.

[adult-steigt]

am 02.05..
ob da ein zusammenhang besteht, zwischen der meldung von cybernet und ventegis?

[tensor]

Neue Aktien gegen Bonds, so wie ich es verstehe - und eine schuldenfreie Cybernet macht weiter. Immerhin eine Chance, wenn neue Geschäftsfelder zusätzlich erschlossen werden.

[Fliegenschiss]

Besteht dann doch noch Hoffnung fuer unsere Aktien?

Wenn auch erst in fuenf bis 10 Jahren?


Gruss Fliege

[luckman_ch]

@ Santa

Was ist Deine Meinung zum Ganzen?
Wäre flott, wenn Du Dein Statement geben
könntest.........

Viele Grüsse aus der Schweiz
Luckman

[Mitro]

Also ich warte auch auf HOHOHO!!!

Wieviel Cash hat man eigentlich und ist darin der Verkauf von Cybernet Schweiz schon enthalten?

[adult-steigt]

zum 31.12.02 waren es nicht ganz 23 Mio. €.
die schweiz wurde erst in diesem jahr verkauft.
Also noch mal plus mindestens 10 Mio.€

[Mitro]

Kann es wircklich sein, daß man den Anleihebesitzern die Aktien gibt und sich somit entschuldet? Man hat doch schließlich kein operatives Geschäft mehr???

[dreigeh]

- 5 mio für zinszahlung ende januar.

[schoko65]

callof

das trifft es ziemlich.

unter den Umständen einer Firma mit gut laufendem operativen Geschäft, könnte man dieser Verfahrensweise sogar positives abgewinnen. Nur, ohne Geschäft gucken wir Altaktionäre ziemlich in die Röhre.

Wieso kann eine AG ohne Zustimmung der Altaktionäre und Ohne Einberufung einer HV, einfach so die doppelte Anzahl der bestehenden Aktien ausgeben und das noch zu besseren
Bedingungen für die Neuaktionäre ? Das stinkt !!!!

[adult-steigt]

"...unsere E-commerce-Lösungen müssen unseren Kunden Profit bringen. Das ist der Maßstab, an dem B&N gemessen werden möchte. Alle weiteren Aspekte und Features unserer Software-Komponenten sind nur Mittel zum Zweck, um dieses Ziel zu erreichen."
A. Bernigshausen, Geschäftsführung und Vorstand B&N Software AG


Die B&N Software AG entwickelt Software- komponenten zur Unterstützung konzernweiter und unternehmensübergreifender Prozessoptimierung. Unser Produktsortiment reicht von Software für den klassischen EDIFACT-Datenaustausch über die XML-Kommunikation bis zu dialogbasierenden Web-Komponenten.

Die konzeptionelle Basis ist das einheitliche Abbilden der verschiedenen Geschäftsprozesse in klar dokumentierten Datenbankschnittstellen. Die Anwender können ihre Prozessabläufe planen und anschließend entscheiden, ob ein Geschäftsprozess mit einer Dialoganwendung bearbeitet und/oder als EDI-Message von einem ERP-System zum nächsten übermittelt werden soll. Die dahinter stehenden Transaktionen werden prinzipiell durch die eingesetzten RDBMS kontrolliert und gesteuert.

Die durch unsere Softwarekomponenten bereit-gestellten nativen Datenbankschnittstellen können in alle relevanten Entwicklungswerkzeuge eingebunden werden.
Das in den IT-Abteilungen vorhandene RPG-, Cobol-, VB-, C++-, Delphi-, Magic- Know how wird mit Hilfe unserer Technologie voll eingebracht.

B&N wurde 1989 gegründet. Seit 11/2000 firmieren wir als B&N Software AG. Unsere EDI-Software-Komponenten sind seit Jahren bei zahlreichen Unternehmen im Einsatz. Als ein marktführendes EDI-Softwareunternehmen stehen wir Ihnen mit Erfahrung und Professionalität zur Verfügung.

[adult-steigt]

Vorteile des asynchronen elektronischen Belegaustausches (EDI)

Aufträge, Rechnungen, Lieferscheine elektronisch mit den Geschäftspartner auszutauschen, gehört auch in den nächsten Jahren zu einem erklärten Ziel vieler mittelständischer Unternehmen. Das Analystenhaus IDC prognostiziert, dass der EDI-Markt in Europa in den nächsten fünf Jahren um über 15 Prozent auf 809,9 Milliarden Euro wachsen wird. Während die synchrone Vernetzung der Geschäftspartner einen beträchtlichen Integrationsaufwand nach sich zieht, ist der asynchrone elektronische Belegaustausch (EDI) erheblich einfacher und kostengünstiger umzusetzen.



(aus: NewSolutions, 04/03, April 2003)

[Mitro]

Wo is HOHOHO?

[adult-steigt]

warum mussten sie nur die schweiz verkaufen, wenn zum 31.12.02 die lösung der bonds schon bekannt war? :-(

Grosses Interesse am ADSL Business-Apéro in St. Gallen

Zürich, 25. April 2003 – Cybernet (Schweiz) AG, der führende ADSL-Anbieter für KMUs führte am Donnerstag, 24. April eine Informationsveranstaltung zum Thema ADSL durch, die auf sehr grosses Interesse gestossen ist. Der Saal im Hotel Ekkehard war zum Bersten voll, was wiederum zeigt, dass das Interesse an der ADSL-Technologie als Internetzugang sehr gross ist. Nebst Vor- und Nachteilen des schnellen Internetzuganges sowie Einsatzgebieten, Evaluations-, Optimierungs- und Konfigurationsbeispielen, stellte René M. Waser, Co-Autor des einzigen Schweizer ADSL-Fachbuches Tips und Tricks aus der Praxis vor.
Das Interesse an der ADSL-Technologie als Internetzugang scheint ungebrochen und diesbezügliche Informationen heiss begehrt. Dies zeigte die Informationsveranstaltung ADSL Business-Apéro auf, die am Donnerstag, 24. April abends im Hotel Ekkehard in St. Gallen stattfand und für die sich über 230 Personen angemeldet hatten. So war der Saal fast bis auf den letzten Platz gefüllt, trotz zusätzlich herangekarrten Sitzgelegenheiten. Die Präsentation, die von René M. Waser, Co-Autor des ersten ADSL-Fachbuches für die Schweiz und CEO von Cybernet (Schweiz) AG gehalten wurde, führte mit einer leicht verständlichen Technologie-Übersicht in die Thematik ein. Es wurde klar, dass vom Technologie-Anbieter Swisscom, von dessen Seite auch Vertreter anwesend waren, alles unternommen wird, dass die Aufschaltzeit von ADSL-Anschlüssen wieder auf eine Zeit von 5 – 10 Tagen reduziert werden kann. Von der einfachen Abklärung, ob der eigene Telefon-Anschluss ADSL-tauglich ist, über die Ermittlung der optimalen Bandbreite, die mittels eines jedermann zugänglichen Tools auf der Homepage von Cybernet feststellbar ist, bis hin zu möglichen ADSL-Zugangsgeräten (Modem/Router) und der Nutzung von IP-Adressen, wurde dem Zuhörer die Thematik rund um den schnellen Internetzugang ausführlich erklärt.

Vor- und Nachteile zu ADSL im allgemeinen sowie wichtige Aspekten zur Providerwahl wurden eingehend vorgestellt. Diesbezüglich ist zu erwähnen, dass man sich bewusst sein sollte, bei welchem Provider ein Zwang zu Telefon-Preselection besteht und wie der Provider selber angeschlossen ist oder über welche Infrastruktur er selber verfügt. Interessant sind vorallem die Einsparungsmöglichkeiten, die sich bei einer freiwilligen Preselection für Firmen (im Falle von Cybernet über MCI) realisieren lassen und schnell über einen Bonusrechner festzustellen sind. Der Anlass war generell sehr informativ wie beispielsweise Herr Thomas Duss, Supportverantworlicher bei der Firma SIWUHO in St. Gallen bemerkt: „Der ADSL Business-Apéro hat mir einen sehr positiven Eindruck hinterlassen. Die vermittelten Informationen waren für alle leicht verständlich, aber trotzdem ausführlich genug und die erhaltenen Dokumentationen detailliert, sodass zuhause alles ohne Mühe nachvollzogen werden kann. Entscheidend war für mich aber auch das anschliessende persönliche Gespräch mit den Spezialisten vor Ort, die alle meine Fragen beantworten konnten“, so Thomas Duss weiter.

Abschliessend stellte der Referent und Co-Autor, René M. Waser, das erste ADSL-Fachbuch für die Schweiz vor, das in den letzten Monaten schon über 3`500 Leser erreicht hat. Das Fachbuch wurde allen Besuchern dieses Anlasses abgegeben und ist für CHF 29.- im Buchhandel erhältlich. Es führt in die Thematik ADSL für KMUs sowie auch Private ein und beleuchtet alle diesbezüglichen Aspekte wie Technologie, Sicherheit, Zugangsgeräte, Einsatzmöglichkeiten im Unternehmen und vieles mehr. Dabei wird grossen Wert auf die Vermittlung des technischen Wissens gelegt und strukturiert durch das Themenfeld „ADSL“ geführt. Das Buch wird u.a. anlässlich der 12teiligen Roadshow vorgestellt, die bis Ende 2003 durch alle grösseren Städte der Schweiz führt. Weitere Informationen zu diesen schweizweiten ADSL Business-Apéros finden Sie auf www.cybernet.ch/adslapero.

[Crowww]

Der Käufer von Cybernet Schweiz sollte wohl schon ein bisschen auch mit für die Zukunftsaussichten mitbezahlt haben.

Vielleicht war der Kaufpreis zu verlockend.

25 - 30 MIO Euro!

[HOHOHO]

@Mitro

Hier. Was gibt`s denn?

[HOHOHO]

Also ich hab das Filing mal überflogen. Die Bewertung der Bilanz ist schwierig, da ja in der zwischenzeit CYN D und CH verkauft wurden und ich nicht sagen kann, welche Assets und Liabilities mit verkauft wurden. Cash dürfte aber auf jeden Fall verbleiben.

Was die 50 Mio Vorzüge betrifft gehe ich davon aus, daß man damit z.B. die Bonds eintauschen könnte. Ist die Firma schuldenfrei, kann man sie für Cash + Steueranteil aus ca. 100 Mio USD Verlustvortrag (in USA nutzbar bis 2022 lt. Filing) verkaufen oder als Mantel weiter benutzen und ein neues Geschäft kaufen und weiter führen. Viele Wege sind denkbar und ich denke wir wissen viel zu wenig von MFC um zu beurteilen, welchen Weg sie einschlagen werden. Im Moment ist es aber m.M. viel zu früh, irgendwelche voreiligen Schlüsse oder Vermutungen anzustellen. Auf jeden Fall würden die jetzigen Bondholder von einer solchen Umtauschvariante profitieren. Das dürfte ein wesentlich größerer Anreiz zum Mitmachen sein als die Aussicht, mit etwa 5 % abgefunden zu werden!

Alles in allem haben wir einen börsengängigen Firmenmantel mit einem großen steuerlichen Verlustvortrag und einem genialen Namen. Daraus kann man viel machen und sicherlich ist die Liquidation die Variante, bei der alle Beteiligten (incl. MFC) am wenigsten verdienen. Also schaukelt Euch nicht dauernd gegenseitig hoch. Ich weiß es ist schwierig, geduldig zu sein aber sich gegenseitig verrückt zu machen ist sicher auch keine Lösung.

Gruß

Santa

[ccraider]

danke santa

[fräserle]

Hey Mütze

Wie siehts??? Ists da??? Auf komm!!

[HOHOHO]

@fräserle

Dauert noch bis zum August. Aber soweit alles in Butter. ER strampelt schon feste!

Muß das Filing noch etwas genauer studieren. Über den Verkauf von D und CH steht auch was drin. Werd aber erst morgen was dazu schreiben können.

Bis morgen also

Santa

[Fliegenschiss]

Hallo Santa,
schoen mal wieder was von dir zu hoeren.

Guter Beitrag

Danke


Gruss

Fliege

[Mitro]

HOHOHO

Ohne dich wäre es hier nur halb so schön!!!

[adult-steigt]

1.5.2003 - Swisscom: ADSL-Lieferengpässe entschärft
Der als Folge des Booms aufgetretene Engpass bei der Bereitstellung von ADSL-Anschlüssen ist beseitigt. Ausser in wenigen Ausnahmefällen, können ADSL Bestellungen nun wieder innert 5 Arbeitstagen ADSL Connect (Premium ADSL) und 10 Arbeitstagen ADSL Cybercity (Standard ADSL) aufgeschaltet werden.


