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RENN Fund Enters Into

Letter of Intent with Horizon Kinetics

 

DALLAS, TX – October 19, 2016 -- RENN Fund, Inc. (NYSE MKT: RCG) (the “Fund”) has entered into a Letter of Intent with Horizon Kinetics LLC (“Horizon”) for Horizon, through one of its wholly owned subsidiary registered investment advisers, to become the new investment manager of the Fund, subject to shareholder approval.  Under an Investment Advisory Agreement to be submitted to shareholders, Horizon would waive its management fee until the Fund’s assets reach $25 million, following which it would charge only 100 basis points on assets above $25 million.  Horizon has indicated to the Board that it hopes to use a significant portion of the Fund’s existing tax loss carryforwards over time.  The Letter of Intent contemplates that Horizon will consider recapitalizing the Fund through a rights offering or other mechanism in order to attempt to achieve at least $10 million in Fund assets.  It also contemplates that Horizon may conduct a tender offer for up to the lesser of 10% of the Fund’s outstanding shares or $1 million worth of shares from existing shareholders at the Fund’s then-prevailing net asset value.  Lastly, Horizon has informed the Board it will assume all expenses related to the proxy statement and shareholders’ meeting. 

If the proposal is approved by the Fund’s shareholders, a new Board of Directors will be elected, except that Russell Cleveland will be nominated to continue to serve as a director. 

According to Russell Cleveland, President of RENN Capital, the Fund’s current investment manager, “I believe this is a good deal for the shareholders, of which I am one.  Horizon Kinetics is an accomplished  investment manager with approximately $6 billion under management.  I believe the proposal will significantly reduce fees and costs, preserve the tax loss carryforwards, and create a bigger Fund.  The Board of Directors believes joining Horizon is a better solution than liquidating the Fund.”  Added Murray Stahl, Horizon’s Chairman, “There is significant shareholder value that can be achieved through this transaction.  We believe Horizon’s deep value, long-term investment approach is a wonderful fit for this Fund and its shareholders.  We look forward to working with Mr. Cleveland to the benefit of the Fund’s shareholders.”

Shareholders will receive a proxy statement outlining the details of the proposal and be asked to vote on the proposal to approve the appointment of Horizon as investment manager, a slate of new directors and the terms of the proposed Investment Advisory Agreement.  Shareholders will also be asked to approve the abandonment of the Plan of Liquidation of the Fund that was approved at the Fund’s annual meeting of shareholders earlier this year.  The Board hopes to complete the process over the next several months.  If the proposals are approved, the Fund will not pursue the delisting of the Fund’s shares from the NYSE MKT or the liquidation of the Fund’s assets as contemplated by the Plan of Liquidation.

For additional information about the Fund, please visit www.rencapital.com.

For more information about Horizon, please visit www.horizonkinetics.com.

Important Additional Information will be filed with the SEC

 

This press release is for informational purposes only. It is not a solicitation of a proxy, nor does it constitute an offer to sell or to purchase, or a solicitation of an offer to purchase or to sell, any security. In connection with the proposals to change investment managers and adopt a new Investment Advisory Agreement, elect a new slate of directors, and to abandon the Fund’s previously-approved Plan of Liquidation, the Fund intends to file with the SEC a proxy statement and other relevant materials. Shareholders may obtain a free copy of the proxy statement and the other relevant materials (when they become available), and any other documents filed by the Fund with the SEC, at the SEC’s web site at http://www.sec.gov. In addition, the Fund will make available or mail a copy of the definitive proxy statement to shareholders of record on the record date when it becomes available. A free copy of the proxy statement, when it becomes available, and other documents filed with the SEC by the Fund may also be obtained by directing a written request to: RENN Fund, Inc., Attn: Secretary, lynnemarie@rencapital.com.  If Horizon makes a tender offer for any shares of the Fund’s outstanding stock, it will be made pursuant to a Tender Offer Statement.  Shareholders may obtain a free copy of the Tender Offer Statement, if any, and other relevant materials (when they become available), and any other documents filed by Horizon or the Fund with the SEC in connection with any tender offer at the SEC’s web site at http://www.sec.gov.  Shareholders are urged to read the proxy statement, THE TENDER OFFER STATEMENT, IF ANY, and the other relevant materials when they become available before making any voting or investment decision with respect to the CHANGE IN INVESTMENT manager AND INVESTMENT ADVISORY AGREEMENT, ELECTION OF A NEW SLATE OF DIRECTORS OR ABANDONMENT OF THE PLAN OF LIQUIDATION OR ANY DECISION WHETHER OR NOT TO TENDER SHARES IN THE TENDER OFFER, IF ANY, because they WILL contain important information.

