CARLAW CAPITAL III CORP. ANNOUNCES TERMINATION OF QUALIFYING TRANSACTION WITH
ONEWORLD ENERGY INC.

TORONTO, Oct. 26 /CNW/ - Carlaw Capital III Corp. ("Carlaw" or the "Company") (NEX: CW.H), a capital pool company, today announced the termination of its proposed qualifying transaction (the "Transaction") with Oneworld Energy Inc. ("Oneworld"). The Transaction has been terminated as a result of Oneworld's decision to postpone its listing on the TSX Venture Exchange, as announced in a press release issued by Oneworld on October 22, 2010. Pursuant to the terms of a definitive agreement dated April 28, 2010, as amended by letter agreements dated July 7, 2010 and September 23, 2010 between Carlaw and Oneworld, Oneworld is obligated to reimburse Carlaw's legal costs incurred in connection with the Transaction as well as an additional amount of $150,000 by November 30, 2010.

The Company will continue to pursue and evaluate other businesses and assets with a view to completing a qualifying transaction and will make further announcements with respect to these efforts as soon as practically possible. The Company cannot offer any assurances that a qualifying transaction will be completed.

Neither the NEX Board of the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

%SEDAR: 00026925E

For further information:

Amar Bhalla, Chairman, Chief Executive Officer and Chief Financial Officer
Carlaw Capital III Corp.
t: 416.915.8127  
e: [email protected]