MONTREAL, Jan. 6, 2012 /CNW Telbec/ - Prestige Telecom Inc. ("Prestige"
or "the Company") (TSXV: PR) announces that the Commercial Chamber of
the Superior Court has rendered an order extending the delay to submit
a proposal to its creditors pursuant to the Bankruptcy and Insolvency Act (Canada) to February 14, 2012. Prestige also announces that it has
received an offer from 7922825 Canada Inc. (Netricom), the affiliate of
Thornhill Investments Inc. that purchased the Company's assets on
November 29, 2011, pertaining to the acquisition of all of the issued
and outstanding shares of Prestige with a view to valorize the
Company's tax attributes. The offer contemplates the acquisition of all
of the Company's issued and outstanding shares for a cash consideration
equivalent to $500,000, less all professional fees and costs incurred
in order to complete the transaction, provided that Prestige shall in
no event receive a cash consideration inferior to $100,000. The Company
is pursuing the analysis of this transaction with the assistance of its
financial and legal advisors. Any transaction will be subject to the
prior approval of the Superior Court. There is no guaranty that any
transaction will be completed.
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.
Tel.: (514) 457 4488