Prospect Acquisition Corp. Receives Opinion Containing Going Concern Qualification

NAPLES, Fla., April 20  /PRNewswire-FirstCall/ -- Prospect Acquisition Corp. (NYSE Alternext: PAX) (the "Company") announced today that its financial statements for the fiscal year ended December 31, 2008 included in the Company's Annual Report on Form 10-K filed on March 16, 2009 contained a going concern qualification from its independent registered public accounting firm, McGladrey & Pullen, LLP.

This announcement is required by NYSE Amex Company Guide Section 610(b), which requires separate disclosure of receipt of an audit opinion containing a going concern qualification. This announcement does not represent any change or amendment to the Company's financial statements or to its Annual Report on Form 10-K for the fiscal year ended December 31, 2008.

About the Company

The Company is a blank check company formed for the purpose of acquiring, or acquiring control of, through a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination, one or more businesses or assets, which it refers to as its initial business combination, in the financial services industry, which includes investment management firms.  The Company's certificate of incorporation provides that if it has not completed an initial business combination by November 14, 2009, its corporate existence will cease except for purposes of winding up its affairs and liquidating.

Forward-Looking Statements

This press release may contain certain forward-looking statements including statements with regard to the future performance of the Company. Words such as "believes," "expects," "projects," "will" and "future" or similar expressions are intended to identify forward-looking statements. These forward-looking statements inherently involve certain risks and uncertainties that are detailed in the Company's Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. 

DATASOURCE: Prospect Acquisition Corp.



CONTACT:  David A. Minella, Chairman and CEO, [phone]



Web Site:  http://www.prospectac.com/ 

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