 

Forward Looking Statements

This document contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on the current expectations and beliefs of the Fund’s management and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Such statements involve risks and uncertainties that may cause results to differ materially from those set forth in these statements. Such risks and uncertainties include, but are not limited to, the following: the possibility that the Fund’s shareholders may not approve the Horizon Investment Advisory Agreement; the possibility that the Fund’s shareholders could elect not to abandon the Fund’s current plan of liquidation and dissolution; the possibility that Horizon may not implement some or all of the plans it has advised the Board it intends to undertake or may not be able to achieve the cost-savings and growth it anticipates; the possibility that the Fund’s net operating losses may not be able to be utilized; the Fund’s ability to accurately estimate and make reasonable provision for the amounts required to pay all operating expenses, as well as other liabilities and obligations through any proposed recapitalization; the possibility that the NYSE MKT may elect to involuntarily delist the Fund’s shares; and other statements contained in this press release regarding matters that are not historical facts. Additional risk factors are more fully discussed in the Fund’s periodic reports filed with the SEC, all of which are available from the SEC’s website (www.sec.gov). The Fund is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events, or otherwise, except to the extent required by applicable law.

 

 

# # #

 

Investor Contact:                                                                                                                                                              

RENN Capital Group, Inc.                                                                                  

Kathryn Semon                                                                                                     

(214) 891-8294

 

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RENN Fund Announces Shareholder Approval of

Plan of Liquidation and Dissolution

 

DALLAS, TX – August 5, 2016 -- RENN Fund, Inc. (NYSE MKT: RCG) (the “Fund”) announced today that the Fund’s shareholders approved the liquidation and dissolution of the Fund at the Fund’s annual shareholders’ meeting held August 4, 2016.  The proposal to liquidate and dissolve the Fund received 2,247,604 votes, constituting more than 50% of the outstanding shares of the Fund, in favor of the proposal.

 

At the annual shareholders’ meeting, shareholders also voted to re-elect Russell Cleveland and Ernest C. Hill as Class Three Directors of the Fund, each of whom is to hold office for a term of three (3) years or until his successor is elected and qualified (or earlier upon the liquidation and dissolution of the Fund).

 

In accordance with the approved plan of liquidation and dissolution, the Fund plans to make an orderly distribution of available cash and securities after making reasonable provision for known and potential liabilities, obligations and expenses of the Fund.  According to Russell Cleveland, CEO and Chairman of the Board, the Board will continue to follow a deliberative process to determine the appropriate timing of liquidating distributions, and to determine whether it is in the best interests of the Fund’s shareholders to make in-kind distributions of certain securities held by the Fund or to sell certain securities and distribute the sale proceeds in cash. 

 

In addition, the Board of Directors has had preliminary discussions, and may have additional discussions, regarding the possibility of another investment firm taking over the management of the Fund with a plan to infuse more capital into the Fund and revitalize it.  If the Board were to decide to enter into serious negotiations regarding such an arrangement, and to withdraw and terminate the plan of liquidation and dissolution, it would be required to obtain the approval of the Fund’s shareholders for such a change.

 

Because the completion of an orderly liquidation of the Funds remaining assets, or any alternative transaction of the type described above, may take several months to complete, the Board of Directors does not intend to immediately set a cessation date for purposes of initiating the process of delisting from, or suspending the trading of the Fund’s shares on, the NYSE MKT.

 

Further decisions will be publicly announced once the Board has decided on the best way to maximize value for the Fund’s shareholders.

For additional information about the Fund, please visit www.rencapital.com.

