MONTREAL, Sept. 26 /CNW Telbec/ - Prestige Telecom Inc. (the "Company" or
"Prestige Telecom") (TSX Venture: PR) today announced that it has closed the
second tranche of its previously announced private placement (the "Private
Placement") involving the issuance of 2,200,000 units of the Company (the
"Units") issued at a price of $0.50 per Unit for gross proceeds of $1,100,000.
Each Unit consists of one common share and one-half of one common share
purchase warrant (a "Warrant"), with each Warrant entitling the holder to
acquire an additional common share of Prestige Telecom at a price of $0.60 per
share until January 30, 2009.
The Corporation intends to use the proceeds of the Private Placement to
fund acquisitions and for general working purposes.
The common shares of the Company are now eligible for the Quebec SMB
Growth Stock Plan ("ACCRO") which allows individuals and institutions to claim
a 100% deduction on their Quebec taxes for any ACCRO eligible shares they
Loewen, Ondaatje, McCutcheon Limited and GMP Securities Ltd. acted as
agents for the Private Placement (the "Agents") and in connection therewith
received a cash commission of 8% and were granted agent's options (the
"Agent's Options") to purchase 8% of the number of Prestige Telecom Units sold
under the Private Placement, with each Agent's Option entitling the holder to
purchase one Unit at a price of $0.50 until January 30, 2009.
About Prestige Telecom
Prestige Telecom is a leading provider of network engineering, materials
furnishings, installation and support services (commonly referred to as E, F&I
services) required to construct, operate and maintain wireline, wireless, and
cable television networks.
Prestige Telecom assists telecommunications original equipment
manufacturers ("OEM") and service providers to engineers, install and upgrade
their wireless, wireline and cable television network infrastructures to
support enhanced voice, high speed data and video services.
In Canada, Prestige Telecom operates from three full service locations
based in Baie d'Urfe (Montreal), Quebec; Mississauga (Toronto), Ontario and
Calgary, Alberta and has more than 250 professional and technical personnel.
Prestige Telecom operates in the United States market through a mutual
subcontractor agreement with Comforce Telecom Inc. under the trade name
Prestige Comforce Professional Services ("PCPS"). PCPS is based in Plano,
Texas and provides services to customers throughout the United States.
To learn more about Prestige Telecom, please visit our website at
The TSX Venture Exchange Inc. has in no way passed upon the merits
of and has neither approved nor disapproved the contents of this
For further information:
For further information: Pierre Yves Methot, the Chairman and Chief
Executive Officer of Prestige Telecom, (514) 457-4488, ext. 277