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Press release from Business Wire

Prime Acquisition Corp. Cancels Acquisition of Yuantong Investment Holdings Limited

<p class='bwalignc'> <b>Prime Continues Search for Potential Acquisition Target</b> </p>

Friday, November 23, 2012

Prime Acquisition Corp. Cancels Acquisition of Yuantong Investment Holdings Limited13:05 EST Friday, November 23, 2012 SHIJIAZHUANG, China (Business Wire) -- 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. At the CompanyPrime Acquisition Corp.Diana LiuCEOdianaliu@primeacq.comorInvestor RelationsThe Equity Group Inc.Carolyne Yu, 212-836-9610Account Executivecyu@equityny.comorAdam Prior, 212-836-9606Vice