 

 Forward Looking Statements

This document contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on the current expectations and beliefs of the Fund’s management and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Such statements involve risks and uncertainties that may cause results to differ materially from those set forth in these statements. Such risks and uncertainties include, but are not limited to, the following: the possibility that the Fund’s Board of Directors could elect to abandon or delay implementation of the plan of liquidation and dissolution; the possibility that the Board of Directors could consider changes in the Fund’s investment adviser, the Fund’s ability to accurately estimate and make reasonable provision for the amounts required to pay all operating expenses, as well as other liabilities and obligations through the dissolution and wind-down process, the precise nature, amount and timing of any distributions to shareholders; the precise timing of the delisting of the Fund’s shares; the possibility that the NYSE MKT may elect to involuntarily delist the Fund’s shares prior to completion of the liquidation and dissolution; the possibility that any distributions to shareholders could be diminished and/or delayed by, among other things, sales of our securities or other assets, unexpected or greater than expected expenses, liabilities or obligations; the possibility that distributions to shareholders may take several years to complete; and other statements contained in this press release regarding matters that are not historical facts. Additional risk factors are more fully discussed in the Fund’s periodic reports filed with the SEC, all of which are available from the SEC’s website (www.sec.gov). The Fund is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events, or otherwise, except to the extent required by applicable law.

 

 

# # #

 

Investor Contact:                                                                                                                                                              

RENN Capital Group, Inc.                                                                                  

Kathryn Semon                                                                                                     

(214) 891-8294

 

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RENN Fund, Inc. Announces Postponement of its Annual Meeting

 

DALLAS, TX – June 29, 2016 -- RENN Fund, Inc. (NYSE MKT: RCG) (the “Fund”) today announced the postponement of the Company’s 2016 annual meeting of shareholders in order to solicit additional proxies for such meeting.  The annual meeting was originally scheduled for Thursday, June 30, 2016, at 10:00 a.m. (Central Time) and will be postponed to Thursday, August 4, 2016, at 10:00 a.m. (Central Time).  The location of the annual meeting will be at the offices of Thompson & Knight, LLP, One Arts Plaza, 1722 Routh Street, Suite 1500, Dallas, Texas 75201.

 

No changes have been made to the record date or the proposals to be brought before the annual meeting, which are presented in the proxy statement and related materials that the Company filed with the Securities and Exchange Commission (“SEC”) on May 24, 2016 and previously mailed to shareholders of record as of May 11, 2016.

 

Eligible shareholders who have not yet voted are encouraged to vote by completing and returning proxy cards or voting in the manner set forth in the proxy statement. Shareholders who do not have a proxy card should contact their brokerage firm to request a replacement.

For additional information about the Fund, please visit www.rencapital.com.

 

Important Additional Information filed with the SEC

 

This press release is for informational purposes only. It is not a solicitation of a proxy. In connection with the annual meeting, the Fund has filed with the SEC a definitive proxy statement and other relevant materials. Shareholders may obtain a free copy of the proxy statement and the other relevant materials, and any other documents filed by the Fund with the SEC, at the SEC’s web site at http://www.sec.gov. The Fund has made available or mailed a copy of the definitive proxy statement to shareholders of record on the record date. A free copy of the proxy statement, and other documents filed with the SEC by the Fund may also be obtained by directing a written request to: RENN Fund, Inc., Attn: Secretary, lynnemarie@rencapital.com. SHAREHOLDERS ARE URGED TO READ THE PROXY STATEMENT AND THE OTHER RELEVANT MATERIALS BEFORE MAKING ANY VOTING OR INVESTMENT DECISION WITH RESPECT TO THE PLAN OF LIQUIDATION AND DISSOLUTION OR OTHER MATTERS TO BE VOTED ON AT THE ANNUAL MEETING BECAUSE THEY CONTAIN IMPORTANT INFORMATION.

 

 

 

 

Forward-Looking Statements

 

This document contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on the current expectations and beliefs of the Fund’s management and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Such statements involve risks and uncertainties that may cause results to differ materially from those set forth in these statements. Such risks and uncertainties include, but are not limited to, the following: the ability of the Fund to obtain shareholder approval of the proposed plan of liquidation and dissolution; the possibility that the Fund’s Board of Directors could elect to abandon or delay implementation of the plan of liquidation and dissolution; the possibility of the Fund’s receipt of additional or clarified proposals; the Fund’s ability to accurately estimate and make reasonable provision for the amounts required to pay all operating expenses, as well as other liabilities and obligations through the dissolution and wind-down process; the precise nature, amount and timing of any distributions to shareholders; the possibility that any distributions to shareholders could be diminished and/or delayed by, among other things, sales of our securities or other assets, unexpected or greater than expected expenses, liabilities or obligations; the possibility that distributions to shareholders may take several years to complete; the expectation that the shareholder meeting to approve the plan of liquidation and dissolution will occur on the date set forth herein; and other statements contained in this press release regarding matters that are not historical facts. Additional risk factors are more fully discussed in the Fund’s periodic reports filed with the SEC, all of which are available from the SEC’s website (www.sec.gov). The Fund is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events, or otherwise, except to the extent required by applicable law.

