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 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.
Tel.: (514) 457 4488