PHOENICIAN III ANNOUNCES SIGNING THE LOI

Phoenician  Corporation  III  Ltd.  announces the signing of a Letter of Intent to acquire either the entire  issued share capital or all of the assets and business operations of King Tech Group Ltd., a British Virgin Islands company operating in Hong Kong and the People's Republic of China.

The Company and King Tech will now commence due diligence and shareholders will be informed of the status and timetable  of  the  proposed  transaction  in due course.

King  Tech,  with  its  principal offices in Hong Kong, specialises in asphalt-rubber applications  and  research and development to roads and highways in the Greater China region.  It provides  a  variety of AR services, including AR pavement design and AR mix design, production, construction and research and development.   In  particular,  King Tech, a member  of  the  Rubber  Pavements Association  (USA),  utilises  the  American  D8-88  Standard  as  its  primary specification.  Asphalt rubber is a blend  of  asphalt  cement,  reclaimed tire rubber and certain additives, in which the rubber component is at  least 15% by weight  of  the  total  blend  and  has  reacted  in  the  hot  asphalt  cement sufficiently to cause swelling of the rubber particles. 

Gerard  Thompson,  Director of Phoenician, stated, "The Directors consider that this is an exciting acquisition with growth prospects.  King Tech is a supplier to the Chinese market with several ongoing projects in China. Asphalt rubber is very  environmentally   friendly,  by  resisting  aging  through  oxidation  it generally lasts considerably  longer, and is good repaving material for China's fast expanding, but overloaded road transportation infrastructure."   

Newhaven Group is acting as King  Tech's  financial advisor, assisting with the sourcing, negotiating and structuring of the transaction on King Tech's behalf.

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