 

 

 

# # #

 

Investor Contact:                                                                                                                                                              

RENN Capital Group, Inc.                                                                                  

Kathryn Semon                                                                                                     

(214) 891-8294                                                                                                     

 

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RENN Fund, Inc. Acknowledges Receipt of Non-Binding Proposal from Etude Capital

 

DALLAS, TX – June 28, 2016 -- RENN Fund, Inc. (NYSE MKT: RCG) (the “Fund”) today acknowledged receipt of two letters relating to non-binding proposals from Etude Capital, LLC (“Etude”). The first proposal, as outlined in Etude’s June 13, 2016 press release, relates to certain changes in the Board of Directors, investment advisor and distribution of specified assets to shareholders, while the second proposal relates to an acquisition of at least 25% of the Fund’s outstanding stock by Etude.

 

The Board of Directors of the Fund has requested additional and clarifying information about the proposals and, in accordance with its fiduciary duties, will carefully review and consider any legitimate and complete proposal presented.  The Board has determined at this time, however, to continue with the agenda planned for the Fund’s annual meeting at which shareholders will consider a proposal to approve an orderly liquidation and dissolution of the Fund as outlined in the Fund’s proxy statement distributed in connection with the meeting.  In making this determination, the Board took into account that Etude had not provided sufficient details regarding the proposals (including structure of the proposals, Etude’s ability to finance the proposals, or the benefits to be realized by the Fund’s shareholders) for the Board to conclude that the proposals are in the best interest of the Fund’s shareholders at this time; that Etude has presented other proposals in the past that similarly lacked sufficient detail for the Board to conclude that they were in the best interest of the Fund’s shareholders; that the proposals were conditioned on continued due diligence and other approvals by Etude; that the price offered was inadequate; and that if a legitimate proposal that the Board determines to be in the best interests of the Fund’s shareholders is received after a liquidation is approved by shareholders and before the Fund is liquidated and dissolved, the Board can abandon the plan of liquidation with the approval of shareholders.

 

For additional information about the Fund, please visit www.rencapital.com.

 

Important Additional Information filed with the SEC

 

This press release is for informational purposes only. It is not a solicitation of a proxy. In connection with the plan of liquidation and dissolution, the Fund has filed with the SEC a definitive proxy statement and other relevant materials. Shareholders may obtain a free copy of the proxy statement and the other relevant materials, and any other documents filed by the Fund with the SEC, at the SEC’s web site at http://www.sec.gov. The Fund has made available or mailed a copy of the definitive proxy statement to shareholders of record on the record date. A free copy of the proxy statement, and other documents filed with the SEC by the Fund may also be obtained by directing a written request to: RENN Fund, Inc., Attn: Secretary, lynnemarie@rencapital.com. SHAREHOLDERS ARE URGED TO READ THE PROXY STATEMENT AND THE OTHER RELEVANT MATERIALS BEFORE MAKING ANY VOTING OR INVESTMENT DECISION WITH RESPECT TO THE PLAN OF LIQUIDATION AND DISSOLUTION BECAUSE THEY CONTAIN IMPORTANT INFORMATION.

 

Forward-Looking Statements

 

This document contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on the current expectations and beliefs of the Fund’s management and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Such statements involve risks and uncertainties that may cause results to differ materially from those set forth in these statements. Such risks and uncertainties include, but are not limited to, the following: the ability of the Fund to obtain shareholder approval of the proposed plan of liquidation and dissolution; the possibility that the Fund’s Board of Directors could elect to abandon or delay implementation of the plan of liquidation and dissolution; the possibility of the Fund’s receipt of additional or clarified proposals; the Fund’s ability to accurately estimate and make reasonable provision for the amounts required to pay all operating expenses, as well as other liabilities and obligations through the dissolution and wind-down process; the precise nature, amount and timing of any distributions to shareholders; the possibility that any distributions to shareholders could be diminished and/or delayed by, among other things, sales of our securities or other assets, unexpected or greater than expected expenses, liabilities or obligations; the possibility that distributions to shareholders may take several years to complete; the expectation that the shareholder meeting to approve the plan of liquidation and dissolution will occur on the date set forth herein; and other statements contained in this press release regarding matters that are not historical facts. Additional risk factors are more fully discussed in the Fund’s periodic reports filed with the SEC, all of which are available from the SEC’s website (www.sec.gov). The Fund is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events, or otherwise, except to the extent required by applicable law.