Lösung von Cybernet zur Verdoppelung der ADSL Bandbreite

Zürich, 6. Mai 2003 – Cybernet (Schweiz) AG, der führende ADSL-Anbieter für KMUs, bietet eine Lösung an, die mittels neu verfügbarer Hardware zwei Internetzugänge bündelt oder eine zusätzliche Dial-Up-Verbindung als Back-Up ermöglicht. Somit erhält der Kunde wahlweise die doppelte Bandbreite oder eine höhere Verfügbarkeit.
Technologie- und infrastrukturbedingt haben Unternehmen für ihre ADSL Internetanbindung die Distanz zur jeweiligen Swisscom Zentrale zu berücksichtigen. Ab einer Entfernung von 2600 bis 4200 Meter sind nur Bandbreiten von 512/128 oder 256/64 Kbit/s Down-/Upstream möglich. Firmen, welche beispielsweise aufgrund der Anzahl Internetbenutzer oder einer VPN-Lösung auf eine bestimmte Geschwindigkeit angewiesen waren, mussten sich mit einem Upstream von 128 Kbit/s begnügen oder eine teure Standleitung anschaffen.

Basierend auf dem Cybernet ADSL Backbone hat die technische Abteilung eine Lösung mit zusätzlicher Hardware entwickelt, welche Funktionen zur Lastverteilung und Verfügbarkeitssteigerung ermöglicht. Zwei Konfigurationen sind möglich: Eine Bandbreitenverdoppelungs- oder eine Dial-Back-Up Lösung. Bei der erstgenannten Lösung bündelt die dafür vorkonfigurierte Hardware zwei ADSL-Internetzugänge. Im Betrieb wird laufend eine Lastverteilung auf beide Anschlüsse (Load Balancing Funktion) vorgenommen. Bei der zweitgenannten Back-Up Variante wird eine Dial-Up-Verbindung (Auto Failover Funktion) eingerichtet, welche den Netzwerkverkehr automatisch umleitet. Somit wird je nach gewählter Konfigurations-Auslegung die Bandbreite verdoppelt oder eine Dial-Back-Up-Verbindung ermöglicht. Der Kunde profitiert also von den Vorteilen der erhöhten Bandbreite oder dem unterbruchsfreien Internetzugang.

Eine der bedeutendsten Nutzergruppe der Bandbreitenverdoppelungs-Lösung sind Unternehmen, welche aufgrund ihrer firmenspezifischen Anforderungen und Verwendungsgewohnheiten auf eine bestimmte Bandbreite (z.B. über den Bandbreitenkalkulator unter: www.bestconnect.ch berechenbar) angewiesen sind, oder der Hauptstandort mit VPN (Virtual Private Network) zu den Aussenstellen verbunden ist und für die Datenübermittlung, auch für den Upstream (Datenverkehr vom Standort zum Internet), eine ausreichende Bandbreite benötigen, wie beispielsweise bei Citrix-Metaframe Applikationen. Die Dial-Back-Up Lösung richtet sich an Firmen, welche sich einen Totalausfall ihrer Internetverbindung nicht leisten können. Für diese Konfiguration wird der Anschluss für den zweiten WAN-Internetzugang mit einem Dial-Up, der die gleiche IP-Adresse nutzt, eingerichtet. Somit wird beim Ausfall der Internetverbindung automatisch eine Wählverbindung aufgebaut. So bleibt der eigene Web- oder Mailserver erreichbar wie auch die VPN-Verbindung jederzeit verfügbar.

Cybernet ist der erste ADSL-Provider, welcher derartige vorkonfigurierte Lösungen auf den Markt bringt. Auf anderem Equipment basierte Varianten mit ähnlichen Merkmalen sind möglich, allerdings zu Preisen (z.B. Cisco 1720, ca. Fr. 3`000.--), welche nicht dem ADSL-Preisgefüge entsprechen. Dagegen ist das Kosten-Nutzenverhältnis der Cybernet-Lösung einzigartig. Die Anschaffungs- und Installationskosten sind für KMUs optimal. Der Preis für die Hardware beträgt Fr. 650.- und die Vorkonfiguration Fr. 180.-. Eine Installation vor-Ort ist möglich, jedoch nicht notwendig und wird mit Fr. 180.- pro Stunde in Rechnung gestellt (alle Preise exkl. MWST).

Mit dieser neuartigen Entwicklung zeigt die Nummer 1 der ADSL-Anbieter für KMUs, Cybernet (Schweiz) AG erneut, dass kundenorientierte Lösungen mit optimalem Preis-/Leistungsverhältnis möglich sind.

[mäusejäger]

Hi HOHOHO,

schön von Dir zu hören...


Eine Frage:
Welchen Firmenwert hätte denn der Verlustvortrag, wenn man die Firma weiterverkaufen wollte ?? Kann man das überhaupt abschätzen ??

Thanks und tschüß,

[Crowww]

Kann mir gut vorstellen, daß das letzte Filing von Cybernet auf die Lösung der Bondprobleme hindeutet, jedoch wie kann man Cybernet Schweiz verkaufen?

Wenn man dies wieder liest, handelt es sich um einen der besten Provider der Welt!!! Wachstum PUR!

Sollten nicht mind. 30 Mio Euro für Cybernet Schweiz über den Tisch gegangen sein, dann ..........

[fräserle]

@Santa

Des wird scho. Der Monat ist genial Bin ich auch.

[HOHOHO]

@mäusejäger

Wenn ich das Filing richtig gelesen habe, beträgt der steuerliche Verlustvortrag, der in USA anerkannt wird, ca 100 Mio. Den genauen Unternehmenssteuersatz der USA kenne ich nicht aber ich meine, er sollte um ein Drittel liegen. Also wäre der Nettovorteil etwa 30 Mio.

Da ein Käufer auch einen Vorteil haben möchte, wird dann noch ein Abschlag gemacht werden oder es gibt vielleicht den Namen "Cybernet" gratis dazu. Dann kommen noch rund 20 Mio aus der Kasse dazu. Was mit den ganzen Forderungen, Verbindlichkeiten und Rückstellungen nach den Verkäufen wurde, weiß ich noch nicht. Läßt man die mal außen vor, liegt der Wert der Hülle nach meiner Schätzung bei 50 Mio plusminus 20 %. Das setzt jdoch voraus, daß ALLE Bonds getauscht werden. Ansonsten würde sich der Wert natürlich um die Verbindlichkeiten aus den nicht getauschten Bonds verringern.

Ein Verkauf von Cybernet läuft dann, wie an der Börse üblich, über ein Angebot an die Aktionäre. Erst dann wird sich zeigen, wie hoch der wahre Wert ist.

Gruß

Santa

[superman]

@Hohoho: Also ehrlich gesagt habe ich das mit den Verlustvorträgen nie ganz verstanden. Es gibt viele Frimen die Verlustvorträge haben und pleite sind, aber keine Schulden haben und bei quasi Null notieren. Warum haben diese dann keinen Wert?

[dreigeh]

kann ein angebot an die aktionäre auch erfolgen ohne rücksicht auf die bonds ?

[mäusejäger]

@supermann,

die Firmen haben dann meist aber auch noch ein business, d. h. Mitarbeiter (meist zu viele), geschäftliche Verpflichtungen, laufende Veträge, schlechte Geschäftsstrategie, usw..... Man kauft sich dann also auch ein Haufen Probleme ein. Bei Cybernet wäre das anders, da ist ja nichts los, von den Bonds mal abgesehen. Tja, vielleihct sehen wir ja doch noch ein paar Cents wieder...


Ciao

[adult-steigt]

-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: [e-mail]
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<SEC-DOCUMENT>0000945234-03-000217.txt : 20030508
<SEC-HEADER>0000945234-03-000217.hdr.sgml : 20030508
<ACCEPTANCE-DATETIME>20030508132421
ACCESSION NUMBER: 0000945234-03-000217
CONFORMED SUBMISSION TYPE: SC 13D/A
PUBLIC DOCUMENT COUNT: 1
FILED AS OF DATE: 20030508

SUBJECT COMPANY:

COMPANY DATA:
COMPANY CONFORMED NAME: CYBERNET INTERNET SERVICES INTERNATIONAL INC
CENTRAL INDEX KEY: 0001070658
STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
IRS NUMBER: 510384117
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1231

FILING VALUES:
FORM TYPE: SC 13D/A
SEC ACT: 1934 Act
SEC FILE NUMBER: 005-56119
FILM NUMBER: 03687687

BUSINESS ADDRESS:
STREET 1: SUITE 1620 400 BURRARD ST
STREET 2: VANCOUVER
CITY: BRITISH COLUMBIA
STATE: A1
ZIP: V6C 3A6
BUSINESS PHONE: [phone]

MAIL ADDRESS:
STREET 1: SUITE 1620 400 BURRARD ST
STREET 2: VANCOUVER
CITY: BRITISH COLUMBIA
STATE: A1
ZIP: V6C 3A6

FILED BY:

COMPANY DATA:
COMPANY CONFORMED NAME: MFC BANCORP LTD
CENTRAL INDEX KEY: 0000016859
STANDARD INDUSTRIAL CLASSIFICATION: SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
IRS NUMBER: 131818111
STATE OF INCORPORATION: B0
FISCAL YEAR END: 1231

FILING VALUES:
FORM TYPE: SC 13D/A

BUSINESS ADDRESS:
STREET 1: FLOOR 21, MILLENIUM TOWER
STREET 2: HANDELSKAI 94-96
CITY: A-1200 VIENNA
STATE: C4
BUSINESS PHONE: [phone]

MAIL ADDRESS:
STREET 1: FLOOR 21, MILLENIUM TOWER
STREET 2: HANDELSKAI 94-96
CITY: A-1200 VIENNA
STATE: C4

FORMER COMPANY:
FORMER CONFORMED NAME: ARBATAX INTERNATIONAL INC
DATE OF NAME CHANGE: 19960603

FORMER COMPANY:
FORMER CONFORMED NAME: NALCAP HOLDINGS INC
DATE OF NAME CHANGE: 19950725

FORMER COMPANY:
FORMER CONFORMED NAME: JAVELIN INTERNATIONAL LTD
DATE OF NAME CHANGE: 19871118
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D/A
<SEQUENCE>1
<FILENAME>o09776sc13dza.txt
<DESCRIPTION>SCHEDULE 13D AMENDMENT 2
<TEXT>
<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

SCHEDULE 13D/A
(AMENDMENT NO. 2)

Under the Securities Exchange Act of 1934


CYBERNET INTERNET SERVICES INTERNATIONAL, INC.
- --------------------------------------------------------------------------------
(Name of Issuer)


Common Stock, Par Value $0.001 Per Share
- --------------------------------------------------------------------------------
(Title of Class of Securities)


232503 102
- --------------------------------------------------------------------------------
(CUSIP Number)


Michael J. Smith
Floor 21, Millennium Tower, Handelskai 94-96, A-1200, Vienna, Austria
Telephone [phone]
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)


April 30, 2003
- --------------------------------------------------------------------------------
(Date of Event which Requires Filing of this Statement)


If the filing person has previously filed a statement on Schedule 13G to
report the acquisition which is the subject of this Schedule 13D, and is filing
this schedule because of Rule 13d-1(b)(3) or (4), check the following box [ ].
<PAGE>

CUSIP NO. 232503 102
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS/I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS

MFC BANCORP LTD.

- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) [ ]
(b) [ ]

- --------------------------------------------------------------------------------
3 SEC USE ONLY


- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS

00

- --------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) [ ]

- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION

YUKON TERRITORY, CANADA

- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
0
SHARES -----------------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
0
OWNED BY EACH -----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
REPORTING
0
PERSON -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

0
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]


- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

0%

- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See Instructions)

CO

- --------------------------------------------------------------------------------

<PAGE>
2


This Amendment No. 2 to Schedule 13D (the "Schedule 13D/A") amends the Schedule
13D/A of MFC Bancorp Ltd. ("MFC") dated December 12, 2001 to update information
under Item 3.

ITEM 1. SECURITY AND ISSUER.

This Statement relates to shares of common stock, par value $0.01 per share
("Shares") of Cybernet Internet Services International, Inc. (the "Company").

The principal executive offices of the Company are located at 1620 - 400 Burrard
Street, Vancouver, British Columbia, V6C 3A6, Canada.

ITEM 2. IDENTITY AND BACKGROUND.

