Prestige Telecom inc. announces completion of private placement


    MONTREAL, March 28 /CNW Telbec/ - Prestige Telecom Inc. ("Prestige" or
the "Company") (TSX Venture: PR) announces that it has closed its previously
announced private placement (the "Offering"). Prestige has sold
7,348,401 special warrants of the Company (the "Special Warrants") and
2,166,667 units of the Company (the "Units") at a price of $0.60 per security,
for aggregate gross proceeds of $5,709,040.20. Each Special Warrant entitles
the holder hereof, upon exercise or deemed exercise, to acquire one common
share of Prestige (a "Common Share") and one-half of one common share purchase
warrant of Prestige (each whole common share purchase warrant, a "Warrant").
Each Unit consists of one Common Share of Prestige and one-half of one Warrant
of Prestige. Each Warrant entitles the holder to acquire one Common Share at a
price of $0.70 per share until thirty-six (36) months from the closing date of
the Offering. The Common Shares underlying the Units are now eligible and meet
the criteria set under the Québec SMB Growth Stock Plan (ACCRO), which program
allows eligible institutions to claim a 100% deduction on their Québec taxes
for any ACCRO eligible shares they purchase.
    Blackmont Capital Inc., Loewen Ondaatje McCutcheon Limited and Versant
Partners Inc. acted as agents for the Offering (the "Agents") and in
connection therewith received a cash commission equal to 7% of the aggregate
gross proceeds of the Special Warrants and Units and were granted agent's
compensation options (the "Compensation Options") to purchase that number of
units (the "Agents Units") as is equal to 7% of the aggregate number of
Special Warrants and Units sold, at a price of $0.60 per unit for a period of
24 months from the closing date of the Offering. Each Agents Unit will consist
of one Common Share and one-half of one Warrant.


    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 ("OEM") and service providers to engineer, install and
upgrade their infrastructures to support enhanced voice, high speed data and
video services.
    In Canada, Prestige operates from three full service locations based in
Montreal, Québec; Toronto, Ontario and Calgary, Alberta and has 350
professional and technical personnel. Prestige 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


    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. Actual
results may differ from those expected. The information contained in this
press release is dated March 28, 2008, the date on which the Directors
approved this press release. 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 Inc. does not accept responsibility for the
    adequacy or accuracy of this release.

    This news release does not constitute an offer to sell or a solicitation
of an offer to buy any of the securities in the United States. The securities
have not been and will not be registered under the U.S. Securities Act or any
state securities laws and may not be offered or sold within the United States
or to U.S. persons unless registered under the U.S. Securities Act and
applicable state securities laws or an exemption from such registration is

For further information:

For further information: Prestige Telecom Inc.: Pierre Yves Méthot,
Chairman and Chief Executive Officer, (514) 457-4488, Ext. 277,; MaisonBrison: Martin Goulet, CFA, (514) 731-0000,

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