Cancellation of this Transaction Value Agreement eliminates all potential dilution relating to the transaction value agreements entered into at the time of Prime’s acquisition of Italian real estate.
SHIJIAZHUANG, China-- Prime Acquisition Corp. (“Prime” or the “Company”) (OTCQB: Common Stock: “PACQF”, Units: “PAQUF”, Warrants: “PAQWF”) today announced that it has reached an agreement to cancel the Transaction Value Agreement (“TVA”) dated September 30, 2013, between Prime and Cesare Lanati, Stefano Lanati, Davide Rigamonti, Bell Real Estate S.r.l., and IGS S.r.l. With this agreement, all Transaction Value Agreements related to Prime’s Italian real estate acquisitions have been cancelled.
Mr. William Yu, interim chief executive officer and director of Prime, stated, “As we had previously announced, our management team has been working on reorganizing the Company, and this transaction is a part of the ongoing process. We are pleased to have reached these agreements with Messrs. Cesare and Stefano Lanati, Rigamonti, and Mattei, and believe the cancellation of this TVA to be in the best interests of our shareholders and the Company. Cancellation of this TVA eliminates all potential dilution relating to the transaction value agreements and thereby bolsters shareholder value. As we enter 2015, we are focusing our attention on exploring opportunities for potential acquisitions with profitable operations.”
About Prime Acquisition Corp.
Prime Acquisition Corp. is a Cayman Islands company that owns and operates office, commercial and industrial properties in Italy. Prime is focused on building a portfolio of high yield-producing assets.
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Prime Acquisition Corp. Forward-looking statements are statements that are not historical facts. Such forward-looking statements, based upon the current beliefs and expectations of Prime’s management, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The following factors, among others, could cause actual results to meaningfully differ from those set forth in the forward-looking statements:
- Continued compliance with government regulations;
- Changing legislation or regulatory environments;
- Requirements or changes affecting the businesses in which Prime is engaged;
- Industry trends, including factors affecting supply and demand;
- Labor and personnel relations;
- Credit risks affecting the combined business’ revenue and profitability;
- Changes in the real estate industry;
- Changing interpretations of generally accepted accounting principles;
- General economic conditions; and
- Other relevant risks detailed in Prime’s filings with the Securities and Exchange Commission.
The information set forth herein should be read in light of such risks. Prime does not assume any obligation to update the information contained in this press release.
Prime Acquisition Corp.
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Source: Prime Acquisition Corp.