 

 

 

# # #

 

Investor Contact:                                                                                                                                                              

RENN Capital Group, Inc.                                                                                  

Kathryn Semon                                                                                                     

(214) 891-8294                                                                                                     

 

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RENN Fund, Inc. Board of Directors Approves Plan of Liquidation and Dissolution

 

DALLAS, TX – April 5, 2016 -- RENN Fund, Inc. (NYSE MKT: RCG) (the “Fund”) announced today that the Fund’s Board of Directors has approved, subject to shareholder approval, the liquidation and dissolution of the Fund.  The plan of liquidation and dissolution will be submitted to shareholders of the Fund at its annual meeting of shareholders planned to be held on June 30, 2016.  The Board of Directors believes it is in the best interest of the Fund’s shareholders to liquidate the Fund because the size of the Fund and its income relative to expenses make it uneconomic to continue operating the Fund.  If shareholders approve the plan of liquidation and dissolution, the Fund would distribute available cash and securities after making reasonable provision for known and potential liabilities, obligations and expenses of the Fund.

 

Details of the plan will be set forth in the proxy statement for the Fund’s 2016 annual shareholders’ meeting.

 

Important Additional Information will be filed with the SEC

 

This press release is for informational purposes only. It is not a solicitation of a proxy. In connection with the plan of liquidation and dissolution, the Fund intends to file with the SEC a proxy statement and other relevant materials. Shareholders may obtain a free copy of the proxy statement and the other relevant materials (when they become available), and any other documents filed by the Fund with the SEC, at the SEC’s web site at http://www.sec.gov. In addition, the Fund will make available or mail a copy of the definitive proxy statement to shareholders of record on the record date when it becomes available. A free copy of the proxy statement, when it becomes available, and other documents filed with the SEC by the Fund may also be obtained by directing a written request to: RENN Fund, Inc., Attn: Secretary, lynnemarie@rencapital.com.  Shareholders are urged to read the proxy statement and the other relevant materials when they become available before making any voting or investment decision with respect to the plan of liquidation and dissolution because they contain important information.

 

For additional information about the Fund, please visit www.rencapital.com.

 

Forward Looking Statements

 

This document contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on the current expectations and beliefs of the Fund’s management and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Such statements involve risks and uncertainties that may cause results to differ materially from those set forth in these statements. Such risks and uncertainties include, but are not limited to, the following: the ability of the Fund to obtain shareholder approval of the proposed plan of liquidation and dissolution, the possibility that the Fund’s Board of Directors could elect to abandon or delay implementation of the plan of liquidation and dissolution; the Fund’s ability to accurately estimate and make reasonable provision for the amounts required to pay all operating expenses, as well as other liabilities and obligations through the dissolution and wind-down process, the precise nature, amount and timing of any distributions to shareholders; the possibility that any distributions to shareholders could be diminished and/or delayed by, among other things, sales of our securities or other assets, unexpected or greater than expected expenses, liabilities or obligations; the possibility that distributions to shareholders may take several years to complete; the expectation that the shareholder meeting to approve the plan of liquidation and dissolution will occur on the date set forth herein; and other statements contained in this press release regarding matters that are not historical facts. Additional risk factors are more fully discussed in the Fund’s periodic reports filed with the SEC, all of which are available from the SEC’s website (www.sec.gov). The Fund is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events, or otherwise, except to the extent required by applicable law.

 

 

# # #

 

Investor Contact:                                                                                                                                                              

RENN Capital Group, Inc.                                                                                  

Kathryn Semon                                                                                                     

(214) 891-8294        

 

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RENN Global Entrepreneurs Fund, Inc.

Announces Resignation of Chief Financial Officer and Appointment of Acting Chief Financial Officer

 

 Dallas, Texas, December 14, 2012, RENN Global Entrepreneurs Fund, Inc., (NYSE AMEX LLC:RCG), a closed end mutual fund, has announced the resignation of Barbe Butschek, Chief Financial Officer to pursue other interests.  The Company wants to thank Ms. Butschek for her many years of service.

