Primary Corp. Releases 2011 Audited Financial Statements

TORONTO, ONTARIO--(Marketwire - March 30, 2012) - Primary Corp. (TSX:PYC) ("Primary" or the "Company") announces that it has reported a total comprehensive loss for the year ended December 31, 2011 of $10.4 million. The loss was due primarily to an unrealized decline in the value of the Company's investment portfolio. As of December 31, 2011, the Company had total assets of $121.0 million, liabilities of $5.9 million, shareholders' equity of $115.1 million and a net asset value per share of $5.96. The financial statements along with management's discussion and analysis can be found on SEDAR (www.sedar.com) or on Primary's website (www.primarycorp.ca).

The Primary portfolio maintained a defensive stance despite the improvement in markets. Cash positions were roughly one half of the portfolio as the Company did not find any acceptable senior secured debt with warrants deals during the quarter. The Company's broad macroeconomic view remains unchanged despite improvements in the European sovereign debt situation. The Company continues to believe the global economy is in the midst of a sovereign debt crisis with Europe only one of the three problem areas. Japan and the U.S. also have elevated debt/GDP ratios and we feel that the world will not be a safer place to invest until the U.S. is on a sustainable path to lower debt/GDP.

Given Primary's broad macroeconomic view, the Company is retaining a defensive stance and continues to look for senior secured debt with equity warrants for early stage or pre production resource projects. The Company believes the risk reward characteristics of these investments are very attractive. It is important to note though that these transactions tend to come available when markets are very difficult and these companies do not have the ability to raise equity capital at acceptable prices.

The Company expects volatility to remain for some time and accordingly plans to maintain a defensive stance. Primary was pleased to complete its first senior secured lending transaction and looks forward to adding similar transactions in the coming quarters.

About Primary Corp.

Primary trades on the Toronto Stock Exchange under the symbol PYC. Primary is focused on natural resource lending. Primary's business is primarily directed to investing in public and private debt securities of and making term loans (including bridge and mezzanine debt) to issuers in a broad range of natural resource sectors, including energy, base and precious metals and other commodities, and issuers involved in exploration and development, and may also include financing other resource-related businesses and investing in public and private equity and quasi-equity securities. Primary seeks to generate income primarily from its lending activities, while taking advantage of additional upside through equity participation in the companies which it finances.

Marret Asset Management Inc. is responsible for implementing Primary's investment strategy and managing Primary's investment portfolio.

About Marret Asset Management Inc.

Marret is an employee-owned firm based in Toronto and has over $5.9 billion of assets under management. Marret and its experienced team of investment professionals led by Barry Allan specialize in fixed income and, particularly, in high yield debt strategies.

To receive Primary Corp. news, please subscribe to Marketwire's free news service (www.marketwire.com).

Forward-Looking Information

This news release includes certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, the anticipated use of the net proceeds of the Offering. Forward-looking information is necessarily based upon a number of assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Such risks include, but are not limited to, market conditions and the other risks identified in the short form prospectus dated June 23, 2011 and the Company's annual information form, in both cases under the heading "Risk Factors". There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.