This statement is filed on behalf of MFC. MFC operates in the financial services
segment and has an address at Floor 21, Millennium Tower, Handelskai 94-96,
A-1200, Vienna, Austria. See Item 6 on page 2 of this Schedule 13D/A for the
jurisdiction of organization of MFC.

The following table lists the names, citizenships, principal business addresses
and principal occupations of the executive officers and directors of MFC.

<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
NAME RESIDENCE OR PRINCIPAL CITIZENSHIP
BUSINESS ADDRESS OCCUPATION
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Michael J. Smith Floor 21, Millennium Tower, Director, President and Chief British
Handelskai 94-96, A-1200, Vienna, Executive Officer of MFC
Austria
- ------------------------------------------------------------------------------------------------------------------------
Sok Chu Kim 1071 - 59 Namhyun-Dong, Director of Korea Korean
Gwanak-Kn, Seoul, Korea Liberalization Fund Ltd.
- ------------------------------------------------------------------------------------------------------------------------
Oq-Hyun Chin 3,4 Floor, Kyung Am Bldg., 831-28 Business Advisor, The Art
Yeoksam-Dong, Kangnam-Ku, Seoul, Group Architects & Engineers Korean
Korea Ltd.
- ------------------------------------------------------------------------------------------------------------------------
Dr. Stefan Feuerstein Charlottenstrasse 59, Director and President of MFC German
D-10117 Berlin, Germany Capital Partners AG
- ------------------------------------------------------------------------------------------------------------------------
Silke Brossmann Sudetenstrasse 3, D-63110 Rodgau, Consultant German
Germany
- ------------------------------------------------------------------------------------------------------------------------
Roy Zanatta Suite 1620 - 400 Burrard Street, Secretary of MFC Canadian
Vancouver, British Columbia,
Canada, V6C 3A6
- ------------------------------------------------------------------------------------------------------------------------
Claudio Morandi Kasernenstrasse 1, 9100 Herisau, Managing Director, MFC Swiss
Switzerland Merchant Bank S.A.
- ------------------------------------------------------------------------------------------------------------------------
John Musacchio 507 Lakewood Drive, Vice-President, MFC American
Monroeville, Pennsylvania
USA 15146
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>

During the last five years, neither MFC nor, to its knowledge, any of its
officers or directors, have been convicted in a criminal proceeding (excluding
traffic violations or similar misdemeanors), nor have they been a party to a
civil proceeding of a judicial or administrative body of competent jurisdiction
and as a result of such proceeding were or are subject to a judgment, decree or
final order enjoining future violations of, or prohibiting or mandating
activities subject to, Federal or State securities laws or finding any violation
with respect to such laws.

<PAGE>

3



ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.

On November 2, 2001, MFC, Holger Timm and Ventegis Capital AG ("Ventegis"), and
Consors Bank AG (the "Depositary") entered into an agreement (the "Agreement")
dated for reference October 29, 2001 pursuant to which MFC was granted voting
rights for the term of the Agreement with respect to 6,872,796 Shares deposited
by Holger Timm and Ventegis with the Depositary. The Agreement is filed as
Exhibit 1 to the Schedule 13D/A dated December 12, 2001 and is incorporated
herein by reference. On March 24, 2003 MFC advised the parties to the Agreement
that MFC is terminating the Agreement at the end of April, 2003, being the end
of the initial term of the Agreement. As a result, MFC no longer has any voting
rights with respect to the 6,872,796 Shares deposited by Holger Timm and
Ventegis.

ITEM 4. PURPOSE OF TRANSACTION.

Except as otherwise disclosed, neither MFC nor, to the knowledge of MFC, any of
its directors or executive officers, have the intention of acquiring beneficial
ownership over additional Shares, although MFC reserves the right to make
additional purchases on the open market, in private transactions and from
treasury.

As part of MFC`s ongoing review of its interest in the Shares, MFC is currently
exploring and may explore from time to time in the future a variety of
alternatives, including, without limitation: (a) the acquisition of securities
of the Company or the subsequent disposition of securities of the Company; (b)
an extraordinary corporate transaction, such as a merger, reorganization or
liquidation, involving the Company or its subsidiaries; (c) a sale or transfer
of a material amount of assets of the Company or any of its subsidiaries; (d)
material change in the present capitalization of the Company; (e) other material
changes in the Company`s business or corporate structure; or (f) actions similar
to any of those enumerated above. There is no assurance that MFC will develop
any plans or proposals with respect to any of the foregoing matters. Any
alternatives which MFC may pursue will depend on a variety of factors,
including, without limitation, current and anticipated future trading prices for
the securities of the Company, the financial condition, results of operations
and prospect of the Company and general economic, financial market and industry
conditions.

Except as otherwise disclosed above, neither MFC nor, to the knowledge of MFC,
any of its directors or executive officers, have any plans or proposals to
effect any of the transactions listed in Item 4(a) - (j) of Schedule 13D.

ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.

As a result of the termination of the Agreement, MFC no longer has the sole
power to direct the vote of, and accordingly no longer has beneficial ownership
of, in aggregate 6,872,796 Shares, representing approximately 25.9% of the
Company`s issued and outstanding Shares.

To the knowledge of MFC, none of its directors or executive officers have any
power to vote or dispose of any Shares of the Company, nor did they, or MFC,
effect any transactions in such Shares during the past 60 days, except as
disclosed herein.

<PAGE>

4



ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO
SECURITIES OF THE ISSUER.

In addition, the right of first refusal granted to MFC pursuant to and for the
term of the Agreement to purchase all, but not less than all, of any Shares
which Holger Timm and/or Ventegis propose to sell to an arm`s length purchaser
has also been terminated as a result of the termination of the Agreement.

ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.

N/A


<PAGE>

5


SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.


MFC BANCORP LTD.


By: /s/ Roy Zanatta
------------------------------------
(Signature)

Roy Zanatta, Secretary
------------------------------------
(Name and Title)

May 2, 2003
------------------------------------
(Date)



</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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[adult-steigt]

-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: [e-mail]
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<SEC-DOCUMENT>0001047469-03-017535.txt : 20030508
<SEC-HEADER>0001047469-03-017535.hdr.sgml : 20030508
<ACCEPTANCE-DATETIME>20030508152351
ACCESSION NUMBER: 0001047469-03-017535
CONFORMED SUBMISSION TYPE: 10-K
PUBLIC DOCUMENT COUNT: 11
CONFORMED PERIOD OF REPORT: 20021231
FILED AS OF DATE: 20030508

FILER:

COMPANY DATA:
COMPANY CONFORMED NAME: CYBERNET INTERNET SERVICES INTERNATIONAL INC
CENTRAL INDEX KEY: 0001070658
STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
IRS NUMBER: 510384117
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1231

FILING VALUES:
FORM TYPE: 10-K
SEC ACT: 1934 Act
SEC FILE NUMBER: 000-25677
FILM NUMBER: 03688077

BUSINESS ADDRESS:
STREET 1: SUITE 1620 400 BURRARD ST
STREET 2: VANCOUVER
CITY: BRITISH COLUMBIA
STATE: A1
ZIP: V6C 3A6
BUSINESS PHONE: [phone]

MAIL ADDRESS:
STREET 1: SUITE 1620 400 BURRARD ST
STREET 2: VANCOUVER
CITY: BRITISH COLUMBIA
STATE: A1
ZIP: V6C 3A6
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-K
<SEQUENCE>1
<FILENAME>a2110497z10-k.txt
<DESCRIPTION>FORM 10-K
<TEXT>
<PAGE>

- ------------------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

---------------------------------

FORM 10-K

---------------------------------

[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2002

OR

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____________ to _____________

COMMISSION FILE NUMBER 000-25677

CYBERNET INTERNET SERVICES
INTERNATIONAL, INC.
(Exact name of Registrant as specified in its charter)

DELAWARE 51-0384117
(STATE OR OTHER JURISDICTION (IRS EMPLOYER IDENTIFICATION NO.)
OF INCORPORATION OR ORGANIZATION)

SUITE 1620 - 400 BURRARD STREET, VANCOUVER, BRITISH COLUMBIA, CANADA V6C 3A6
(ADDRESS OF OFFICE)

Registrant`s telephone number including area code: [phone]

Securities registered pursuant to Section 12(b) of the Act: NONE

Securities registered pursuant to Section 12(g) of the Act:

------------------------------
COMMON STOCK, $0.001 PAR VALUE
(TITLE OF CLASS)
------------------------------

Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the SECURITIES EXCHANGE ACT OF
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. Yes [X] No [ ]

Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to
the best of Registrant`s knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. [X]

Indicate by check mark whether the Registrant is an accelerated filer (as
defined in Rule 12b-2 of the Act). Yes [ ] No [X]

The aggregate market value of the Registrant`s voting stock held by
non-affiliates of the Registrant as of June 28, 2002, the last business day
of the Registrant`s most recently completed second fiscal quarter, based on
the closing price of the voting stock on the OTC Bulletin Board on such date,
was approximately $3,914,566.

As of March 31, 2003, the Registrant had approximately 26,445,663 shares of
common stock, $0.001 par value outstanding.

- ------------------------------------------------------------------------------
<PAGE>

TABLE OF CONTENTS

<Table>
<Caption>
PAGE
<S> <C>
PART I

ITEM 1. BUSINESS...........................................................................................3
General............................................................................................3
Business Developments..............................................................................4
Industry Background................................................................................6
Products and Services..............................................................................6
Sales and Marketing................................................................................7
Competition........................................................................................8
Advances in Technology.............................................................................8
Intellectual Property Rights.......................................................................8
Regulation.........................................................................................8
Employees..........................................................................................9
Risk Factors.......................................................................................9
ITEM 2. PROPERTIES........................................................................................10
ITEM 3. LEGAL PROCEEDINGS.................................................................................10
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS...............................................10

PART II

ITEM 5. MARKET FOR REGISTRANT`S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS.............................11
ITEM 6. SELECTED FINANCIAL DATA...........................................................................12
ITEM 7. MANAGEMENT`S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.............14
Overview..........................................................................................14
Going Concern.....................................................................................15
Critical Accounting Policies......................................................................15
Developments in 2002..............................................................................16
Year Ended December 31, 2002 as Compared to the Year Ended December 31, 2001......................16
Year Ended December 31, 2001 as Compared to the Year Ended December 31, 2000......................18
Liquidity and Capital Resources...................................................................20
Forward-Looking Statements........................................................................21
Foreign Currency..................................................................................24
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK........................................25
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.......................................................25
ITEM 9. CHANGES IN, AND DISAGREEMENTS WITH, ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE............25

PART III

ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT................................................27
Section 16(a) Beneficial Ownership Reporting Compliance...........................................27
ITEM 11. EXECUTIVE COMPENSATION............................................................................27
Summary Compensation Table........................................................................27
1998 Stock Incentive Plan.........................................................................28
Cash Compensation of Outside Director.............................................................28
Executive Agreements..............................................................................28
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT....................................29
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS....................................................30
ITEM 14. CONTROLS AND PROCEDURES...........................................................................31

PART IV

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K..................................32
</Table>


2
<PAGE>

PART I

ITEM 1. BUSINESS

General

Cybernet Internet Services International, Inc. ("Cybernet Delaware") was
established pursuant to the merger of Cybernet Internet Services International,
Inc. (organized under the laws of Delaware in September 1998) and Cybernet
Internet Services International, Inc. (organized under the laws of Utah in
September 1983) ("Cybernet Utah") effective November 18, 1998, the Delaware
corporation being the surviving entity of the merger. Cybernet Utah had
previously acquired Cybernet Internet-Dienstleistungen AG ("Cybernet AG") on
September 17, 1997, at which time Cybernet Utah had no material business
activities, assets or liabilities. Cybernet AG was organized in December 1995
under the laws of Germany and commenced significant operations in 1996. The
terms "Cybernet", "we", "us" and "our" refer to Cybernet Delaware and its
subsidiaries, except where its use is such that it is clear that such term means
only Cybernet Delaware. In this document, all references to monetary amounts are
to "Euros", the lawful currency adopted by most members of the European Union
(the "EU"), unless otherwise stated, and "E" refers to Euros.

In 2002, through our subsidiaries, we provided Internet communications services
and solutions. We offered a portfolio of advanced communications products,
including Internet access and value-added services, as well as data services.
Our Internet Protocol ("IP") solutions were based on a core product offering
consisting of Internet connectivity and value-added services. Value-added
services included virtual private networks ("VPNs"), web-hosting, co-location,
security solutions, electronic commerce, Intranet/Extranet and workflow
solutions.