RENN Global is also pleased to announce the appointment of Kevin W. McAleer, CPA, a partner with Pillar Solutions Group LLC. as acting Chief Financial Officer.  Mr. Russell Cleveland, President, of RENN Global Entrepreneurs Fund, Inc., states “the Board of Directors is very pleased to have the background and experience of Mr. McAleer.  He is a seasoned financial executive with experience in leadership roles.”

 

# # #

 

Forward Looking Statements

The Fund seeks long-term capital appreciation and current income by investing in emerging growth companies.  This report contains forward-looking statements.  Such statements reflect the current views of the Fund with respect to future events and are subject to certain risks, uncertainties, and assumptions.  Although the Fund believes that the expectations reflected in such forward-looking statements are reasonable, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual future results or events may vary materially from those described herein.  Past performance is not indicative of future results.  For additional information, please visit www.rencapital.com.

 

 

 

Investor Contact:                                                                               

RENN Capital Group, Inc.                                                              

Kathryn Semon  214-891-8294

                                                        

“The Entrepreneurial Difference”

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CMSF CORPORATION MERGES WITH PLURES TECHOLOGIES, INC.,

A SPECIALIZED SEMICONDUCTOR COMPANY

 

Simi Valley, California

 

June 1, 2011

 

CMSF Corporation (OTCBB:CMSF) has no significant operations.  Its stated purpose has been to seek a merger with an operating company.  Today, CMSF announced that it has entered into such an agreement to merge with Plures Technologies, Inc.  Plures, through its 95%-owned subsidiary, Advanced MicroSensors Corporation, is a semiconductor foundry with unique expertise and capabilities to develop and fabricate high-quality, high-margin micro-electro-mechanical-systems (MEMS) and spintronics solutions. 

 

On May 23, 2011, RENN Universal Growth Investment Trust PLC and RENN Global Entrepreneurs Fund, Inc. purchased $1,500,000 and $500,000 Plures promissory notes, respectively.  At the same time, CMSF agreed to a merger with Plures.  The merger will be consummated in the coming months.  Simultaneous with the consummation of the merger, RENN Universal and RENN Global will convert their debt to equity in the combined Plures-CMSF entity, which will be called Plures Technologies, Inc.

 

After the closing of the merger (and upon conversion of debt to equity), 72.5% of the combined entity’s outstanding common stock will be owned by the current stockholders of Plures, 20.5% of the stock will be owned by RENN Universal, 6.8% will be owned by RENN Global and 0.2% will be owned by existing CMSF shareholders unrelated to Plures, RENN Universal or RENN Global.  For additional details on the transaction, please refer to the Form 8-K CMSF filed on May 25, 2011.

 

Stephen Crosson, chief executive officer of CMSF stated: “After a long, thorough search for a merger partner, we believe our patience has been rewarded.  We are fortunate to have found a growing technology company like Plures with which to merge and we are eager to see the company succeed.” 

 

Russell Cleveland, president of RENN Capital Group, Inc., investment adviser to both RENN Universal and RENN Global, stated: “Plures is a specialized company with unique capabilities in the semiconductor business.  It has the ability to deliver to customers what others cannot.  We have, in Plures, invested alongside an entrepreneurial management team and we are looking forward to working with them as they take a world-class technology to the next level.”

 

“We are pleased to welcome CMSF, RENN Universal and RENN Global as investment partners.  With the backing of CMSF, RENN Universal, RENN Global and our other partners, we will be able to fully utilize our extensive experience and know-how in MEMS and spintronics as we implement our growth initiatives in these two markets, each of which is projected to deliver double-digit annual growth through 2015” stated Glenn Fricano, president of Plures. 

 

For more information on Advanced MicroSensors Corporation, Plures’ 95%-owned subsidiary, please visit www.advancedmicrosensors.com.

 

For additional information about RENN Universal or RENN Global, please visit www.rencapital.com.

Forward Looking Statements

 

This report contains forward-looking statements.  Such statements reflect the current views of CMSF with respect to future events and are subject to certain risks, uncertainties, and assumptions.  Although CMSF believes that the expectations reflected in such forward-looking statements are reasonable, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual future results or events may vary materially from those described herein.  Past performance is not indicative of future results. 

