NEW YORK, July 23, 2009 (GLOBE NEWSWIRE) -- KBL Healthcare Acquisition Corp. III ("KBL") (NYSE Amex:KHA), a specified purpose acquisition company (SPAC), announced today that its securities will cease trading on the NYSE Amex as a result of the termination of its previously announced proposed merger with PRWT Services, Inc.
Pursuant to KBL's amended and restated certificate of incorporation, KBL's corporate existence has ceased except for the purposes of winding up its affairs and liquidating. The share transfer books of KBL will be closed as of July 24, 2009 and liquidating distributions will be payable to KBL's stockholders upon presentation of their stock certificates or delivery of their shares to KBL's transfer agent electronically using Depository Trust Company's DWAC (Deposit/Withdrawal At Custodian) System. The per-share liquidation price will be approximately $7.85. KBL's transfer agent will instruct stockholders as to when they should present their stock certificates or deliver their shares. Stockholders should not present their stock certificates or deliver their shares before receiving instructions to do so. No payments will be made in respect of KBL's outstanding warrants or to any of its initial stockholders with respect to the shares owned by them prior to KBL's initial public offering.
Forward Looking Statements
This press release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. Forward looking statements are statements that are not historical facts. Such forward-looking statements, based upon the current beliefs and expectations of KBL's management, are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements.