MONTREAL, Nov. 25, 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 received leave from the Commercial Chamber of the Superior Court
of Quebec to complete the previously announced sale of substantially
all of Prestige's assets to a company controlled by Thornhill
Investments Inc. ("Thornhill"). Prestige expects to sign an asset
purchase agreement with Thornhill and close the transaction within the
As previously announced, the terms of the sale, including the
consideration payable, will be announced upon executing a definitive
agreement with Thornhill. This information must remain confidential
pending such agreement as its disclosure in the context where the
Company is unable to secure an agreement with Thornhill would be
prejudicial to the Company's interests and ability to negotiate an
alternative transaction. By order of the Court, such information must
remain under seal in the Court record and may not be disclosed,
published or disseminated.
Prestige also announces that pursuant to an order from the Court,
Raymond Chabot Inc. has been appointed to act as receiver under
section 243 of the Bankruptcy and Insolvency Act (Canada) notably to receive the proceeds of the sale for distribution
to the Company's creditors in accordance with their rank.
The Company also announces the resignation of Michel Labelle as
director. The Company wishes to thank Mr. Labelle for his support and
involvement throughout his mandate.
About Prestige Telecom Inc.
Prestige Telecom is a leading provider of network engineering, materials
furnishing, installation and support services (commonly referred to as
EF&I services) required to construct, operate and maintain wireline,
wireless and cable television networks. Prestige assists
telecommunications original equipment manufacturers and service
providers to engineer, install and upgrade their infrastructures to
support enhanced voice, high-speed data and video services. Prestige
Telecom also provides technical and aerial services to the Canadian
communications and broadcast industries, including tower supply,
engineering, site construction, and infrastructure and equipment
In Canada, Prestige has over 1,000 professional and technical personnel
operating from nineteen (19) service locations in nine (9) provinces.
Prestige's head office is located in Baie-d'Urfé (Montréal), Québec.
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