  

Investor Contact:                                                                               

Kathryn Semon 

RENN Capital Group, Inc.                                                              

214-891-8294

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RENN Global Entrepreneurs Fund, Inc.

Announces the Annual Meeting and RENN Investor Conference

                              Six Unique Emerging Growth Companies Will Present Investment Opportunities

 

Dallas, Texas, April 19, 2010, RENN Global Entrepreneurs Fund, Inc. will hold its Annual Meeting and RENN Investor Conference on Friday, May 14, 2010, in the Wedgwood Ballroom at the Hilton Anatole Hotel in Dallas, Texas.  A continental breakfast will be served starting at 7:30 a.m., with the Annual Meeting beginning at 8:00 a.m., followed by the RENN Investor Conference, and concluding with a lunch buffet. 

 

The conference will feature presentations by the management of six unique emerging growth companies from our portfolio:

 

Access Plans, Inc. (OTCBB:APNC) is an international marketing company providing a broad range of consumer discount membership plans and insurance.  Program components range from discounts on medical, dental and pharmacy to groceries, restaurants, travel, automotive and a host of others, and can also include specialty insurance and product service. The Company's plans are sold to consumers primarily through retail, rent-to-own, financial and consumer finance clients. Access Plans provides turnkey programs including design and fulfillment of marketing pieces and collateral support material, network support, customer service, regulatory compliance, and billing.  The Company also manages America's Health Care Plans (AHCP), one of the largest independent agent networks in the country for the marketing of individual major medical health insurance.

 

Global Axcess Corp. (OTC:GAXC) is the sixth largest non-bank ATM company in the U.S., a $15 billion global industry. It is one of the only ATM companies in the country to offer a full line of ATM solutions.  The Company’s expertise in the unattended retail self-service kiosk market and its growing and profitable ATM business is being augmented by the Company’s growing DVD kiosk business. The Company’s goal is to leverage its ability to deploy, manage, maintain and process transactions by utilizing a wider range of self-service kiosks.  Founded in 2001, with headquarters in Jacksonville, Florida, the Company’s mission is to enhance its position as the leading independent provider of unattended retail and self-service kiosk services in the United States.

 

PHC, Inc. dba Pioneer Behavioral Health (NYSE Amex:PHC) is a national healthcare company which, through wholly owned subsidiaries, provides psychiatric services to individuals who have behavioral health disorders including alcohol and drug dependency and to individuals in the gaming and transportation industries. Our subsidiaries operate substance abuse treatment facilities in Utah and Virginia, four outpatient psychiatric facilities in Michigan, two outpatient psychiatric facilities in Nevada and two inpatient psychiatric facilities in Michigan. It provides management, administrative and help-line services through contracts with major railroads, a call center contract with Wayne County, Michigan and a smoking cessation contract with a major government contractor. 

  

SearchMedia Holdings, Limited (NYSE Amex:IDI) is a leading nationwide multi-platform media company and one of the largest operators of integrated outdoor billboard and in-elevator advertising networks in China. SearchMedia currently operates a network of over 1,500 high-impact billboards with over 500,000 square feet of surface display area and one of China's largest networks of in-elevator advertisement panels consisting of approximately 125,000 frames in 50 cities throughout China. Additionally, SearchMedia operates a network of large-format light boxes in concourses of eleven major subway lines in Shanghai. SearchMedia's core outdoor billboard and in-elevator platforms are complemented by its subway advertising platform, which together enable it to provide multi-platform, "one-stop-shop" services for its local, national and international advertising clients.

 

SinoHub, Inc. (NYSE Amex:SIHI)  provides a Web-based supply chain management (SCM) platform that is open to third parties and connects critical facets of the electronics industry: 

              ● Design                                     ●   Manufacturing

          ● Component Purchasing          ●   Finished Product Distribution

SCM platform offers a free, open and seamless network for design houses, manufacturers, suppliers and product resellers operating in China’s booming electronics industry. Through the SCM platform, SinoHub generates sales of electronic components throughout China and of mobile phones internationally.

 

Skystar Bio-Pharmaceutical Co. (NASDAQ:SKBI) is a China-based developer and distributor of veterinary healthcare and medical care products. Skystar has four product lines (veterinary medicines, micro-organisms, vaccines and feed additives) and over 170 products. The Company is also currently developing a new line of vaccines and medicines for the nascent aquaculture (fish-farming) market in China.  Skystar strategic sales and distribution networks cover 29 provinces throughout China. Additionally the Company is the only China-based pure-play veterinary healthcare and medical care product developer to be listed on a U.S. exchange.

