NEW YORK, June 5, 2009 (GLOBE NEWSWIRE) -- KBL Healthcare Acquisition Corp. III (NYSE Amex:KHA.U) (NYSE Amex:KHA) (NYSE Amex:KHA.WS) today announced that it has received notice from the NYSE Amex (the "Exchange") that the Exchange accepted the Company's plan for regaining compliance with certain of the Exchange's additional continued listing standards, specifically that the Company had not held an annual meeting of stockholders in 2008, as set forth in Section 704 of the Exchange's Company Guide. The Company now has until August 11, 2009 to hold a meeting of stockholders to elect directors. As previously announced, the Company has entered into a definitive merger agreement with PRWT Services, Inc. ("PRWT"), providing for a business combination in which PRWT will become the publicly traded company upon closing of the business combination. If the Company is unable to consummate the business combination with PRWT by July 19, 2009, its amended and restated certificate of incorporation provides for its liquidation. Accordingly, the Company will hold a special meeting of stockholders by July 19, 2009 at which stockholders will be asked to approve the business combination with PRWT and elect directors which will bring the Company into compliance with the Exchange's continued listing requirements or it will liquidate.
KBL is a blank check company organized under the laws of the State of Delaware on January 9, 2007. KBL was formed for the purpose of effecting a merger, capital stock exchange, stock purchase, asset acquisition or other similar business combination with one or more operating businesses in the healthcare industry in any geographic location. On July 25, 2007, KBL closed its initial public offering ("IPO") of 17.25 million units, including the underwriters' full over-allotment option, generating $138.0 million in gross proceeds. Each unit consisted of one share of common stock and one warrant to purchase one share of common stock at an exercise price of $6.00 per share. As of March 31, 2009, KBL held approximately $135.4 million in a trust account maintained by an independent trustee, which will be released to KBL upon the consummation of the business combination. Additional information is available at www.kblhealthcare.com. The information on KBL's website is not, and shall not be deemed to be, a part of this notice or incorporated in filings KBL makes with the SEC.