We marketed our products and services primarily to small and medium-sized
enterprises in Europe. Companies in this market are characterized by a lack of
internal technical resources, rapidly expanding communications needs and a high
propensity to utilize third party outsourcing. We approached business customers
by offering and designing a full range of services and solutions for mission
critical communications needs, such as electronic commerce solutions, Intranets
and VPNs. This enabled us to work directly with different levels of our
customers` organizations, participate in the design of customers` systems and
offer additional network and communications services as our customers`
businesses grew and their needs changed. In 2002, we sold our services and
solutions primarily through our direct sales force.

Our financial performance to date has not met expectations, the market for our
products and services has not grown as expected and changes in the condition of
the capital markets have significantly reduced or eliminated our ability to
raise capital. Our ability to raise funds is further hindered by the significant
amount of debt we have incurred. As a result of these factors, we have and
continue to review strategic options. Further, we have sold certain assets,
discontinued certain operations and reduced our workforce. As part of our
review, we have and may continue to make fundamental changes to our business
strategies, sell assets or subsidiaries, including pursuing a revised business
focus, further reduce our workforce and level of business activity or make other
significant changes. Due to our weak financial position, we sold our data
centers in Hamburg, Munich and Frankfurt, Germany (the "Data Centers"), and
certain other operations so as not to have to fund the operating losses
associated with certain of these operations and to raise cash. See "Item 1.
Business - Employees", "Item 1. Business - Risk Factors" and "Item 7.
Management`s Discussion and Analysis of Financial Condition and Results of
Operations".

We have incurred significant losses from operations resulting in a stockholders`
deficiency of E138.0 million at December 31, 2002. We do not expect to achieve
sufficient revenues to support future operations without additional financing.
These conditions raise substantial doubt about our ability to continue as a
going concern. Our ability to continue as a going concern and realize the
carrying value of our assets is dependent upon our ability to obtain additional
financing, restructure our debt, streamline our business and reduce our costs.
We are currently in the process of trying to identify sources of additional
financing, negotiating changes to our debt structure and evaluating our
strategic options. However, there are no assurances that these plans can be
accomplished on satisfactory terms, or at all, or that they will provide
sufficient cash to fund our operations, pay the principal of, and interest on,
our indebtedness, fund our other liquidity needs or permit us to refinance our
indebtedness. See "Item 7. Management`s Discussion and Analysis of Financial
Condition and Results of Operation - Forward-Looking Statements".


3
<Page>

In 2003, we intend to focus our operations upon electronic commerce, and may
consider various alternatives in connection therewith including entering into
joint ventures and other projects to pursue our revised business focus.

Business Developments

In 2002, the telecommunications industry continued to experience a significant
adjustment which began in 2001. During 2002, industry demand for technology
solutions continued to decline in response to industry adjustment, economic
downturn in Europe and other parts of the world and related decline in global
capital markets. As a result of such industry adjustment, the business market
place has changed. Customers continued to focus on reducing costs and,
accordingly, continued to be conservative in their capital spending strategies
in 2002. As a result, the levels of capital spending in the industry around the
world continued to decline in 2002.

As a result of the significant downturn in the telecommunications industry and
the economic environment, and capital market trends, which materially adversely
impacted our operations, and as a result of the substantial amount of debt we
have incurred, we undertook various initiatives to streamline our operations,
activities and strategies and reduce our costs. These activities included the
rationalization and disposition of certain assets and workforce reductions.

The primary focus of these activities in 2002 was to reposition us from a
financial perspective. We continue to review our strategic options and are
monitoring recent developments in the telecommunications and Internet markets.
Although we have sold certain assets, discontinued certain operations and
reduced our workforce, we may, as part of our work plan, make further
fundamental changes to our business strategies, sell assets or subsidiaries,
including pursuing a revised business focus, further reduce our workforce and
level of business activity or make other significant changes. Options under
review include, but are not limited to, pursuing restructuring of our
indebtedness on a consensual basis or under the provisions of bankruptcy
legislation, or liquidating our business and operations. See "Item 1. Business
Risk Factors" and "Item 7. Management`s Discussion and Analysis of Financial
Condition and Results of Operations - Liquidity and Capital Resources".

As part of our strategic review and in order to stop funding operating losses
and preserve capital, we sold various assets.

THE FOLLOWING SUMMARIES OF THE MATERIAL PROVISIONS OF THE AGREEMENTS THAT WE
ENTERED INTO IN CONNECTION WITH THE DISPOSITION OF VARIOUS BUSINESSES, ASSETS
AND SUBSIDIARIES ARE NOT COMPLETE AND THESE PROVISIONS, INCLUDING THE
DEFINITIONS OF CERTAIN TERMS, ARE QUALIFIED IN THEIR ENTIRETY BY REFERENCE TO
THE APPLICABLE AGREEMENTS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION (THE
"SEC").

Cybernet AG entered into agreements in 2002 pursuant to which it sold its
assets, equipment, furniture and fixtures (the "Assets") used in the operation
of the Data Centers in Frankfurt, Munich and Hamburg, Germany. As a result, we
no longer operate the Data Centers.

On January 29, 2002, we entered into an option agreement with Telehouse
Deutschland GmbH ("Telehouse") pursuant to which we granted an option (the
"Option") to Telehouse to purchase the Assets used in the operation of the Data
Centers for gross proceeds of approximately E33.6 million (net proceeds of
approximately E30.0 million). Telehouse paid to us approximately E1.3 million in
consideration of the grant of the Option. The Option was exercised on June 25,
2002.

As the result of arrangements made by Telehouse, on June 25, 2002, Cybernet AG
entered into an asset purchase and transfer agreement (the "Data Center
Agreement") with Disko Leasing GmbH ("Disko") pursuant to which Cybernet AG sold
all of the Assets used in the operation of the Data Centers to Disko for
approximately E33.6 million. The net payment received by Cybernet AG, after
payment of an arrangement fee to Telehouse and the offsetting of pre-payments
and other amounts, was approximately E29 million, exclusive of applicable taxes.

Cybernet AG had leased the Data Centers from a third party, fitted them for
operation with the Assets and entered into operating agreements for the Data
Centers with Telehouse. Cybernet AG had subsequently entered into service
agreements with Telehouse pursuant to which Cybernet AG leased back co-location
areas at the Data Centers from Telehouse. Pursuant to the terms of the Data
Center Agreement, Cybernet AG: (i) cancelled the lease agreements for the Data
Centers; (ii) terminated the operating agreements for the Data Centers as of
June 30, 2002 pursuant to


4
<Page>

the terms of an agreement with Telehouse (the "Termination Agreement"); and
(iii) amended the service agreements with Telehouse for the Data Centers in
Frankfurt and Munich, Germany.

The consideration received by Cybernet AG under the Data Center Agreement was
based on the forgone income of Cybernet AG from the Data Centers due to the
cancellation of the leases and operating agreements and the fair value of the
Assets. As a result of the Termination Agreement, the monthly fees due to
Cybernet AG under the operating agreements ceased as of June 25, 2002.

Cybernet AG paid an arrangement fee of approximately E1.3 million to Telehouse
under an agreement (the "Arrangement Fee and Settlement Agreement") dated June
25, 2002 between Cybernet AG and Telehouse in connection with the conclusion of
the transactions under the Data Center Agreement. Under the Arrangement Fee and
Settlement Agreement, Cybernet AG and Telehouse settled all claims relating to
the service agreements at the Data Centers. See our Form 8-K Current Report
dated June 25, 2002.

Cybernet AG entered into an agreement in 2002 pursuant to which it sold the
assets associated with our connectivity business in Germany. As a result, we no
longer provide business solutions or connectivity services in Germany.

On November 7, 2002, Cybernet AG entered into an asset purchase and transfer
agreement (the "PSINET Agreement") with PSINET Germany GmbH ("PSINET GmbH") and
PSINET DataCenter Germany GmbH ("PSINET Germany") pursuant to which Cybernet AG:
(i) sold to PSINET GmbH certain Customer Related Assets (as defined in the
PSINET Agreement); and (ii) sold to PSINET Germany certain Equipment Related
Assets (as defined in the PSINET Agreement) for a maximum of E3.9 million. The
purchase price was comprised of a fixed payment in the aggregate amount of
E400,000 and variable consideration, subject to certain adjustments, of up to
E3.5 million based upon the Expected Annual Revenue (as defined in the PSINET
Agreement) from the Customer Related Assets and Equipment Related Assets. Under
the PSINET Agreement, PSINET GmbH agreed to pay to Cybernet AG E285,000 of the
purchase price plus 5/7 of the variable consideration for the Customer Related
Assets, and PSINET Germany agreed to pay to Cybernet AG E115,000 of the purchase
price plus 2/7 of the variable consideration for the Equipment Related Assets.
The variable consideration was to be adjusted proportionately for the actual
amount of revenue earned from such assets.

Under the PSINET Agreement, PSINET GmbH and PSINET Germany initially paid an
aggregate of approximately E2.9 million, representing 75% of the maximum amount
payable under such agreement. On February 17, 2003, PSINET GmbH and PSINET
Germany further paid an amount representing the remainder of the fixed payment
and additional variable payment required under such agreement. Pursuant to the
PSINET Agreement, the purchase price is subject to certain adjustments to take
into account bad debts collected after February 17, 2003 and the amounts
invoiced to Leasing Customers (as defined therein) that have approved the
transfer of their contracts between February 17, 2003 and April 15, 2003.

In 2002, we sold all of our interest in our wholly-owned subsidiary, Vianet
Telekommunikations AG ("VTAG").

On July 31, 2002, we entered into a share purchase agreement (the "Tiscali
Agreement") with TISCALI Osterreich GmbH ("Tiscali") pursuant to which we sold
to Tiscali all the outstanding shares of VTAG (the "Purchased Shares") held by
us for E1.0 million, subject to a downward price adjustment based on the number
of customers that transferred to Tiscali. Pursuant to the terms of the Tiscali
Agreement, Tiscali paid 75% of the purchase price in August, 2002. The remaining
25% of the purchase price was held by Tiscali in connection with a potential
price adjustment. Tiscali has yet to pay the balance of the purchase price.

In 2002, we sold all of our interest in our wholly-owned subsidiary, Cybernet
Italia S.p.A. ("Italia"), which resulted in the sale of all of our Italian
operations. Italia was our provider of Internet communications services and
solutions in Italy. On April 16, 2002, we entered into a share purchase
agreement (the "Share Purchase Agreement") with Westwood Corporation
("Westwood") pursuant to which we sold all of our shares of Italia to Westwood
for U.S. $10,000. The purchase price represented the fair value of Italia in
light of its historical operating results, financial condition, current and
contingent liabilities, cash requirements and future prospects. See our Form 8-K
Current Report dated April 16, 2002.

In 2003, we entered into a joint venture for participation and investment in the
field of electronic commerce. The joint venture will provide customer
relationship management services through an internet enabled contact center in
India for technology companies and financial institutions in the European and
United States markets. The contact


5
<Page>

center will be located in Mumbai. The contact center will be a sophisticated
multi-media contact center, which will use current convergence technologies
to provide services to various types of customers. It will be configured to
seat 500 customer service agents in its first year of operation, which may be
increased to 1,000 seats by the end of its second year of operation. The
joint venture will provide technical support and financial services and
solutions using multiple channels such as voice, web, email and the internet.
The joint venture`s service offerings will include: computer software and
hardware support; customer support, including customer billing enquires,
customer service, query handling and product information requests; and sales
support, including outbound cold calling, outbound sales lead generation,
cross selling, collections and customer satisfaction surveys. Our investment
in the joint venture may be up to E8 million in return for which we would
have a 80% ownership interest therein. However, there can be no assurance
that such joint venture, or any other participation and investment in the
field of electronic commerce, will be successful or that they will provide
sufficient cash to fund our operations, pay the principal of, and interest
on, our indebtedness, fund our other liquidity needs or permit us to
refinance our indebtedness. See "Item 1. Business - Risk Factors".

In 2003, our wholly-owned subsidiary, Cybernet (Schweiz) AG ("Cybernet
Schweiz"), transferred certain assets and contractual rights related to its
operations in Switzerland, which resulted in the sale of substantially all of
our telecommunications operations in Switzerland. Cybernet Schweiz entered into
a sale and purchase agreement (the "Viatel Agreement") with Viatel AG ("Viatel")
pursuant to which Cybernet Schweiz sold certain assets related to its
telecommunications business, including a DMS 100 Switch and related equipment,
and transferred its interest in certain agreements related to its
telecommunications business, including employment agreements and other employee
arrangements, rental and leasing agreements, and supplier and customer
agreements. The purchase price under the Viatel Agreement was E2.7 million,
subject to a downward price adjustment in the event that the number of customers
which transfer to Viatel within 90 days of February 25, 2003 is less than 5,600.

