Prestige Telecom Announces Extension of Closing Date for Its Private Placement

The Private Placement consists of units of the Company (the "Units") issued at a price of $0.50 per Unit. Each Unit consists of a Prestige Common Share and one-half of a common share purchase warrant (a "Warrant"), with each Warrant entitling the holder to acquire an additional Prestige Common Share at a price of $0.60 per share for a period of 18 months from the date of issuance.

The Warrants will, upon notice, be required to be exercised (or they will expire) in the event that the common shares of Prestige trade on a recognized stock exchange at a closing trading price per share of $0.90 or greater for any twenty business day period. The proceeds of the Private Placement will be used to fund acquisitions and for general working purposes. Prestige has engaged Loewen, Ondaatje, McCutcheon Limited and GMP Securities Ltd. to act as agents for the Private Placement (the "Agents").

Prestige will pay the Agents a cash commission of 8% in connection with the Private Placement. The Agents will also be granted agent's options (the "Prestige Agent's Options") to purchase 8% of the number of Prestige Units sold under the Prestige Private Placement, with each Prestige Agent's Option entitling the holder to purchase one Unit at a price of $0.50 per unit for a period of 18 months from the date of issuance.

The TSX Venture Exchange Inc. has in no way passed upon the merits of and has neither approved nor disapproved the contents of this press release.