June 25, 2010 (FinancialWire) — Premier Exhibitions, Inc. (NASDAQ: PRXI) said the company's largest shareholder, Sellers Capital Master Fund, Ltd., indicated that it intends to return all capital to its investors over the next 12 to 18 months.

SCF has begun to look for a single buyer of its 46% equity investment in Premier's common stock. SCF has also advised Premier that it will not sell any of its shares in the open market.

Mark Sellers, chairman of the board of Premier Exhibitions, Inc. and managing member of Sellers Capital LLC, said, "The fund has had some investor redemption requests recently, and the best course of action to protect both SCF's investors and Premier's shareholders is to implement a 12-18 month lockup and take our time to look for the right buyer for our shares. The right buyer will commit to the multi-year plan the company presented to the court last November regarding expanding its role as trustee of the Titanic wreck site."

Related to this matter, SCF has exercised its right to require the company to register the shares issued last year in conversion of the notes held by SCF and one other investor.

Chris Davino, president and CEO of Premier Exhibitions, Inc. said, "The board of directors will work with Mark and our independent advisors to make this transitional period as smooth as possible."

The board of directors has also retained the services of Berenson & Company, an investment banking firm specializing in middle market M&A transactions for a group of sectors including the Media, Entertainment & Leisure industry, to assess strategic alternatives.

Premier Exhibitions, Inc. (NASDAQ: PRXI) develops and tours museum quality exhibitions.

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