Industry Background

The Internet is a global network of multiple private and public networks that
use standardized communication protocols to communicate with each other. Use of
the Internet has grown rapidly since its initial commercialization in the early
1990s. Consumers and companies in the United States have spearheaded the
adoption of the Internet. While other regions of the world have been slower to
accept the Internet, its use is becoming a standard communications tool
worldwide. In 2002, the telecommunications industry continued to experience
significant adjustment and the demand for Internet-based technology solutions
continued to decline.

The Internet has become an important commercial medium and represents a
significant opportunity for businesses to interact in new and different ways
with a large number of customers, employees, suppliers and partners. As use of
the Internet grows, businesses are increasing the breadth and depth of their
Internet product and service offerings. Pioneering Internet-based businesses
have developed Internet products and services in areas such as finance,
insurance, media, tourism, retail and advertising. Other businesses use the
Internet for an expanding variety of applications, ranging from corporate
publicity and advertising to sales, distribution, customer service, employee
training and communication with business partners. Increasingly, Internet
operations are becoming mission-critical for many of these enterprises. To
ensure the reliability of their Internet operations, enterprises are requiring
that these operations have performance, scalability and expert management 24
hours a day, seven days a week.

Companies generally utilize two types of Internet services: connectivity and
value-added services. Connectivity services provide access to the Internet,
while value-added services consist of products such as web-hosting, VPNs,
security solutions and systems integration that improve the internal and
external operations of a company.

Due to our weak financial position, we continue to review our strategic options
and are monitoring recent developments in the telecommunications and Internet
markets, which has and may further result in significant changes to our business
strategies. See "Item 1. Business - Risk Factors".

Products and Services

In 2002, we offered a range of Internet connectivity services, network solutions
and business solutions.


6
<Page>

CONNECTIVITY SERVICES

In 2002, we offered a variety of connectivity solutions, including Internet
access, third party software and hardware implementation and configuration
services, in bundled and unbundled packages. We offered dedicated line
connectivity at speeds ranging from 64 kbps to multiples of 2 Mbps.

NETWORK SOLUTIONS

VIRTUAL PRIVATE NETWORKS. Many companies today have private data communication
networks, which are often referred to as corporate networks. These networks are
used to transfer proprietary data between offices and use relatively expensive
leased lines to connect various locations. Our VPNs utilized the Internet as a
cost effective alternative to corporate networks to provide secure transmission
of data and voice with the added benefit of secure remote access.

SECURITY SOLUTIONS. Corporate networks and systems need to be protected against
unauthorized access and use. We offered a set of third party supplied security
products, including encryption, firewall and authentication packages.

BUSINESS SOLUTIONS

CO-LOCATION. We offered co-location solutions to customers who have the
resources to manage their own servers and websites and who prefer not to share a
server with others.

APPLICATION AND WEBSITE HOSTING. We offered shared server application and
website hosting services, which permit corporations to market themselves and
their products on the Internet without having to invest in independent
technology infrastructure and operations staff.

ELECTRONIC COMMERCE. Electronic commerce is the execution of commercial
transactions on the Internet. We designed and implemented dedicated electronic
commerce systems or any component part which a customer may require, such as
shop or mall, credit verification and payment handling verification. These
systems were based on our electronic commerce platform which integrates systems
and technologies of third party vendors.

INTRANET AND WORKFLOW SOLUTIONS. Internet technologies can be utilized in a
customer`s internal information technology system. In 2002, we offered Intranet
and workflow solutions that enhance the capabilities, efficiencies and
functionality of our customers` systems, speed the development of new
applications, reduce the cost of developing and maintaining applications and
allow the integration of existing systems and databases.

Due to our weak financial position, we continue to review our strategic options,
which has and may further result in significant changes to the products and
services we offer. See "Item 1. Business - Risk Factors".

Sales and Marketing

The following table provides information relating to our sales over the past
three years in our primary markets:

<Table>
<Caption>
2000 2001 2002
---------- ---------- -----------
(IN MILLIONS)
<S> <C> <C> <C>
Germany................... E 20.9 E 25.1 E 13.9
Italy.................... 8.0 6.5 1.5
Austria................... 3.9 3.7 2.1
Switzerland............... 3.0 3.8 7.6
</Table>

Due to our weak financial position, in 2002, we sold our Data Centers in
Hamburg, Munich and Frankfurt, Germany, our Austrian, Italian and German
operations and, in 2003, our Swiss operations, as we did not believe it was in
our best interests to continue to fund the operating losses associated with
certain of these operations.

CUSTOMERS. As of December 31, 2002, we provided services to approximately 5,700
customers. The majority of these customers are small- to medium-sized businesses
and small office/home office enterprises. No customer represented more than 10%
of our consolidated revenues in 2002.


7
<Page>

Due to our weak financial position, we continue to review our strategic options
and are monitoring recent developments in the telecommunications and Internet
markets which has and may further result in significant changes to our sales and
marketing activities. See "Item 1. Business - Risk Factors".

Competition

The business of providing Internet services, solutions and electronic commerce
is highly competitive and there are no substantial barriers to entry. In
addition, many of the basic connectivity products that we offer are not
materially different from those of our competitors, and have been and will
continue to be subject to significant price competition. We have experienced a
significant decline in prices for some of our products.

We believe that competition will intensify in the future, given the significant
decline in market demand, substantially reduced availability of capital and the
continued consolidation in the industry. We expect competition to remain intense
as corporate information technology spending continues to be affected by global
and regional economies and the state of the global capital markets. Our ability
to successfully compete depends on a number of factors including: market
presence; the capacity, reliability and security of our network; the pricing
structure of our services; our ability to adapt our products and services to new
technological developments; and principal market and economic trends. Our
competitors consist of ISPs, telecommunications carriers and system
integrators/computer manufacturers, many of which are larger than us and have
more financial resources.

Advances in Technology

The market for our services is characterized by rapidly changing and unproven
technology, evolving industry standards, changes in customer needs, emerging
competition and frequent introductions of new services. We cannot assure you
that future advances in technology will be beneficial to, or compatible with,
our business or that we will be able to incorporate into our business such
advances on a cost effective and timely basis. Moreover, technological advances
may have the effect of encouraging customers to rely on in-house personnel and
equipment for the services we currently provide. In addition, keeping pace with
technological advances may require substantial expenditures and lead time. See
"Item 1. Business - Risk Factors".

Intellectual Property Rights

We rely on a combination of copyright, servicemark and trade secret laws and
contractual restrictions to establish and protect certain proprietary rights in
our products and services. In this regard, we have applied to the EU and
received a trademark registration for the name "Cybernet" used in conjunction
with our logo. We have no patented technology that would preclude or inhibit
competitors from entering our market. We have entered into confidentiality and
invention assignment agreements with our employees, and non-disclosure
agreements with our consultants, vendors, suppliers, distributors and
appropriate customers in order to limit access to and disclosure of our
technology, documentation and other proprietary information. We cannot assure
you that these contractual arrangements or the other steps we have taken to
protect our intellectual property will prove sufficient to prevent
misappropriation of our technology or to deter independent third party
development of similar technologies. The laws of the countries in which we
operate may not protect our products, services or intellectual property rights
to the same extent as do the laws of the United States. To date, we have not
been notified that our products are claimed to infringe the proprietary rights
of third parties, but we cannot assure you that third parties will not claim
infringement by us with respect to current or future products. We expect that
participants in our markets will be increasingly subject to infringement claims
as the number of products and competitors in our industry segment grows. Any
such claim, whether meritorious or not, could be time consuming, result in
costly litigation, cause product installation delays or require us to enter into
royalty or licensing agreements. Such royalty or licensing agreements might not
be available on terms acceptable to us, or at all. As a result, any such claim
could materially adversely affect our business, results of operations and
financial condition.

Regulation

REGULATORY ENVIRONMENT IN THE INTERNET-RELATED MARKETS OF CYBERNET. Our Internet
operations are not currently subject to direct regulation by governmental
agencies in the countries in which we operate (other than regulations applicable
to businesses generally). In 1997, Germany enacted the INFORMATION AND
COMMUNICATION SERVICES ACT which releases Internet access providers from
liability for third party content in certain circumstances and


8
<Page>

establishes a legal framework for Internet commerce with respect to the
identification of service providers, data privacy and price indications on
the Internet. A number of other legislative and regulatory proposals are
under consideration with respect to Internet user privacy, infringement,
pricing, quality of products and services and intellectual property
ownership. There is also controversy regarding the application of value-added
taxes in the Internet environment. The adoption of new laws could materially
adversely affect our business, results of operations and financial condition.
See "Item 1. Business - Risk Factors".

REGULATION AND REGULATORY AUTHORITIES IN THE TELECOMMUNICATIONS MARKET.
Effective January 1, 1998, most EU countries abolished the monopoly rights of
incumbent operators to provide fixed-line voice telephone services to the
public. As a result, competitive telecommunications markets are now developing
for long distance and international telephone services. Competition for local
telephone service has been much slower to develop.

Most EU countries have enacted legislation and regulations and have established
regulatory authorities for the telecommunications industry. The purpose of this
regulation is to ensure:

o a wide range of high-quality telecommunications services to private
individuals and businesses;

o reliable services to the entire population at affordable prices;

o the absence of interference with personal and intellectual property
rights in telecommunications traffic;

o effective competition in the provision of telecommunications services;
and

o access to the dominant operator`s network on non-discriminatory terms.

In most EU countries, providing telecommunications services and related
facilities requires a license. The regulatory authorities have various powers,
including the authority to grant and revoke licenses, assign and supervise
frequencies, impose universal service obligations, control network access and
interconnection and approve or review the tariffs and tariff-related general
business terms and conditions of market-dominant providers.

Most countries have market-dominant providers which are legally required to
offer essential services such as transmission, switching and operational
interface to networks operated by third parties. Market-dominant operators of
telecommunications facilities are obligated to provide interconnection on a
non-discriminatory basis and at cost-related prices. If the terms and conditions
of obligatory interconnection cannot be agreed upon, the regulatory regimes of
the countries in which we operate provide for administrative proceedings which
permit regulatory authorities to set the conditions for interconnection.

Employees

We reduced our workforce from approximately 225 employees at the end of 2001 to
approximately 48 employees at the end of 2002, primarily as a result of the
disposition of various operations.

There are no collective bargaining agreements in effect. See "Item 7.
Management`s Discussion and Analysis of Financial Condition and Results of
Operations".

We believe our employee relations have generally been neutral, but are adversely
affected by our poor financial condition and uncertain future.

Risk Factors

THIS ANNUAL REPORT CONTAINS FORWARD-LOOKING INFORMATION THAT IS SUBJECT TO
IMPORTANT RISKS AND UNCERTAINTIES. THE RESULTS OR EVENTS PREDICTED IN THESE
STATEMENTS MAY DIFFER MATERIALLY FROM ACTUAL RESULTS OR EVENTS. RESULTS OR
EVENTS COULD DIFFER FROM EXPECTATIONS AS A RESULT OF A WIDE RANGE OF RISK
FACTORS. FOR INFORMATION REGARDING SOME OF THE RISK FACTORS INVOLVED IN OUR
BUSINESS AND OPERATIONS, SEE "ITEM 7. MANAGEMENT`S DISCUSSIONS AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS - FORWARD-LOOKING STATEMENTS".


9
<Page>

ITEM 2. PROPERTIES

We have an office in Vancouver, British Columbia, Canada, which is rented. We
also lease property where other business offices and certain nodes containing
servers, routers and other equipment have been or are located. We also currently
lease our regional offices in Frankfurt, Berlin and Munich. We expect to either
sub-lease or terminate the leases in respect of the offices in Frankfurt, Berlin
and Munich in 2003. We believe our facilities are adequate to meet our current
needs.

ITEM 3. LEGAL PROCEEDINGS

In December 1998, we applied for and received a class 4 telecommunications
license from Germany`s Regulierungsbehoerde fur Telekommunikation und Post
("RTP"), the telecommunications regulatory authority in Germany. The fee for
this license was DM 3.0 million. However, EU regulations relating to such
licenses set the maximum fee that can be charged at the actual cost incurred by
a government agency to administer its regulations. On December 17, 2001, we
filed a petition with RTP to recover a portion of the fee paid for our license
because we believed that the fee charged exceeded the amount chargeable under EU
regulations in effect in 1998. RTP has not yet made a decision regarding our
petition.

A former employee of Cybernet filed a claim against a former officer claiming
E0.7 million plus interest. The former officer has claimed full indemnification
for any costs he may have incurred with respect to such claim against Cybernet.

