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^{Published on 2011-10-07 08:40:37 - Market Wire}
 

MONTREAL, Oct. 7, 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 today that the Autorité des marchés financiers (the "AMF") has issued a cease trade order that prohibits, effective immediately, all trading of the securities of the Company. The cease trade order has been issued by the AMF in accordance with its guidelines as a consequence of Prestige filing interim unaudited financial statements for the quarter ended June 30, 2011 prepared in accordance with Canadian generally accepted accounting principles (GAAP) and not in accordance with International Financial Reporting Standards (IFRS), as now required for publicly-listed companies such as Prestige. The cease trade order will remain in place unless the Company files financial statements prepared in accordance with IFRS. Although the Company regrets this situation, there are no immediate plans for the Company to invest management time and Company financial resources to complete financial statements pursuant to IFRS. The Company believes it is in its best interest to focus management time and financial resources to furthering its strategic review process.

About Prestige Telecom

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.

[ www.prestigetel.com ]

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.

The TSX Venture Exchange has not reviewed the contents of this press release and accepts no responsibility for the adequacy or the accuracy thereof.