MONTREAL, Nov. 29, 2011 /CNW Telbec/ - Prestige Telecom Inc. ("Prestige"
or "the Company") (TSXV: PR) a leader in providing engineering,
materials furnishing, installation and support services (commonly
referred to as EF&I services), as well as technical and aerial services
to the Canadian communications and broadcast industries announces that
it has completed the previously announced sale of substantially all of
Prestige's assets to a company controlled by Thornhill Investments Inc.
Under the terms of the transaction and pursuant to a formal asset
purchase agreement, Thornhill has purchased substantially all the
assets of the Company for an aggregate cash consideration of
$28,000,000. Assets purchased include all contracts of the business,
equipment, accounts receivable, customer lists and intellectual
property. Moreover, Thornhill has assumed certain liabilities of the
Company, namely liabilities under leasing and business contracts and
Raymond Chabot Inc., appointed by the Court as receiver namely for this
purpose, has received the proceeds of the sale for distribution to the
Company's creditors in accordance with their rank. No proceeds from the
sale to Thornhill are expected to remain available for distribution to
shareholders and creditors other than the Company's main lender and
secured creditor, Canadian Imperial Bank of Commerce.
This press release contains certain forward-looking statements with
respect to the Company. Such forward-looking statements are dependent
upon a certain number of factors and are subject to risks and
uncertainties. Management does not assume any obligation to update or
revise any forward-looking statements, whether as a result of new
information or future events, except when required by the regulatory
The TSX Venture Exchange has not reviewed the contents of this press
release and accepts no responsibility for the adequacy or the accuracy
SOURCE PRESTIGE TELECOM INC.
For further information:
Prestige Telecom Inc.
Director - Corporate Affairs
Tel.: (514) 457-4488, ext. 273