We are also subject to routine litigation incidental to our business. We do not
believe that the outcome of such litigation will have a material adverse effect
on our business or financial condition.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

Not applicable.


10
<Page>

PART II

ITEM 5. MARKET FOR REGISTRANT`S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS

(a) MARKET INFORMATION. Our common stock is traded on the OTC Bulletin Board
under the symbol "ZNETE". We removed our common stock from trading on the Neuer
Markt in Germany effective June 7, 2002. Our common stock is traded in Germany
on the regulated market (Geregelter Markt) of the Frankfurt Stock Exchange. We
are in the process of removing our common stock from trading on the regulated
market (Geregelter Markt) of the Frankfurt Stock Exchange. Our common stock also
trades on the Freiverkehr of the Berlin, Bremen, Dusseldorf, Hamburg, Hannover,
Munich and Stuttgart Stock Exchanges under the securities identification number
WKN. 906 623.

The following tables set forth for the periods indicated the quarterly high and
low sales prices for our common stock on the OTC Bulletin Board for the two
years ended December 31, 2001 and 2002. These are inter-dealer prices, without
retail mark up, mark down or commission and may not necessarily represent actual
transactions.

<Table>
<Caption>
FISCAL QUARTER ENDED HIGH LOW
-------------------- ------- -------
<S> <C> <C>
2001
March 31............................... $ 3.00 $ 1.09
June 30................................ $ 1.64 $ 0.50
September 30........................... $ 0.80 $ 0.40
December 31............................ $ 0.73 $ 0.35

2002
March 31............................... $ 0.54 $ 0.25
June 30................................ $ 0.34 $ 0.14
September 30........................... $ 0.17 $ 0.09
December 31............................ $ 0.22 $ 0.05
</Table>

(b) SHAREHOLDER INFORMATION. As of March 31, 2003, there were approximately 145
holders of record of our common stock and a total of approximately 26,445,663
shares of common stock were outstanding.

(c) DIVIDEND INFORMATION. We have not paid dividends on our common stock in the
past and do not anticipate paying any dividends in the foreseeable future.


11
<Page>

ITEM 6. SELECTED FINANCIAL DATA

The following selected financial information has been derived from our
consolidated financial statements included in this annual report. We were
organized pursuant to the laws of Delaware in September 1998 and, effective
November 18, 1998, we merged with Cybernet Utah. The financial statements for
the year ended December 31, 1998 have been translated using the US dollar to
Euro exchange rate in effect on January 1, 1999 (the Euro introduction date).
Accordingly, the selected financial information presented below for the fiscal
year ended December 31, 1998 may not be comparable to the selected financial
information presented for the fiscal years ended December 31, 1999, 2000, 2001
and 2002, respectively.

Business acquisitions and dispositions made during the periods for which
selected financial information is presented materially affect the comparison of
such data from period to period.

In 2001 and 2002, the telecommunications industry underwent a significant
adjustment, particularly in the United States and Europe. Following a period of
rapid economic growth in 1999 and 2000, we saw continued tightening in the
capital markets and slowdown in the telecommunications industry throughout 2001
and 2002. This resulted in lower capital spending by industry participants and
substantially less demand for our products and services as customers focused on
maximizing their return on invested capital. As a result, our results of
operations and financial condition were materially adversely affected. We have
incurred significant losses from operations and do not expect to achieve
sufficient revenues to support future operations without additional financing.
These conditions raise substantial doubt about our ability to continue as a
going concern. See "Item 7. Management Discussion and Analysis of Financial
Condition and Results of Operations - Going Concern" and " - Forward-Looking
Statements".

The following selected financial information should be read in conjunction with
our consolidated financial statements and notes thereto and "Item 7.
Management`s Discussion and Analysis of Financial Condition and Results of
Operations", included in this annual report. Certain prior period financial
information has been reclassified to conform to the current period presentation.


12
<Page>

<Table>
<Caption>
YEARS ENDED DECEMBER 31,
----------------------------------------------------------------------
1998 1999 2000 2001 2002
------------ ------------ ------------ ----------- ----------
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
<S> <C> <C> <C> <C> <C>
Statement of Operations Data:
Revenue
Internet data center services................ E - E 651 E 5,011 E 10,102 E 4,664
Connectivity................................. 3,144 14,962 26,374 26,817 19,831
E-business................................... 4,624 5,315 4,446 2,158 583
------- --------- --------- --------- ---------
Total revenues................................. 7,768 20,928 35,831 39,077 25,078
Direct cost of services........................ 3,893 13,364 23,117 25,105 13,370
------- --------- --------- --------- ---------
Gross margin................................... 3,875 7,564 12,714 13,972 11,708
Operating expenses
Network operations........................... 3,994 7,345 8,426 7,861 5,784
General and administrative expenses.......... 1,418 17,060 19,826 18,477 16,244
Sales and marketing expenses................. 3,459 12,295 13,428 10,186 5,295
Research and development..................... 2,646 4,040 1,492 365 -
Impairment of assets and other
asset write-offs.......................... - 1,750 2,265 37,110 7,305
Depreciation and amortization................ 2,297 9,630 19,563 20,156 6,621
------- --------- --------- --------- ---------
Total operating expenses....................... 13,814 52,120 65,000 94,155 41,249
------- --------- --------- --------- ---------
Operating loss................................. (9,939) (44,556) (52,286) (80,183) (29,541)
Interest expense............................... (178) (16,931) (35,189) (25,728) (26,034)
Interest income................................ 139 3,884 5,437 1,477 930
Other income................................... - - 198 123 17,175
Foreign currency losses........................ - (4,362) (3,670) (6,721) (597)
------- --------- --------- --------- ---------
Loss before taxes, minority
interest and equity earnings................ (9,978) (61,965) (85,510) (111,032) (38,067)
Income tax benefit (expense)................... 5,554 13,500 6,976 (27,678) -
------- --------- --------- --------- ---------
Net loss before minority
interest and equity earnings................ (4,424) (48,465) (78,534) (138,710) (38,067)
Minority interest.............................. 130 94 - - -
Equity in losses of equity
investments................................. - - (168) (538) (391)
------- --------- --------- --------- ---------
Net loss before extraordinary Items............ (4,294) (48,371) (78,702) (139,248) (38,458)
Extraordinary items Gain on early
extinguishment of debt, net of tax.......... - - 17,754 4,608 -
------- --------- --------- --------- ---------
Net loss....................................... E (4,294) E (48,371) E (60,948) E (134,640) E (38,458)
------- --------- --------- --------- ---------
------- --------- --------- --------- ---------
Net loss per share, diluted.................... E (0.27) E (2.43) E (2.62) E (5.18) E (1.45)
------- --------- --------- --------- ---------
------- --------- --------- --------- ---------

Balance Sheet Data:
Working capital................................ E 32,291 E 113,103 E 36,067 E 1,627 E 15,570
Total assets................................... 68,081 286,486 195,821 71,972 35,343
Long-term debt(1).............................. 57 181,703 153,321 165,008 158,342
Total stockholders` equity (deficiency) ....... 57,724 68,445 13,203 (121,104) (137,994)
</Table>

- ----------------------
(1) Including lease obligations.


13
<Page>

ITEM 7. MANAGEMENT`S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS

Overview

The following discussion and analysis of our financial condition and results of
operations as at and for the three years ended December 31, 2002 should be read
in conjunction with the consolidated financial statements and related notes
included in this annual report. Certain amounts in our consolidated financial
statements and related notes have been reclassified to conform to the current
presentation.

This section adds additional analysis of our operations and current financial
condition and also contains forward-looking statements and should be read in
conjunction with the factors set forth below under "Forward-Looking Statements".

We changed our reporting currency from the US dollar to the Euro in the quarter
ended September 30, 2000. This change was made because we believe that it
results in a more meaningful presentation of our financial position and results
of operations since the majority of our operations are conducted in Euro and in
currencies that are linked to the Euro. All prior period amounts presented have
been translated to the Euro using the US dollar to Euro exchange rate in effect
for those periods.

The following table sets forth information relating to our operations for the
years ended December 31, 2000, 2001 and 2002, expressed as a percentage of total
revenues:

<Table>
<Caption>
YEARS ENDED DECEMBER 31,
---------------------------------------------
2000 2001 2002
------------ ------------ ------------
<S> <C> <C> <C>
Revenues:
Internet data center services................................. 14.0% 25.9% 18.6%
Connectively.................................................. 73.6 68.6 79.1
E-business.................................................... 12.4 5.5 2.3
------ ------ ------
Total revenues................................................... 100.0 100.0 100.0
Direct cost of services.......................................... 64.5 64.2 53.3
------ ------ ------
Gross margin..................................................... 35.5 35.8 46.7
Operating expenses:
Network operations............................................ 23.5 20.1 23.1
General and administrative expenses........................... 55.3 47.3 64.8
Sales and marketing expenses.................................. 37.5 26.1 21.1
Research and development...................................... 4.2 0.9 -

Impairment of assets and other asset write-offs.................. 6.3 95.0 29.1
Depreciation and amortization................................. 54.6 51.6 26.4
------ ------ ------
Total operating expenses......................................... (181.4) (241.0) (164.5)
------ ------ ------
Operating loss................................................... (145.9) (205.2) (117.8)
Interest expense................................................. (98.2) (65.8) (103.8)
Interest income.................................................. 15.2 3.8 3.7
Other income..................................................... 0.5 0.3 68.5
Foreign currency losses.......................................... (10.2) (17.2) (2.4)
------ ------ ------
Loss before taxes, minority interest and equity earnings......... (238.6) (284.1) (151.8)
Income tax benefit (expense)..................................... 19.5 (70.8) -
------ ------ ------
Net loss before minority interest and equity earnings............ (219.1) (354.9) (151.8)
Minority interest................................................ - - -
Equity in losses of equity investments........................... (0.5) (1.4) (1.6)
------ ------ ------
Net loss before extraordinary items.............................. (219.6) (356.3) (153.4)
Extraordinary items.............................................. 49.5 11.8 -
------ ------ ------
Net loss......................................................... (170.1)% (344.5)% (153.4)%
------ ------ ------
------ ------ ------
</Table>


14
<Page>

Going Concern

We have incurred significant losses from operations resulting in a stockholders`
deficiency of E138.0 million at December 31, 2002. We do not expect to achieve
sufficient revenues to support future operations without additional financing.
These conditions raise substantial doubt about our ability to continue as a
going concern. Our ability to continue as a going concern and realize the
carrying value of our assets is dependent upon our ability to obtain additional
financing, restructure our debt, streamline our business and reduce our costs.
We are currently in the process of identifying sources of additional financing,
negotiating changes to our debt structure and evaluating our strategic options.
However, there are no assurances that these plans can be accomplished on
satisfactory terms, or at all, or that they will provide sufficient cash to fund
our operations, pay the principal of, and interest on, our indebtedness, fund
our other liquidity needs or permit us to refinance our indebtedness. See "Item
7. Management`s Discussion and Analysis of Financial Condition and Results of
Operation - Forward-Looking Statements".

The consolidated financial statements and related notes included in this annual
report have been prepared assuming that we will continue as a going concern.
Accordingly, such consolidated financial statements do not include any
adjustments to reflect the possible future effects on the recoverability and
classification of assets or the amounts and classification of liabilities that
may result from the outcome of this uncertainty.

Critical Accounting Policies

The preparation of financial statements in conformity with accounting principles
generally accepted in the United States requires our management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenses
during the reporting periods. Actual results may differ from those estimates.

Our management routinely makes judgments and estimates about the effects of
matters that are inherently uncertain. As the number of variables and
assumptions affecting the probable future resolution of the uncertainties
increase, these judgments become even more subjective and complex. We have
identified certain accounting policies, described below, that are the most
important to the portrayal of our current financial condition and results of
operations. Our significant accounting policies are disclosed in Note 1 to our
consolidated financial statements included in this annual report.

IMPAIRMENT OF LONG-LIVED ASSETS. We periodically evaluate long-lived assets
whenever events or changes in circumstances indicate that the carrying amount of
an asset may not be recoverable. In performing the review of recoverability, we
estimate future cash flows expected to result from the use of the asset and its
eventual disposition. The estimates of future cash flows, based on reasonable
and supportable assumptions and projections, require our management to make
subjective judgments. In addition, the time periods for estimating future cash
flows is often lengthy, which increases the sensitivity of the assumptions made.
Depending on the assumptions and estimates used, the estimated future cash flows
projected in the evaluation of long-lived assets can vary within a wide range of
outcomes. Our management considers the likelihood of possible outcomes in
determining the best estimate of future cash flows.

