Prime Acquisition Corp. Announces Appointment of Independent Director

Prime Acquisition Corp.

today announced that the Company's Board of Directors, upon the recommendation of the Board's Governance and Nominating Committee, appointed Mr. George Kaufman to serve as a member of the Board. The Board has determined that Mr. Kaufman is "independent" within the meaning of applicable NASDAQ and SEC rules, and has appointed Mr. Kaufman as a member of each of the Audit Committee and the Compensation Committee of the Board, and as the chairman of the Governance and Nominating Committee of the Board, effective immediately.