Prestige Telecom completes the sale of substantially all of its assets

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. ("Thornhill").

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 employment liabilities.

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.

Forward-Looking Statements

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 authorities.

The TSX Venture Exchange has not reviewed the contents of this press release and accepts no responsibility for the adequacy or the accuracy thereof.

SOURCE PRESTIGE TELECOM INC.

For further information:

Prestige Telecom Inc.
Maryanne Golden
Director - Corporate Affairs
Tel.: (514) 457-4488, ext. 273
maryanne.golden@prestigetel.com

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PRESTIGE TELECOM INC.

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