Science & Technology
Science and Technology
Science and Technology
Thu, September 8, 2011
Prestige Telecom announces signature of extension to accommodation agreement and revocation of management cease trade order
MONTREAL, Sept. 8, 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, wishes to announce the signature of an extension agreement to the temporary accommodation agreement as well as the revocation of the management cease trade order.
Update on accommodation agreement
As previously announced on July 29, 2011, the Company entered into a temporary accommodation agreement with its lender under its operating credit facility having a maturity date of August 30, 2011. The aggregate borrowings under the facility are essentially capped at the lesser of $25,000,000 and certain thresholds based on weekly cash flows and borrowing base. The Company announced today that, as provided in the temporary accommodation agreement, the lender elected to extend the maturity for a period of 30 days through the signature of an Extension Agreement to Temporary Accommodation Agreement.
Update on management cease trade order
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, Chief Executive Officer and Chief Financial Officer until filing of the 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"). On August 18, 2011 the Company filed its 2011 Annual Financial Materials and subsequently submitted to the AMF an application for the revocation of the management cease trade order. On August 31, 2011 the AMF revoked the management cease trade order.
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.