Generally, we state depreciable properties at cost less accumulated depreciation
unless the estimated undiscounted cash flows that result from either the use of
an asset or its eventual disposition are less than its carrying amount. In that
situation, an impairment loss is recognized based on the fair value of the
asset. Depreciation is based on the estimated useful lives of the assets (four
to ten years) and it is computed using the straight-line method.

REVENUE RECOGNITION. We offer internet telecommunication and system integration
products, data centre services, network services and voice telephony products.

We recognize revenue pursuant to SEC Staff Accounting Bulletin ("SAB") No. 101,
"Reven

[adult-steigt]

es geht weiter in einem joint ventures !!

hoho... könntest du mal zusammenfassen!?

[Mitro]

???

[adult-steigt]

muß der kurs jetzt nicht na oben schießen?

mfc ist raus.
bondsprobleme gelöst.
neues joint venture über 8mio €.
cash auf der bank.

oder habe ich da etwas falsch verstanden?

[friska]

Also dann mal raus mit dem Diercke Weltatlas und "auf nach Mumbai".

[tensor]

Kann jemand mal erklären, warum und wie die Bondprobleme gelöst sind. Ich kann das aus dem Filing irgendwie nicht herauslesen.

[power_I]

hallo tensor,

mir gehts genauso!!!!!!!!!

kan das mal wirklich einer überstzen das man es verstehen kann!?!?

gruß

power_I

[dreigeh]

die verkaufsorder über 250 k zu o,o9 hängt immer noch.

[Mitro]

HOHOHO!

[adult-steigt]

Indiens grösster Stadt Bombay, offiziell Mumbai genannt.
Cybernet ist jetzt also in Indien aktiv.
die schweiz wurde für lächerliche 2,7 Mio € verkauft...?

mal schauen was der kurs in den usa macht, ansonsten ist die steigerung bei uns belanglos.

was ist los? keiner eine meinung? wer kann übersetzten?

hoho

[HOHOHO]

Habe wie immer nur mal überflogen. MFC hat den Vertrag mit HT und Ventegis per Ende April gekündigt, schließt aber eine weitere Zusammenarbeit ausdrücklich NICHT aus.

Cybernet Schweiz wurde für 3,9 Mio verkauft, von denen 2,7 bis jetzt bezahlt sind. Der Rest hängt davon ab, ob Kunden abspringen.

An dem Joint Venture wurde ein Anteil von 80 % für 8 Mio gekauft. Liest sich wie ein Call Center oder sowas in der Art. Wäre auf der anderen Seite eine schöne Art, Geld aus der Firma zu saugen (an wen und wofür wurden denn die 8 Mio bezahlt?).

Über die Bonds steht nichts in den Filings. Dafür massenhaft Hinweise des Managements, daß der Fortbestand des Unternehmens wegen der schwachen Finanzlage höchst ungewiß ist (das müssen sie angeben, da sie sonst haftbar gemacht werden können).

Unklar ist mir, weshalb MFC den Vertrag gekündigt hat. Entweder hat der Rückkauf der Bonds hat nicht geklappt, wobei das m.M. in Kürze zur Insolvenz führen wird oder man rechnet nicht damit, daß der Kurs über 0,45 (oder was da damals vereinbart wurde) steigt und MFC würde z.B. (da sie bestimmt den Großteil der Bonds haben) über einen Umtausch in Vorzüge mehr profitieren. Diese Jungs sind keine Chorknaben. Wenn die den Vertrag gekündigt haben dann nur, wenn es anderweitig mehr zu verdienen gibt!!!

@superman

Ein Firmenmantel kann auch gefährlich sein. Wenn unvermittelt Schadenersatzansprüche aus grauer Vorzeit gegen die Firma auftauchen, nutzt Dir der beste Verlustvortrag nix mehr!

Gruß

Santa

[HOHOHO]

Und überhaupt! Was ist denn hier wieder los? Über 860 Hits heute. Da ist doch was faul. Das ist etwa ein Drittel der gesamten Abrufe dieses Threads. Und das nur heute!

Wer liest denn hier alles mit? Bitte melden! Aber Ruckzuck

[Mitro]

Jetzt nur noch ?????????????

[Mitro]

Schweiz verkauf für 3,9 MIO Euro, da war ja der Gewinn in diesem Jahr fast größer!

[Fliegenschiss]

Hallo Santa,
ich denke das keine Insolvenz kommen wird. Wenn dies absehbar waere, wuerde man nicht 8 Mio in eine andere Firma investieren. Diese waere wohl auch von der Insolvenz betroffen,oder?
War da nicht auch mal was geschrieben, wenn MFC Bonds zurueckkauft, mussen sie sie Cybernet zum gleichen Preiss anbieten?


Gruss

Fliege

[Fliegenschiss]

Waren die 8 Mio der Rest des Barvermoegens?

Was ist noch da?

[ccraider]

santa,
bin immer noch investiert

[luckman_ch]

@ Santa

Cybernet Schweiz für lächerliche 3,9 Mio verkauft!?!?

Der Umsatz der Firma war 9.3 Mio und arbeitete mit
Gewinn!!
Also wenn das keine Verarsche sein soll. Ein normaler
Verkaufspreis beträgt das 1,5 bis 2-fache des Umsatzes.

Mich wundert hier gar nichts mehr:

Cybernet Italien für 10,000.-
Cybernet Deutschland für 400`000.-
Cybernet Schweiz für 3,9 Mio

Hier stinkt so einiges zum Himmel!

Eine Firma, die für 500 Mio Aktienkapital
aufgebaut wurde, wird für 4 Mio verscherbelt.
Wenn MFC uns Aktionäre im besten Treu und Glauben
vertreten haben soll, dann grenzt das schon an
Frechheit.

Wollt Ihr Euch wirklich so auf der Nase rumtanzen lassen?
Ich werde den ersten Schritt diesesmal aber
nicht machen..........

[luckman_ch]

Wo ist das Geld aus dem Verkauf dieser Firmen??

SUBSIDIARIES OF CYBERNET INTERNET SERVICES INTERNATIONAL, Cybernet Internet-Dienstleistungen AG Direct 100%
Germany

Cybernet Internet Beteiligungs -GmbH Indirect 100%
Germany

Open:net GmbH Indirect 100%
Germany

Novento Telecom AG Direct 100%
Germany

Cybernet Network Services GmbH Direct 100%
Germany

Cybernet Network Services GmbH Indirect 100%
Switzerland AG

sunweb Internet Services GmbH Indirect 100%
Germany

Cybernet (Schweiz) AG Direct 100%
Switzerland

Cybernet Sagl Lugano Direct 100%
Switzerland

Multicall Telefonmarketing AG Direct 100%

[luckman_ch]

@ Santa

Deine Befürchtungen in Gottes Ohr......
Wie der Hase weiterläuft ist jetzt klar.

Meine Vermutungen gehen auch in diese Richtung:

MFC wird nun als neuer grosser Bondholder dastehen.
Mit all den ganzen Insiderinfos kamen sie ohne
Probleme günstig an die Bonds.

Sie und Ventegis wird sich mit den neuen C-Aktien
eindecken, die garantiert 3$ rentieren und sämtliche
Vorrechte garantieren.
Da nur sie wissen, wo die "eingelullten" Kontos
sind und wieviel Geld effektiv darauf ist, werden
sie sich nach Lust und Laune bedienen können.
Die Story in Indien ist auch nur so glaubhaft
wie das Märchen der Gebrüder Grimm.
Plötzlich ist dann einfach kein Geld mehr da und
Ende der Geschichte.....

Darum auch immer der Hinweis....wir können nicht
garantieren, dass wir erfolgreich sind.....

Allerdings stelle ich das absolute Worst-Case dar,
welches ich mir aber um die Umstände von MFC sehr
gut als realitätsnah vorstellen kann.

Leute entweder lasst ihr Euch jetzt effektiv in
den A.... treten oder unternehmt was.

[adult-steigt]

sollten sich mfc und ventegis die taschen vollstopfen,müßte dann nicht deren kurs steigen, und nicht der von cybernet?

stand dort nicht irgendwo, das mfc in den nächsten 60 tagen keine aktien/bonds kaufen/verkaufen darf ..von cybernet
was ist, wenn mfc fast alle bonds hat, durfte aber wegen des bestehenden vertrages diese nicht an cybernet "abtreten". somit wird der vertrag gekündigt, eine 60 tage sperrfrist genannt... und nach den 60 tagen verkauft mfc die bonds an cybernet.

deswegen wurde eine weitere zusammenarbeit nicht ausgeschlossen!

das würde erklären, warum cybernet aktien zur zeit steigen.

[heppy]

Cybernet Aktien steigen???---hab ich was verpasst????
heppy

[Crowww]

Bin im Monent echt ratlos?

Der Verkaufspreis von Cybernet Schweiz hinterlässt tiefe Spuren.

Kann mir jedoch nicht vorstellen, das MFC machen kann was sie wollen, es gibt ja schließlich noch Ventegis und Holger Timm.

Nicht vergessen, der Vorstand einer Firma (bei Cybernet von MFC) kann nicht einfach die Aktionäre verar.... und die Firma ausbluten lassen, er ist den Aktionären zur Rechenschaft verpflichtet. (Ventegis ist Hauptaktionär bei Cybernet und wieso sollte man sich einfach über den Tisch ziehen lassen)?

An einen Komplott vom MFC und Ventegis glaube ich nicht.

[adult-steigt]

-am 29.04. eine Meldung über eine evtl. lösung der bonds.
-am 02.05. die HV bei Ventigs. Ergebnis ist eine Kapitalerhöhung von etwa 5Mio.€ (trotz cash auf der bank).
-am 08.05. wird die auflösung des vertrages zwischen ventegis und mfc bekannt gegeben.
-am 08.05. erscheint ein bericht, was in den letzten jahren bei cybernet so passiert ist.
und das man sich in indien eingekauft hat.


die karten hat jetzt wieder ventegis in der hand.
wurde die kapitalerhöhung beschlossen, um die bonds von mfc zu kaufen. das alles darf aber erst nach 60 tagen erfolgen (vertraglich geregelt).

bis dahin wird der kurs nach oben gepusht... geht auch mit wenig geld. siehe ision internet.

und nach den 60 tagen kauft ventegis die bonds, hat eine schuldenfreie cybernet + xx mio. auf dem konto + eine firma in indien (8 mio. wert).

und kann dann diese firma schnellstmöglich verkaufen... schließlich ist die firma in indien ja schuldenfrei... und was interessiert den investor in indien, was cybernet hier in deutschland gemacht hat.


sollte also der aktiekurs nachhaltig steigen, und zwar schnell über 0,5 €... dann steht eine lösung bevor

[adult-steigt]

noch eins. mfc steht ja dann als retter da... sie haben zwar nicht cybernet gerettet (im gegenteil)... aber sie haben ventegis zu einer menge geld verholfen... und von ventegis wurden sie schließlich beauftragt.

gewinner sind mfc und ventigs und hoffentlich zum teil auch wir aktionäre (wenn der kurs jetzt nach oben geht)

[Mitro]

Dein Wort in Gottes Ohr!

[schoko65]

Ich weiß auch nicht was ich sagen soll !

Cybernet Schweiz für 3,7 Mio,unfaßbar.

@ adult

was für einen Kursanstieg meinst Du denn ? Den vom Freitag
kannst Du in die Tonne treten.
Die Sache mit der Kapitalerhöhung ist Quatsch (Entschuldigung).

Es wäre jetzt angebracht, sich mit Ventegis in Verbindung zu setzen und sich über die Vertragskündigung von MFC
schlau zu machen.
Wenn Ventegis kein Statment abgibt, wird es dringend nötig
sein einen Anwalt zu konsultieren.

Man bin ich frustriert !

[luckman_ch]

Betreffend dem Verkauf Cybernet Schweiz:

Ich hatte ein Gespräch mit einem Anwalt betreffend
dem Verkauf von Cybernet Schweiz, die man schon im
Dezember 02 für einen viel zu tiefen Verkaufspreis
verscherbeln wollte. Den Hinweis erhielt ich damals
aus zuverlässiger Quelle.

Der Anwalt teilte mir damals mit, wenn ich beweisen
könne, dass die Firma zu einem viel zu tiefen Kurs
verkauft würde, könne dies als klare Schädigung der
Aktionäre und als Straftat bezeichnet werden.
Ein normaler Verkaufsfaktor liegt zwischen dem 1 bis
2-fachen des Umsatzes. Dies umsomehr als die Firma über
dem Break Even und sogar mit Gewinn arbeitete.
Hier liegt ein Faktor von 0.4 vor.

