CARLAW CAPITAL III CORP. ANNOUNCES TRANSFER TO NEX

TSX Venture Exchange Symbol: CW.P

TORONTO, Oct. 15 /CNW/ - Carlaw Capital III Corp. ("Carlaw" or the "Corporation") today announced the transfer of its listing from the TSX Venture Exchange ("TSXV") to the NEX board of the TSXV (the "NEX").

Carlaw's common shares (the "Common Shares") commenced trading on the TSXV on July 14, 2008. On March 30, 2010, Carlaw announced the proposed acquisition of OneWorld Energy Inc. ("OneWorld") as its qualifying transaction (the "Transaction").  On July 19, 2010, the TSXV suspended trading of the Common Shares as a result of the Corporation's failure to complete a qualifying transaction within 24 months of listing.  The Corporation had a further 90-day period within which to complete the Transaction or obtain the necessary shareholder approval and have the TSXV review the required documentation to transfer its listing to the NEX (the "NEX Transfer").

To date, Carlaw has made progress towards completing the Transaction, but has not completed the Transaction within the allotted period.  As a result, Carlaw obtained the requisite shareholder approval (exclusive of the votes of non-arm's length parties to Carlaw) for the NEX Transfer at a special meeting of its shareholders held on October 12, 2010 (the "Meeting").

In addition, at the Meeting, shareholders approved the cancellation of an aggregate of 1,750,000 seed shares of Carlaw held in escrow pursuant to the escrow agreement dated May 29, 2008 between Carlaw, Equity Financial Trust Company and certain shareholders, in accordance with the TSXV Policy 2.4.

On Tuesday, October 19, 2010, Carlaw's listing will transfer to NEX under the trading symbol CW.H, the Company's Tier classification will change from Tier 2 to NEX, and the Filing and Service Office will change from Toronto to NEX.

ABOUT CARLAW CAPITAL III CORP.

Carlaw Capital III Corp. is a capital pool company ("CPC") formed under the TSXV CPC program.

Completion of the proposed transaction is subject to a number of conditions, including but not limited to, TSXV acceptance.  There can be no assurance that the transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the filing statement to be prepared in connection with the proposed transaction, any information released or received with respect to the proposed transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a CPC should be considered highly speculative. 

The TSXV has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Certain information in this press release may constitute forward-looking information.  This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Corporation assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the Corporation. Additional information identifying risks and uncertainties is contained in the Corporation's filings with the Canadian securities regulators, which filings are available at www.sedar.com.

For further information:

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