Prestige Telecom receives approval for the sale of substatially all of its assets

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 next week.

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 maintenance.

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.

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.


For further information:

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

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