Science & Technology
Science and TechnologyScience and Technology 
Tue, August 16, 2011
Mon, August 15, 2011
Prestige Telecom Inc. - Filing of audited financial statements delayed bi-weekly default status report
MONTREAL, Aug. 15, 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, announced on August 1st, 2011 that due to additional calculation procedures respecting certain impairment charges that needed to be performed, it was delaying the filing of its annual audited financial statements, management's discussion and analysis and related CEO and CFO certifications for the year ended March 31, 2011 (the "2011 Annual Financial Materials"). In compliance with the alternative information guidelines set out in National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults for issuers who have failed to comply with a specified continuous disclosure requirement within the times prescribed by applicable securities laws, Prestige issued today a default status report by way of present press release announcing that the Company is still working on the calculation of certain impairment charges in order to complete its 2011 Annual Financial Materials at the earliest possible date and file same by no later than September 30, 2011.
As announced on August 1, 2011, the Autorité des marchés financiers (the "AMF") in accordance with its guidelines, has issued a management cease trade order that prohibits all trading of the securities of the Company by its directors and the Chief Executive Officer and the Chief Financial Officer. The management cease trade order will remain in place until lifted by the AMF upon application by the Company following the filing of the 2011 Annual Financial Materials.
Until Prestige completes the filing of the 2011 Annual Financial Materials, Prestige will comply with the alternative information guidelines set out in National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults for issuers who have failed to comply with a specified continuous disclosure requirement within the times prescribed by applicable securities laws. The guidelines, among other things, require the Company to issue bi-weekly default status reports by way of a news release so long as the 2011 Annual Financial Materials have not been filed.
The Company reports that since its original announcement on August 1, 2011 (the "Notice") in respect of the delay in filing the 2011 Annual Financial Materials, there has not been any material changes to the information provided in the Notice other than as described herein nor any failure by the Company in fulfilling its stated intentions with respect to satisfying the alternative information guidelines required pursuant to NP 12-203. In addition, there has not been any other specified default by the Company under NP 12-203, nor are any anticipated and there is no other material information concerning the affairs of the Company that has not been generally disclosed.
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.
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.
The TSX Venture Exchange has not reviewed the contents of this press release and accepts no responsibility for the adequacy or the accuracy thereof.