Prime Announces Sale of Property in Milan, Extension of Warrants Expiration by Three Years

SHIJIAZHUANG, China--(BUSINESS WIRE)--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 announced the sale of a property under its Ellegi S.r.l. subsidiary, a strategic transaction that will streamline the Company’s real estate portfolio and improve its financial position.

Prime closed on the sale of a portion (approximately 52% of gross leasable area) of the via Lazio building, an office property in southwest Milan, for €1.85 million (approximately US$2.27 million, using an exchange rate of €1 to US$1.2270) on February 8, 2018. The remaining portion of the building is 100% occupied.

The Company also announced that it has sold an option to purchase its via Buozzi building to a third party for an exercise price of €150,000, which expires at the end of 2018. The via Buozzi building is an office property located approximately five miles from the via Lazio building and is also owned under Prime’s Ellegi S.r.l. subsidiary.

The Company intends to use the proceeds from the via Lazio transaction to pay off a significant portion of the building’s mortgage, reduce debt, and make select structural improvements.

Prime’s portfolio of properties includes office, logistics, commercial and industrial real estate assets located in Milan, Italy, and the surrounding areas. Prime’s real estate portfolio consists of the following nine properties, which includes the remaining ownership position in the via Lazio property.

 
Real Estate Portfolio Summary
      Property Name/Location     Type     Approx. Gross Leasable Area

(in sq. meters)

    Purchase Price on 9/30/2013

($ in millions)

    Tenant     Average Lease Duration (Years)
1     Milanofiori, Building A5     Office     865     $3.13     Various int’l and Italian firms     10
2 Milanofiori, Building Q7 Office 586 $1.27 Various int’l and Italian firms 10
3 Milanofiori, Building N Office 1,750 $4.48 Various int’l and Italian firms 10
4 Viale Lucania, Buccinasco Office, Industrial 16,230 $22.27 Microelettrica Scientifica 18
5 Via Buozzi 22, Buccinasco Office 545 $1.85 Various int’l and Italian firms 10
6 Via Lazio 95, Buccinasco (portion of building) Office, Warehouse

2,0501

$2.552

Italian firms 10
7 Via Emilia, Buccinasco Commercial 200 $0.35 Italian commercial co. 10
8 Via Mulino, Buccinasco Commercial 360 $1.37 Merkur 8
9 Milanofiori, Building Q5 Office 400     $1.26 Italian firms 10
22,986     $38.53
 

1 Represents remaining ownership in the via Lazio building after closing of the sale transaction on Feb. 8, 2018
2 Proportional amount of current ownership

The Company also announced the extension of the expiration date for its warrants from March 30, 2018, to March 30, 2021.

Management Commentary

Mr. William Yu, Chief Executive Officer and Director of Prime, stated, “We are pleased to have closed on the via Lazio building sale, another positive step forward in our ongoing efforts to right-size our portfolio of real estate assets in Italy and strengthen the Company’s financials. This transaction will enable Prime to pay off a significant portion of the building’s mortgage, making the remaining portion of via Lazio mortgage-free; reduce tax debt; and make necessary structural improvements. Given our long-term strategy and view for the Company, we are pleased to extend the expiration of our warrants by three years, from 2018 to 2021. We continue working to streamline our operations and improve our financial standing, while exploring opportunities to grow our asset portfolio and business.”

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.

Forward-looking Statements

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 Italian 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.


Contacts

Prime Acquisition Corp.
+39 02 89773668

ivWatch Intellectual Property Grows with Three International Patents

Latest patent grants cover core product technologies

HAMPTON, Va.--(BUSINESS WIRE)--ivWatch, the only provider of continuous monitoring devices for the early detection of peripheral intravenous (PIV) infiltrations and extravasations, recently had three patent applications granted by the Japanese and Australian Patent Offices expanding the company’s intellectual property portfolio.


“Today's healthcare marketplace is growing increasingly competitive with the introduction of new devices and technologies, so we must continue to build on our successes in this space by protecting our innovations,” said Gary Warren, president and CEO of ivWatch. “Our philosophy regarding intellectual property is to aggressively protect our proprietary technology to expand our product portfolio and develop licensing opportunities with strategic partners.”

Granted Japanese Patent Application No. 2015-553708 is for a core technology regarding the geometry of ivWatch sensor heads – for both the fiber optic and electronic systems – which has secured ivWatch’s position as a first, and only, technology of its kind in the market. Optimal light angles and distances of the various sensor parts allow the technology to detect infiltrations with high sensitivity to aid healthcare providers in an early diagnosis of these most serious events during intravenous (IV) therapy.

