Phoenician Corporation V Limited Extension of Long Stop Date

Phoenician Corporation V Limited (the "Company")
Extension of Long Stop Date to 4 March 2011

The directors of the Company, acting by way of committee formed on 24 December 2010 to approve matters related to the reverse takeover of Prime Investments Group Limited (the "Transaction"), have voted to extend the long stop date by 3 weeks and 1 day, from Thursday 10 February 2011 to Friday 4 March 2011.

The directors have voted to extend the date after considering professional advice and their own judgment of the timing of the resolution of all the outstanding issues, but also underscored by the fact that the shareholders have previously approved the Transaction, their belief (directors and shareholders alike) having considered all the circumstances, of the lack of materiality of the date change in relation to the Transaction and the potential benefit of completing the Transaction to the Company and its existing shareholders.

The necessary amendments to the relevant documentation are in the process of being collated.

Jason Futko,

Phoenician Corporation V Limited
Second Floor, Olde Towne Marina
Sandy Port, West Bay Street
PO Box N4825
Nassau, Bahamas
T: 0014163193111
E: jfutko@gmail.com

Gerard Thompson & John May

City & Westminster Corporate Finance LLP
2nd Floor, Stanmore House
29-30 St James's St.
London SW1W 1HB
T: 004420 7766 0080
F: 004420 7839 5870
E: gthompson@city-westminster.com or jmay@city-westminster.com