MONTREAL, Sept. 8, 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, wishes to
announce the signature of an extension agreement to the temporary
accommodation agreement as well as the revocation of the management
cease trade order.
Update on accommodation agreement
As previously announced on July 29, 2011, the Company entered into a
temporary accommodation agreement with its lender under its operating
credit facility having a maturity date of August 30, 2011. The
aggregate borrowings under the facility are essentially capped at the
lesser of $25,000,000 and certain thresholds based on weekly cash flows
and borrowing base. The Company announced today that, as provided in
the temporary accommodation agreement, the lender elected to extend the
maturity for a period of 30 days through the signature of an Extension
Agreement to Temporary Accommodation Agreement.
Update on management cease trade order
As announced on August 1, 2011, the Autorité des marchés financiers (the
"AMF") in accordance with its guidelines, has issued a management cease
trade order that prohibits all trading of the securities of the Company
by its directors, Chief Executive Officer and Chief Financial Officer
until filing of the annual audited financial statements, management's
discussion and analysis and related CEO and CFO certifications for the
year ended March 31, 2011 (the "2011 Annual Financial Materials"). On
August 18, 2011 the Company filed its 2011 Annual Financial Materials
and subsequently submitted to the AMF an application for the revocation
of the management cease trade order. On August 31, 2011 the AMF revoked
the management cease trade order.
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
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.
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