Granted Japanese Patent Application No. 2015-510267 is for a second core technology regarding how an ivWatch sensor head adheres to and is secured on a patient’s skin. These appliances, more commonly known as receptacles, may be independent of the dressings that cover infusion sites during IV therapy or may be integrated with those dressings. The granting of these applications comes just months after ivWatch entered into a licensing and distribution agreement with Terumo Corporation helping to advance patient safety in Japan and on a global scale.

Australian Patent No. 2013316021 is directed to a third core technology for mitigating the effects of tissue blood volume changes. The Australian patent corresponds to U.S. Patent No. 9,326,686, for solving motion issues related to continuous PIV therapy monitoring. The patent is directly related to the ability of the ivWatch Model 400 to reduce the number of “false” notifications helping combat an epidemic of clinicians becoming desensitized to alarms, many of which are false or clinically irrelevant.

These new grants are in addition to the two patents already in ivWatch’s intellectual property portfolio, which also includes numerous utility patent applications. This portfolio gives ivWatch the right to prevent others from making, using or selling our products in the U.S. and major international markets.

There is a rapid demand for breakthrough technology as more healthcare facilities focus on value-based care to lower costs and improve patient safety and satisfaction. IV infiltration and extravasation is a major problem as it can lead to serious medical complications and even amputation. The ivWatch Model 400 continuously monitors a patient’s PIV for evidence of infiltrations and extravasations, which occur when medication or fluid leaks into the surrounding tissue. Early detection of those failures via ivWatch biosensor technology helps to minimize injuries associated with this common complication of IV therapy.

To learn more, visit www.ivWatch.com.

About ivWatch:

ivWatch, LLC is the leading medical device manufacturer and biosensor technology company focused on improving patient safety and the effectiveness of intravenous therapy. Our dedicated and passionate team is focused on our company vision of eliminating patient harm caused by infiltrations and extravasations. Through our innovative monitored IV solutions, we help minimize the risks associated with adverse IV events. Follow us on Twitter @ivWatch or Facebook @ivWatchLLChttps://www.ivwatch.com/


Contacts

ivWatch, LLC
Amara Betoney, 757-224-2606
Office: 855-489-2824 x7007
Mobile: 757-660-4949
amara.betoney@ivwatch.com

Three New Chinese Emojis Designed by Baidu’s Facemoji Keyboard Team Will be Available in the Emoji Dictionary in 2018

Red Envelope, Firecracker and Moon Cake Emojis Will be Added to Version 11 of the Unicode Standard

BEIJING--(BUSINESS WIRE)--#AI--The Unicode Consortium has revealed a list of 157 new emojis that will be added to version 11 of the Unicode Standard in 2018, including three Chinese cultural hallmarks: a red envelope (hóng bāo), a firecracker (biān pào) and a moon cake (yuè bĭng). These three Chinese emojis were designed by Baidu’s Facemoji Keyboard team and submitted for consideration in January 2017 to the Unicode Consortium, which is responsible for the development and maintenance of the Unicode Standard. By being implemented into the Unicode Standard, these new emojis will become part of the emoji dictionary shared across almost all smartphones and computer platforms worldwide.


“We’re excited to see these beloved Chinese cultural symbols become available and recognized in the emoji dictionary,” said Mr. Jiang Feng, head of Baidu’s Facemoji Keyboard. “Millions of people around the world can now share virtual moon cakes with their family on Mid-Autumn Festival, no matter how far away from home,” he said. Version 11 of the Unicode Standard will be available to the public in 2018.

In addition to emojis, Facemoji Keyboard also includes speech recognition technology for accurate and convenient voice-to-text input. Facemoji Keyboard features a wide variety of GIFs, predictive emoji combos, custom themes and more. It currently holds a rating of 4.7 on Google Play. Download the app for free at: https://play.google.com/store/apps/details?id=com.simejikeyboard.

About Facemoji Keyboard

Facemoji Keyboard is an emoji-centric keyboard app featuring Baidu’s speech recognition technology. It includes an emoji prediction feature, a wide variety of stickers and customizable keyboards, and the ability to turn people’s faces into animated emoji GIFs. Facemoji Keyboard’s goal is to help people around the world express themselves in new ways with fun, creative emojis.

About Baidu

Baidu, Inc. is the leading Chinese language Internet search provider. Baidu aims to make a complex world simpler through technology. Baidu's ADSs trade on the NASDAQ Global Select Market under the symbol "BIDU". Currently, ten ADSs represent one Class A ordinary share.


Contacts

Media Contact
Baidu, Inc.
Josh Fenn
josh.fenn@baidu.com