Premier Alliance (OTC:PIMO) Raises $5M from PIPE

Premier Alliance Group (OTC:PIMO) today announced that it has closed a private placement of its securities resulting in gross proceeds to the company of $5 million. The securities were sold to two accredited investors. Maxim Group LLC, a FINRA member broker dealer, acted as placement agent. The net proceeds will be used for working capital and general corporate purposes. A lightly traded stock, shares of Premier Alliance Group last sold for $0.70 per share on March 1, 2011. The company has a market cap of $5.6 million and a 52-week range between $0.52 and $1.02 per share.

Mark Elliott, President of Premier Alliance Group, said, "We are pleased to have raised $5 million dollars as it allows us to continue to finance our growth and take advantage of opportunities in the market at a more accelerated pace. We appreciate the support of the investors."

Under the terms of a Securities Purchase and Registration Rights Agreement, Premier sold an aggregate of 2,380,952 shares of its newly designated 7% $2.10 Series C Preferred Stock and 7,142,856 warrants to purchase the Company's common stock exercisable during the five-year period commencing on the date of issuance at $0.77 per share. The Preferred Stock is convertible into 7,142,856 shares of common stock at an initial purchase price of $0.70 share, subject to adjustment. Premier has agreed to file a registration statement covering the resale of the shares of common stock issuable upon conversion of the Preferred Stock, including the shares issuable upon exercise of the Warrants.

Premier Alliance Group provides business consulting services and human capital solutions to customers with a focus on core areas of business processes used throughout the corporate world including project management, business analysis, business consulting and strategic consulting. Typical initiatives in which Premier provides services include compliance and regulatory, merger and acquisition, and business process reengineering efforts. Clients are serviced with Knowledge-Based expertise from Premier's Business Performance & Technology, Governance, Risk & Compliance (GRC), and Finance and Accounting practice areas.

For more information go to: www.premieralliance.com.

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