Prime Reports 2017 Year-End Financial Results, Announces Filing of 2017 Annual Report on Form 20-F

Prime Acquisition Corp. (“Prime” or the “Company”) (OTCQB: Common Stock: “PACQF”, Units: “PAQUF”, Warrants: “PAQWF”), an owner and operator of office, commercial and industrial properties in Italy, today provided a financial update on the year ended December 31, 2017.

Financial Highlights

• Cash generated from operations before payment of corporate taxes and finance costs was $2.2 million for the year ended December 31, 2017, a 72.7% improvement when compared to $1.3 million for the year ended December 31, 2016.
• Operating profit increased 6.9% to $794,347 for the year ended December 31, 2017, from $742,904 for the year ended December 31, 2016.
• The Company reported a loss of $3.7 million for the year ended December 31, 2017, compared to a loss of $565,144 for the year ended December 31, 2016, as a result of a significant decrease in gain on revaluation of promissory notes to shareholders.
• The Company’s cash and cash equivalents were $58,143 at December 31, 2017.

Management Commentary

Mr. William Yu, Chief Executive Officer and Director of Prime, stated, “In 2017, we were pleased to nearly double cash flow generated from operations year over year, a direct result of our restructuring efforts and financing negotiations in early 2016. We continued working to strengthen our Company’s operating and financial position during the year, divesting of the NOVA S.r.l. subsidiary in late 2017 and selling a portion of a property under our Ellegi S.r.l. subsidiary in February 2018, strategic transactions intended to streamline our portfolio of properties and improve our ability to generate positive cash flow. Our focus remains on right-sizing our existing portfolio of real estate assets, while exploring opportunities to grow our business with accretive acquisitions that will increase shareholder value over the long term.”

Year-End 2017 Operating Summary

Prime’s portfolio of properties includes office, logistics, commercial and industrial real estate assets located in Milan, Italy, and the surrounding areas. The Company maintained an average occupancy rate of approximately 93% for the 10 properties it owned during the year ended December 31, 2017. With the closing of the Corsa Europa transaction on November 10, 2017, and the via Lazio transaction on February 8, 2018, Prime’s real estate portfolio consists of the following nine properties, which includes the remaining ownership position in the via Lazio property.