Nun haben wir es schwarz auf weiss.
Cybernet Schweiz wurde gegen Treu und Glauben von
uns Aktionären verschenkt.
Denke mit den anderen Firmenteile geht es etwa
in dieselbe Richtung.

Allerdings befürworte ich vorerst auch eine Aussprache
mit dem Management von Ventegis.
Wenn die nicht kooperieren, reicht dies allemal
für eine Klage..........

Wer kann sich aufraffen, um einmal mit H.T oder
er Haesen direkt zu sprechen??

[luckman_ch]

Pressemeldung Cybernet CH vom 30.1.03

2002: Cybernet (Schweiz) AG baut weiter aus
Zürich, 30. Januar 2003 – Cybernet (Schweiz) AG, der führende ADSL-Anbieter für KMUs und Gewinner des Awards für das beste Callcenter 2002, kann sein Vorjahresergebnis erneut markant steigern und den Umsatz mit nahezu gleichem Personalbestand wie im Vorjahr von 4,5 auf 9,3 Millionen Franken mehr als verdoppeln. Der Umsatzanteil der wiederkehrenden Dienstleistungen konnte dabei um beachtliche 17% auf 88% gesteigert werden.


Nachdem Cybernet (Schweiz) AG im Jahre 2000 den Personalbestand von 60 auf 16 Mitarbeiter restrukturieren musste, konnte der Application Infrastructure Provider in den letzten 2 Jahren trotz der schwierigen Situation in der IT-Branche wieder überdimensional wachsen und ist heute mit einem positiven EBITDA ein vielversprechendes Unternehmen, das das bereits gute Ergebnis des Vorjahres nochmals übertreffen konnte. Cybernet konnte den Umsatz im Jahre 2002 für die Bereiche Connectivity, Data Center und e-Business im Vergleich zum Vorjahr um 106% auf 9,3 Millionen Franken steigern. Dank dieser Zunahme und einer konsequenten Senkung der operativen Kosten konnte der durchschnittliche Deckungsbeitrag zusätzlich verbessert werden.

[luckman_ch]

@ Crowww + Santa

Was denkt Ihr?

Gewisse Herren sonnen sich mit unserem Geld
auf den Malediven und ihr bleibt alle so
ruhig.....

Jetzt muss endlich was passieren!

@ schoko

Ich kann Dir nachfühlen.....

[superman]

Welchen Grund sollte es für Cybernet gegeben haben die Schweiz unter Preis abzugeben?

[cyrosos]

superman

Ein Geldköfferchen hier eine kleine Zuwendung da.

[dreigeh]

wie sah es denn mit den schulden aus ??

[friska]

luckman

Da ist doch wieder zu viel Spekulation im Spiel. Es kann doch anscheinend keiner der Boardteilnehmer hier den Verkaufspreis für Cybernet Schweiz näher erläuern.
Nur wüßte ich keinen Grund, warum man den Laden unter Wert abgegeben haben sollte!
Und warum mit einer Klage spekulieren, wenn man durch einen Kontakt mit Ventegis/H.Timm erst einmal noch die Chance hat, über deren Investment Cybernet etwas KONKRETES zu erfahren!
Luckman, wie wärs mit Dir: Einfach mal anrufen.

[Crowww]

Ich rufe morgen mal an, in dieses Filing kann man einfach zu viel hineinintepretieren.

[luckman_ch]

@ Crowww

Ok, wir betrachten Dich als offiziellen Vertreter von
uns Aktionären.
Aber bitte nicht nur heisse Luft! Jetzt müssen endlich
Fakten auf den Tisch.

Bin gespannt wie Ventegis hier Stellung bezieht.
Rechtlich wird die Sache schon ein bisschen konfus....

[power_I]

@crowww,

find ich toll das du das machst!!

bin gespannt was raus kommt!

gruß

power_I

[Crowww]

Führte gerade eine halbe Stunde lang ein Gespräch mit Herrn Haesen von Ventegis.

Bin jedoch genauso ratlos wie vorher!

Um es grob zusammenzufassen, MFC und Ventegis stehen nach wie vor miteinander in Kontakt und es ist noch Vieles, positiv wie auch negativ möglich.

[friska]

Sag mal Croww, soll das ein Witz sein???????????
Das viel Positives und Negatives möglich ist, das beschäftigt dieses Board seit Wochen und dazu führst du ein halbstündiges Gespräch mit einem Ventegis Vorstand, um zu dieser fundamentalen Erkenntnis zu kommen?????????
Also, ich weiß nicht ...

[superman]

@Friska: Das ist jetzt aber nicht fair. Immerhin hat sich Crowww bemüht. Aber warum sollte sich Ventegis zu einer konkreten Aussage veranlasst fühlen? Die werden auch erst genauer, wenn die Katze im Sack ist bzw. der Laden nicht mehr zu retten ist.

[Crowww]

friska

Finde die wichtigste Erkenntnis ist, daß MFC immer noch mit Ventegis in Kontakt steht, die Kündigung des Vertrages zwischen den beiden hat nur etwas mit den Stimmrechten zu Tun.

Nach meiner Meinung ist das Bondproblem noch nicht gelöst, weder Ventegis noch MFC haben die Bonds. Eine Vollausschüttung scheint an der Komplexität der Bonds zu scheitern. MFC verdient z.Z. auch ohne einen steigenden Aktienkurs, man bezahlt sich so zusagen selbst, ist auch im Filing nachzulesen (scheint aber nach Meinung von Ventegis OK zu sein).

Nach Frage ob noch Chancen für die Altaktionäre bestehen steigende Kurse zu sehen, ..... sonst würden wir nicht mit mehreren Personen und viel Aufwand daran arbeiten.

Klang ein bisschen mürbe als er sich über die Bondholder auslies, scheinen schwere Verhandlungen zu sein. Den Verkaufspreis für Cybernet Schweiz hält er für Angemessen ??????????

Was soll ich also nach deiner Meinung konkretes sagen.

Eben viel Hoffnung und auch viel Risiko...... eben Cybernet!!!!!!

[friska]

Wenn ich nichts Konkretes sagen will, verplämpe ich dafür nicht 30 Minuten!

[Crowww]

Das Cybernet in den Büchern von Ventegis auf 0,07 Cents abgeschrieben ist, hängt damit zusammen, das Ventegis schon einige Assets mit Cybernet getätigt hat und man sich ein bisschen seines eingesetzten Kapitals zurückgeholt hat (ist aber schon längere Zeit her). Aber man kann ja auch lesen, das man die Beteiligung wieder aufstockt.


Hoch, runter, ratlos?

[Crowww]

friska

Wenn man etwas konkretes sagt, macht man sich strafbar! Die Infos sind doch alle den Filings zu entnehmen.

Durch einen Anruf bekommt man nur die Sichtweise von Ventegis (welche ja an einem steigenden Aktienkurs von Cybernet interessiert sein sollten) mit. Das Filing ist ja nicht von Ventegis sondern von MFC!

Und bei Ventegis hat man noch Hoffnung, aber ohne Bonds ist alles OHNE!!!

[luckman_ch]

@ Crowww

Cybernet CH gekauft für 30 Mio als sie noch 2 Mio
Schulden schrieben, und für 3,9 Mio verkauft als
sie 9.7 Mio Umsatz generierten und mit Gewinn arbeiteten.
Ist echt eine Superleistung von Ventegis alias MFC.

Habe eigentlich gemeint, das gäbe eine Sanierung.....
und nicht eine Verschleuderung von Kapital, dass
Anderen gehört.....und dann noch erzählen dies
sei ein angemessener Preis.

Leute, ich weiss nicht wie ihr das seht, aber irgendwie
sind wir wieder in der Steinzeit.....??

[dreigeh]

ich finde, man sollte cyn-ch nicht überbewerten.
wir reden hier von einer 16 köpfigen fa mit 9 mio sfr umsatz, deren nettogewinn in den nächsten jahren schwer abzuschätzen ist. 30 mio wie vor jahren in der hype bezahlt wurden, das ist vorbei.

[schoko65]

Hallo Leute,

kann mir jemand bei der Suche helfen ???
Habe vor ca. ein Vierteljahr was ins Board gestellt. Thema
war eine Anwaltskanzlei, welche eine Sammelklage gegen
die Team Communication AG in den USA, im Sinne der Aktionäre gewonnen hatte.
Hat jemand Zeit und könnte den Tread mal suchen und hochholen ??? Danke.

Crowww, genau das was der Haesen Dir heute erzählt hat,
erzählte er mir vor zwei Wochen. Es geht nur noch darum
die Aktionäre hinzuhalten.

[HOHOHO]

Was rauft Ihr Euch denn die Haare über den Kaufpreis für die CH? Seit der Internet-Hype vorbei ist, werden solche Unternehmen nicht mehr mit einem Mehrfachen des Umsatzes bewertet sondern wie früher: Mit einem Mehrfachen des Gewinns! Also wer weiß, wie hoch der letzte Gewinn in der Schweiz ausgefallen ist? Dann mit 5 bis 10 multiplizieren (Internet-Unternehmen stehen grad nicht auf Platz 1 der Hitlisten). Unter diesem Aspekt scheint mir der Kaufpreis nun wahrlich nicht unrealistisch.

Gruß

Santa

[Crowww]

Also ich fahre jetzt erst mal zwei Tage in Urlaub, bis denn!

[dreigeh]

zwei tage hatten wir doch erst.

[luckman_ch]

@ Santa

Muss dich leider berichtigen,..........

Cybernet Schweiz ist in einem Top-Segment angesiedelt.
Die ADSL-Verkäufe boomen, dass sich die Balken biegen.
Cybernet CH gehört zu den Top-Five in der Schweiz.
Man kam fast nicht mehr nach mit Kundenverarbeitung.....
und in dieser Zeitspanne verkaufen diese Id....unser
bestes Pferd zu einem Schleuderpreis.

Sorry, wenn ich dies sagen muss, aber es ist wirklich
zum Haareausreisen.

Dieses fahrlässige Verschleudern von Kapital wird
noch ein Nachspiel haben.
Die Presse wird sich für solche Storys brennend
interessieren......für wie doof halten die uns
eigentlich!

[adult-steigt]

so viele aktien wurden von ventegis schon lange nicht mehr gehandelt!???

[Mitro]

Gab es Gestern nicht ein neues Filing von Cybernet, weiß nur nett wo ich Suchen muß?

[Mitro]

DGAP-Ad hoc: Cybernet Internet Svcs. <CYN>

Cybernet Internet Services International Inc. gibt Ergebnis für 2003 bekannt

Ad-hoc-Mitteilung übermittelt durch die DGAP. Für den Inhalt der Mitteilung ist der Emittent verantwortlich.

--------------------------------------------------------------------------------

Vancouver, 5 May 2003. Im Geschäftsjahr 2002, dass zum 31. Dezember 2002 endete, erwirtschaftete die Cybernet Internet Services International Inc. einen Umsatz von 25,1 Mio. Euro (2001: 39,1 Mio. Euro). Der Verlust nach Steuern wurde auf 38,5 Mio. Euro (Vorjahresverlust: 134,6 Mio. Euro) reduziert. Die Bilanzsumme des Unternehmens betrug zum 31. Dezember 2002 35,3 Mio. Euro (Vorjahr: 72,0 Mio. Euro).

Cybernet Internet Services International Inc. Vorstand

Ende der Ad-hoc-Mitteilung (c)DGAP 13.05.2003

--------------------------------------------------------------------------------

WKN: 906623; ISIN: US2325031027; Index: Notiert: Geregelter Markt in Frankfurt (General Standard); Freiverkehr in Berlin-Bremen, Düsseldorf, München und Stuttgart; New York im Nasdaq-Handel (over the Counter)

[luckman_ch]

Es ist schon erstaunlich......momentan sieht sich
nicht einmal Ventegis die Mühe zu machen, Transparenz
in die Story Cybernet zu bringen.

Fragen via Mail-Investor Relations zu Cybernet
werden generell nicht mehr beantwortet.

Letztes Mal hatte ich einmal Herr Haesen an der
Strippe und dabei bestritt er sogar, die im letzten
HV-Protokoll schriftlich festgehaltenen Aussagen zu
Cybernet, je so gesagt zu haben. Man habe ihn falsch
verstanden.

Wie seht ihr eigentlich das Ganze?

[dreigeh]

wie immer: schweigen im walde und abwarten.

[Crowww]

Wer wird schon die Katze aus dem Sack lassen, wenn etwas Positives zu vermelden ist?