Exhibit 99.1

TUCOWS REPORTS CONTINUED STRONG FINANCIAL PERFORMANCE FOR THIRD QUARTER FISCAL 2003

— Company reports eighth consecutive quarter of positive cash flow from operations and fifth consecutive quarter of profitability —

TORONTO, CANADA, November 11, 2003 —

Summary Financial Results
Tucows Inc.
(Numbers in Thousands, Except Per Share Data)

	Three months ended September 30, 2003		Three months ended September 30, 2002			Nine months ended September 30, 2003		Nine months ended September 30, 2002
Net Revenue	$	9,316	$	8,879	*	$	27,480	$	28,286	**
Income (Loss) from Operations	13		(150		)	543		(1,202		)
Net Income	179		596			1,638		481
Net Income/Share	0.00		0.01			0.03		0.01
Cash Flow from Operations	576		1,190			2,086		3,028

*Includes $389,000 in revenue from services that were disposed of during fiscal 2002.

**Includes $2.9 million in revenue from services that were disposed of during fiscal 2002.

Tucows Inc. (OTCBB: TCOW), a leading provider of outsourced Internet services to ISPs and web hosting companies worldwide, today reported its results for the third quarter of fiscal 2003 ended September 30, 2003. The quarter was highlighted by:

•Net revenue of $9.3 million;

•Record deferred revenue of $27.5 million;

•Positive cash flow from operations of $576,000; and,

•Net income of $179,000.

For the third quarter of 2003, net revenue increased 4.9% to $9.3 million from $8.9 million for the third quarter of fiscal 2002. Excluding $389,000 in revenue from services that were disposed of during the third quarter last year, net revenue increased 9.7% from $8.5 million.

Net income for the quarter was $179,000, or $0.00 per share, compared to $596,000, or $0.01 per share, for the third quarter of fiscal 2002. Net income for the current quarter included a loss of $308,000 resulting from the change in fair value of forward contracts and a gain of $128,000 on the disposal of the Company’s registry management services assets in March 2002.  Net income for the same quarter of last year included a loss of $530,000 resulting from the change in fair value of forward contracts and a gain on the disposal of the Electric Library subscription assets of $725,000.

Deferred revenue at September 30, 2003, was $27.5 million, an increase of 13.4% from $24.2 million at September 30, 2002, and an increase of 3.2% from $26.6 million at June 30, 2003.

Cash and restricted cash at September 30, 2003, increased to $12.1 million from $11.5 million at June 30, 2003. The increase is primarily the result of positive cash flow from operations for the current quarter of $576,000.

Domain names registered, renewed and transferred-in for the third quarter increased to approximately 785,000 from approximately 690,000 for the same quarter of last year. Total active domain names under management at the end of the third quarter increased to 3.66 million.

For the nine-month period ended September 30, 2003, net revenue was $27.5 million compared to $28.3 million for the same period last year.  Excluding $2.9 million in revenue from services that were disposed of during fiscal 2002, net revenue increased 8.3% from $25.4 million.  Income from operations for the first nine months of fiscal 2003 was $543,000 compared to a loss from operations of $1.2 million for the corresponding period last year.  Net income for the nine-month period ended September 30, 2003, increased to $1.6 million, or $0.03 per share, from $481,000, or $0.01 per share, for the same period last year.

“In the third quarter, we continued our trend of strong operational performance, highlighted by year-over-year revenue growth, our eighth consecutive quarter of positive cash flow from operations and our fifth consecutive quarter of profitability,” said Elliot Noss, president and chief executive officer, Tucows Inc. “Our domain name registration business continues to generate consistent results in an extremely competitive marketplace. The leverage in our business model has allowed us to invest in new services that we believe will contribute, in the long term, to growth of both revenue and earnings. This leverage and our continued focus on maximizing productivity have combined to allow the introduction of new services while still improving income from operations on a year-to-date basis.”

Conference Call

Tucows will host a conference call on Tuesday, November 11, 2003, at 5:00 p.m. (ET) to discuss its third quarter fiscal 2003 results. To access the conference call via the Internet go to www.tucows.com, click on “About Tucows” and then on “Investor Relations.”

For those unable to join the conference call at the scheduled time, it will be archived for replay both by telephone and via the Internet beginning approximately one hour following completion of the call. To access the archived conference call by telephone, dial  1-800-408-3053 or 416-695-5800 and enter the pass code 1493067. The telephone replay will be available until Tuesday, November 18, 2003, at midnight. To access the archived conference call via the Internet, go to www.tucows.com and click on “About Tucows” and then on “Investor Relations.”

About Tucows

Tucows Inc. is a leading provider of outsourced Internet services to ISPs and web hosting companies worldwide. An ICANN-accredited registrar, Tucows provides domain name registration services for generic and country code top-level domains (TLDs), plus digital certificates and email services. Tucows also distributes software and other digital content through its integrated network of affiliates and

offers more than 30,000 software titles in libraries located around the world. For more information, please visit: http://www.tucows.com.

Contact:

Joanna Becket

Investor Relations

Tucows Inc.

416-538-5442

ir@tucows.com

This news release contains, in addition to historical information, forward-looking statements that involve risks and uncertainties. These forward-looking statements include statements regarding the continued growth and success of Tucows’ business, the ability to further develop and achieve commercial success for the company’s business strategy and the deployment of the company’s resources. Such statements are based on management’s current expectations and are subject to a number of uncertainties and risks that could cause actual results to differ materially from those described in the forward-looking statements. More information about potential factors that could affect Tucows is included in the Risk Factors sections of Tucows’ filings with the Securities and Exchange Commission. All forward-looking statements included in this document are based on information available to Tucows as of the date of this document, and Tucows assumes no obligation to update such forward-looking statements.

TUCOWS is a registered trademark of Tucows Inc. or its subsidiaries. All other trademarks and service marks are the properties of their respective owners.

Tucows Inc.

Consolidated Balance Sheets

(Dollar amounts in U.S. dollars)

	September 30, 2003			December 31, 2002
	(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	11,824,783		$	8,844,829
Restricted cash (note 1)	262,612			937,500
Accounts receivable	412,175			338,697
Prepaid expenses and deposits	1,855,956			1,951,086
Prepaid domain name registry fees, current portion	12,478,496			11,145,187
Total current assets	26,834,022			23,217,299
Prepaid domain name registry fees, long-term portion	4,839,643			3,700,340
Property and equipment	1,195,855			1,581,321
Investments	353,737			353,737
Total assets	$	33,223,257		$	28,852,697
Liabilities and Stockholders’ Equity (Deficiency)
Current liabilities:
Accounts payable	$	1,304,822		$	1,605,630
Accrued liabilities	2,006,955			2,288,412
Customer deposits	2,034,310			1,957,657
Deferred revenue, current portion	20,006,309			18,431,100
Total current liabilities	25,352,396			24,282,799
Deferred revenue, long-term portion	7,471,600			5,929,917
Stockholders’ equity (deficiency):
Preferred stock - no par value, 1,250,000 shares authorized; none issued and outstanding	—			—
Common stock - no par value, 250,000,000 shares authorized; 64,626,429 shares issued and outstanding as of September 30, 2003 and December 31, 2002	8,540,687			8,540,687
Additional paid-in capital	49,992,129			49,992,129
Deferred stock-based compensation	(61,605		)	(183,297		)
Deficit	(58,071,950		)	(59,709,538		)
Total stockholders’ equity (deficiency)	399,261			(1,360,019		)
Total liabilities and stockholders’ equity (deficiency)	$	33,223,257		$	28,852,697

Note 1:

The Company has entered into a series of forward exchange contracts, whereby an amount of U.S.$375,000 is converted into Canadian dollars on a semi-monthly basis from June 2002 until the end of December 2003.  As margin security against these Contracts, the Company placed $1,196,000 into secured term deposits, which mature on a monthly basis in line with the Contracts.  The outstanding margin security in the amount of $262,612 is reflected as restricted cash on the balance sheet.

Tucows Inc.

Consolidated Statements of Operations

(Dollar amounts in U.S. dollars)

(unaudited)

