MONTREAL, May 19 /CNW Telbec/ - Prestige Telecom Inc. ("Prestige" or "the Company") (TSX-V: PR) is proud to announce that it has been selected as the recipient of the "Turnaround of the Year 2009" award by the Montreal Chapter of the Turnaround Management Association. The association has over 9,000 members in 46 chapters worldwide. Today marks the first time this prestigious award has been given to a Canadian company.
Pierre Yves Méthot, Chairman of the Board and CEO of Prestige, stated: "It is a great honour for Prestige to have been chosen and recognized for its accomplishments. We were affected by the global economic crisis, as it occurred at a critical stage in our development. Without the tireless efforts of my team and the financial support of certain parties, notably Novare Holding Inc., a private company controlled by Guy Laliberté, none of this would have been possible."
"The acquisition of Radian in December 2008 brought renewed growth and profitability. Our revenues increased from $66.5 million in fiscal 2009 to over $120 million on an annualized basis for the first nine months of fiscal 2010, and the $11.5 million net loss recorded in 2009 has shifted to a net income of $0.5 million and an EBITDA of $7.8 million."
"For the next three years, Prestige's objective is to benefit from the major capital expenses to be invested by operators by becoming their partner of choice, while reducing our debt and operating costs and steadily increasing our profitability."
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 1,000 professional and technical personnel operating from 19 service locations in 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