Prime Acquisition Corp. Announces Shareholder Approval Of Extension And Announces Extension Of Tender Offer

Prime Acquisition Corp. (“Prime” or the “Company”) (NASDAQ: Common Stock: “PACQ”, Units: “PACQU”, Warrants: “PACQW”), a special purpose acquisition company, today announced that, at a March 27, 2013, special meeting of shareholders, the Company’s shareholders voted to approve an extension of the Company’s existence for an additional six months past the current March 30, 2013, termination date set forth in its amended and restated memorandum and articles of association and trust agreement. The implementation of the extension is subject to holders of fewer than 83% of the Company’s shares tendering their shares in the Company’s previously announced tender offer. In order to comply with certain regulatory requirements the Company is extending the tender offer until 5:00 p.m. Eastern time on March 28, 2013. Except as set forth herein, the complete terms and conditions of the tender offer remain the same as set forth in the Offer to Purchase dated February 25, 2013, and the related Letter of Transmittal.

As of 5:00 p.m. Eastern time on March 27, 2013, the original expiration date for the tender offer, approximately 3 million ordinary shares had been validly tendered.

Advantage Proxy is acting as the information agent, and the depositary is American Stock Transfer & Trust Company. For questions and information, call the information agent toll free at (877) 870-8565.

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. Prime consummated its initial public offering on March 30, 2011, and generated aggregate gross proceeds of $36 million. Each unit issued in the IPO consists of one ordinary share, par value $0.001 per share, and one redeemable warrant. Each redeemable warrant entitles the holder to purchase one ordinary share at a price of $7.50. On May 25, 2011, the ordinary shares and warrants underlying the units sold in the IPO began to trade separately on a voluntary basis.