MONTREAL, March 15 /CNW Telbec/ - Prestige Telecom Inc. ("Prestige" or "the Company") (TSX-V: PR) today announces that, further to its previously announced acquisition (the "Acquisition") of all of the outstanding shares of Radian Communication Services (Canada) Limited ("Radian") which was completed on December 15, 2008, Prestige has elected to pay interest on the $6,267,000 in outstanding convertible notes issued in connection with the Acquisition in the form of additional paid in kind convertible notes (the "Additional Convertible Notes"), which Convertible Notes are convertible at a price of $0.31 per share for a period of three years and are subject to certain contractual escrow arrangements.
Prestige also elected to pay interest in the form of Additional Convertible Notes on the $4.5 million in outstanding convertible notes issued in connection with the financing at the time of completion of the Acquisition.
An aggregate of $358,570 principal amount of Additional Convertible Notes were issued.
The issuance of the Additional Convertible Notes received the conditional approval of the TSX Venture Exchange Inc. (the "TSX Venture") prior to completion of the Acquisition.
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 maintenance.
In Canada, Prestige has over 950 professional and technical personnel operating from seventeen (17) service locations in nine (9) provinces. Prestige's head office is located in Baie d'Urfé (Montreal), Quebec.
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 accepts no responsibility for the adequacy or the accuracy of this press release.
SOURCE PRESTIGE TELECOM INC.
For further information: For further information: Maryanne Golden, Director - Corporate Affairs, Prestige Telecom Inc., (514) 457-4488 ext: 273, firstname.lastname@example.org; www.prestige-tel.com