PHOENICIAN III AGREES TO ACQUIRE KING TECH GROUP

The  Directors  of  Phoenician  Corporation  III  Limited,  are pleased to announce that pursuant to an agreement dated 19  November  2007   and  made  between  Mr  David  Lee  and  the  Company the  Company  has  conditionally  agreed  to acquire the  whole  of  the  issued  share  capital of King Tech Group Limited in consideration for the allotment  of  41,666,666 shares of no par value.  Application has been  made  for  all the Consideration Shares to be admitted to trading on PLUS.

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