Thanks for the reply,

unfortunately the problem still exists... each time it loops through the list the process mem usage jumps about 1MB...

here is my loop adjusted:
Code:
For Each ipAddy As String In My.Settings.ServerStatusCollection
            Dim myPing As New Ping
            ' Add the handler for this request...
            AddHandler myPing.PingCompleted, AddressOf PingRequestCompleted
            myPing.SendAsync(ipAddy, 1000, ipAddy)
            CType(myPing, IDisposable).Dispose()
            myPing = Nothing
        Next