	Three months ended September 30,					Nine months ended September 30,
	2003		2002			2003		2002
Net revenues	$	9,315,760	$	8,879,281		$	27,479,973	$	28,286,001
Cost of revenues	5,807,808		5,413,730			17,067,173		17,645,243
Gross profit	3,507,952		3,465,551			10,412,800		10,640,758
Operating expenses:
Sales and marketing (*)	922,028		926,098			2,791,251		2,831,851
Technical operations and development	1,016,404		866,061			2,867,098		2,883,770
General and administrative (*)	1,266,708		1,444,629			3,044,907		3,631,082
Depreciation of property and equipment	289,424		378,913			1,166,340		2,273,587
Amortization of intangible assets	—		—			—		222,222
Total operating expenses	3,494,564		3,615,701			9,869,596		11,842,512
Income (loss) from operations	13,388		(150,150		)	543,204		(1,201,754		)
Other income (expenses):
Interest income, net	37,888		21,299			94,384		60,164
Write down of investment in bigchalk.com	—		—			—		(1,013,335		)
Gain on disposal of Electric Library subscription assets	—		725,237			—		725,237
Gain on disposal of Liberty Registry Management Services Inc.	128,110		—			1,000,000		1,955,443
Loss on disposal of Eklektix, Inc.	—		—			—		(44,304		)
Total other income (expenses)	165,998		746,536			1,094,384		1,683,205
Income before provision for income taxes	179,386		596,386			1,637,588		481,451
Provision for income taxes	—		—			—		—
Net income for the period	$	179,386	$	596,386		$	1,637,588	$	481,451
Basic and diluted earnings per common share	$	0.00	$	0.01		$	0.03	$	0.01
Shares used in computing basic earnings per common share	64,626,429		64,626,429			64,626,429		64,626,429
Shares used in computing diluted earnings per common share	64,726,663		64,626,429			64,677,776		64,626,429

(*)Stock-based compensation has been included in operating expenses as follows:
Sales and marketing	$	27,707	$	27,707	$	82,218	$	82,218
General and administrative	$	13,303	$	13,302	$	39,474	$	39,474

Tucows Inc.

Consolidated Statements of Cash Flows

(Dollar amounts in U.S. dollars)

(unaudited)

	Three months ended September 30,						Nine months ended September 30,
	2003			2002			2003		2002
Cash provided by (used in):
Operating activities:
Net income for the period	$	179,386		$	596,386		1,637,588		$	481,451
Items not involving cash:
Depreciation of property and equipment	289,424			378,913			1,166,340		2,273,587
Amortization of intangible assets	—			—			—		222,222
(Gain) loss on change in the fair value of forward contracts	307,758			530,381			(576,470	)	400,488
Write-down of investment in bigchalk.com	—			—			—		1,013,335
Stock-based compensation	41,010			41,009			121,692		121,692
Gain on disposal of Electric Library subscription assets	—			(725,237		)	—		(725,237		)
Gain on disposal of Liberty Registry Management Services	(128,110		)	—			(1,000,000	)	(1,955,443		)
Loss on write-off of Eklektix Inc.	—			—			—		44,304
Change in non-cash operating working capital:
Accounts receivable	(107,592		)	(51,270		)	(73,478	)	271,613
Prepaid expenses and deposits	414,888			296,718			411,311		233,754
Prepaid domain name registry fees	(803,976		)	(481,381		)	(2,472,612	)	(2,321,352		)
Accounts payable	(90,237		)	(192,794		)	(300,808	)	(371,943		)
Accrued liabilities	(317,806		)	387,166			(21,168	)	(354,102		)
Customer deposits	(65,056		)	(224,762		)	76,653		84,455
Deferred revenue	856,702			634,973			3,116,892		3,609,422
Cash provided by operating activities	576,391			1,190,102			2,085,940		3,028,246
Financing activities:
Repayments of obligations under capital leases	—			(65,588		)	—		(111,160		)
Cash used in financing activities	—			(65,588		)	—		(111,160		)
Investing activities:
Additions to property and equipment	(160,252		)	(160,710		)	(780,874	)	(608,767		)
(Increase)/decrease in restricted cash - being margin security against forward exchange contracts	224,888			131,250			674,888		(1,064,750		)
Net proceeds on disposal of Electric Library subscription assets	—			455,649			—		455,649
Proceeds on disposal of Liberty Registry Management Services, net of cash disposed	128,110			—			1,000,000		938,889
Proceeds on disposal of Eklektix Inc., net of cash disposed	—			—			—		(30,628		)
Cash provided by (used in) investing activities	192,746			426,189			894,014		(309,607		)
Increase in cash and cash equivalents	769,137			1,550,703			2,979,954		2,607,479
Cash and cash equivalents, beginning of period	11,055,646			5,870,965			8,844,829		4,814,189
Cash and cash equivalents, end of period	$	11,824,783		$	7,421,668		11,824,783		$	7,421,668
Supplemental cash flow information:
Interest paid	$	39		$	12,304		355		$	23,932
Supplemental disclosure of non-cash investing and financing activities
Promissory note receivable on disposal of Electric Library subscription assets	$	—		1,121,480			—		1,121,480