Prime Acquisition Corp. Cancels Acquisition of Yuantong Investment Holdings Limited

Prime Continues Search for Potential Acquisition Target

SHIJIAZHUANG, China--()--Prime Acquisition Corp. (“Prime”) (NASDAQ: Common Stock: “PACQ”, Units: “PACQU”, Warrants: “PACQW”), a special purpose acquisition company, today announced that, effective November 21, 2012, it terminated its previously disclosed definitive share exchange agreement with Yuantong Investment Holdings Limited due to an uncured material breach of the agreement.

Prime is continuing its search for a potential acquisition target and will keep its shareholders apprised of its progress.

About Prime Acquisition Corp.

Prime Acquisition Corp., a Cayman Islands corporation, is a special purpose acquisition company formed for the purpose of acquiring an operating business having its primary business operations in the Greater China region. Prime consummated its initial public offering on March 25, 2011, and generated aggregate gross proceeds of $36 million.

Contacts

At the Company
Prime Acquisition Corp.
Diana Liu
CEO
dianaliu@primeacq.com
or
Investor Relations
The Equity Group Inc.
Carolyne Yu, 212-836-9610
Account Executive
cyu@equityny.com
or
Adam Prior, 212-836-9606
Vice President
aprior@equityny.com

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Contacts

At the Company
Prime Acquisition Corp.
Diana Liu
CEO
dianaliu@primeacq.com
or
Investor Relations
The Equity Group Inc.
Carolyne Yu, 212-836-9610
Account Executive
cyu@equityny.com
or
Adam Prior, 212-836-9606
Vice President
aprior@equityny.com