NEW YORK, June 11, 2009 (GLOBE NEWSWIRE) -- KBL Healthcare Acquisition Corp. III ("KBL") (NYSE AMEX:KHA) (NYSE AMEX:KHA.U) (NYSE AMEX:KHA.WS) announced today that it has scheduled a Special Meeting of Stockholders for July 15, 2009 at 10:00 a.m. Eastern Time at the offices of Graubard Miller, KBL's counsel, at The Chrysler Building, 405 Lexington Avenue, 19th Floor, New York, NY. KBL stockholders of record as of June 22, 2009 are invited to attend the Special Meeting, or submit a proxy, to vote on, among other matters to be included in KBL's definitive proxy statement, the proposed business combination of KBL and PRWT Services, Inc. ("PRWT"). PRWT, which is a minority-owned pharmaceutical services, facilities management and business processing services company, will, upon closing, become the publicly traded company and retain its status as a minority business enterprise.
KBL and PRWT have filed a registration statement on Form S-4 that contains a preliminary proxy statement/prospectus. Stockholders of KBL and other interested persons are advised to read the preliminary proxy statement/prospectus, and all amendments thereto, and, when available, the definitive proxy statement/prospectus in connection with KBL's solicitation of proxies for the Special Meeting to be held to approve the business combination with PRWT, because these will contain important information about PRWT, KBL and the proposed business combination. The definitive proxy statement/prospectus will be mailed to stockholders of record. Stockholders will also be able to obtain a copy of the definitive proxy statement/prospectus, without charge, at the SEC's internet site at http://www.sec.gov or by directing a request to: KBL Healthcare Acquisition Corp. III., 380 Lexington Avenue, 31st Floor, New York, NY 10168.
Ensuring Your Vote is Counted
In advance of the record date, KBL advises holders of its securities to move these securities into accounts which do not permit the lending of securities, so called cash accounts or segregated accounts, and out of accounts that permit the lending of securities, such as margin accounts. These steps are designed to ensure that votes related to common shares beneficially owned by stockholders are properly counted. Beneficial owners of common shares that have been lent out (either with or without the beneficial owners' knowledge) are not permitted to vote those shares.
About KBL Healthcare Acquisition Corp. III
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.
About PRWT Services, Inc.
PRWT is a diversified enterprise of pharmaceutical manufacturing and distribution, facilities management and maintenance, and business process solutions services. As a nationally recognized minority-business enterprise, PRWT is one of the largest minority-owned businesses headquartered in the Greater Philadelphia Region and has been ranked in the top 100 minority-owned service industry businesses in the United States by Black Enterprise magazine for the past nine years. For more information, visit www.prwt.com.
The information on PRWT's website is not, and shall not be deemed to be, a part of this notice or incorporated in filings PRWT makes with the SEC.
Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking statements include, but are not limited to, statements regarding our or our management's expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "possible," "potential," "predict," "should," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements may include, for example, statements about our: ability to complete a combination with one or more target businesses; success in retaining or recruiting, or changes required in, our officers, key employees or directors following a business combination; our management team's allocation of their time to other businesses and potentially having conflicts of interest with our business or in approving a business combination, as a result of which they would then receive expense reimbursements; potential inability to obtain additional financing to complete a business combination; limited pool of prospective target businesses; potential change in control if we acquire one or more target businesses for stock; public securities' limited liquidity and trading; failure to list or delisting of our securities from the NYSE Amex or an inability to have our securities listed on the NASDAQ Stock Exchange following a business combination; use of proceeds not in trust or available to us from interest income on the trust account balance; or our financial performance following this offering.
KBL and its stockholders, directors and executive officers and PRWT and its stockholders, directors and executive officers may be deemed to be participants in the solicitation of proxies for the special meeting of KBL stockholders to be held to approve the merger. The underwriters in KBL's initial public offering may also assist KBL in this solicitation. The underwriters are entitled to certain deferred underwriting compensation upon consummation of the merger. Information on the interests of the foregoing persons and entities in the consummation of the merger is contained in KBL's and PRWT's filings with the SEC, including the proxy statement/prospectus.