 

                                                                                                                            # # # 

 Forward Looking Statements

 

The Fund seeks long-term capital appreciation and current income by investing in emerging growth companies.  This report contains forward-looking statements.  Such statements reflect the current views of the Fund with respect to future events and are subject to certain risks, uncertainties, and assumptions.  Although the Fund believes that the expectations reflected in such forward-looking statements are reasonable, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual future results or events may vary materially from those described herein.  Past performance is not indicative of future results.  For additional information, please visit www.rencapital.com.

  

Investor Contact:                                                                               

RENN Capital Group, Inc.                                                              

Kathryn Semon  214-891-8294

                                                        

“The Entrepreneurial Difference”

__________________________________________________________________________________________________________________________________________________ NEWS & ALERTS

___________________________________________________________________________________________________________________________________________________

Shareholders Approve Change To A

Registered Non-Diversified Closed-End Fund and

Changed The Name To

RENN Global Entrepreneurs Fund, Inc.

 

Dallas, Texas, May 20, 2009. On Friday, May 15, 2009, at the Annual Shareholders Meeting, a majority of the shareholders approved restructuring the Fund by changing from a Business Development Company to a registered non-diversified closed-end fund.  Additionally, the name of the Fund was changed to RENN Global Entrepreneurs Fund, IncThe symbol will remain the same (NYSE-AMEX:RCG).  The core investment strategy of investing in growing entrepreneurially-managed companies will remain the same.  Switching to a registered non-diversified closed-end fund will give more flexibility to invest in open market purchases including Chinese and other foreign corporations traded in the United States. 

              RENN Global Entrepreneurs Fund, Inc. was incorporated in 1994 as a Business Development Company with an offering price of $10.00 per share and began publicly trading in 1996.  Beginning with $39 million in net capital, the Fund has distributed $83.4 million in cash and deemed dividends ($68.9 million after consideration of taxes and the amounts retained from the deemed dividends).  On a per-share basis, this would be $19.19 and $15.95 on gross and net bases, respectively.  If RENN had retained these dividends, the NAV per share would now be $20.13 ($4.18 as of May 15, 2009 plus $15.95).

 

About RENN Global Entrepreneurs Fund, Inc.

              RENN Global Entrepreneurs Fund, Inc. will be a registered non-diversified closed-end fund concentrating on investing in emerging publicly-traded growth companies. The Fund seeks long-term capital appreciation and current income by investing in emerging growth companies.  The Fund’s current portfolio consists of investments in 30 businesses in various industries.

 

# # #

 

Forward Looking Statements

The Fund seeks long-term capital appreciation and current income by investing in emerging growth companies.  This report may contain forward-looking statements.  Such statements reflect the current views of the Fund with respect to future events and are subject to certain risks, uncertainties, and assumptions.  Although the Fund believes that the expectations reflected in such forward-looking statements are reasonable, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual future results or events may vary materially from those described herein.  Past performance is not indicative of future results.  For additional information, please visit www.rencapital.com.

 

Investor Contact:                                                                                                                                                              

RENN Capital Group, Inc.                                                                                  

Kathryn Semon                                                                                                     

(214) 891-8294                                                                                                     

 

___________________________________________________________________________________________________________________________________________________ NEWS & ALERTS

___________________________________________________________________________________________________________________________________________________

Renaissance Capital Growth & Income Fund III, Inc.

Announces its Annual Meeting and RENN Investor Conference

 

 

              Dallas, Texas, April 22, 2009, Renaissance Capital Growth & Income Fund III, Inc. (NYSE-AMEX:RCG) will hold its Annual Meeting and the RENN Investor Conference on Friday, May 15, 2009 at the Hilton Anatole Hotel, 2201 Stemmons Freeway, Dallas, Texas.  A continental breakfast will be served starting at 7:30 a.m. with the Annual Meeting beginning at 8 a.m. and concluding with a lunch. 

The conference will feature presentations by the management of six unique emerging growth companies from our portfolio, which are Alliance Healthcard Inc. (OTCBB:ALHC), Bovie Medical Corp.(NYSE-AMEX:BVX), BPO Management Services, Inc. (OTCBB:HAXS), Hemobiotech, Inc. (OTCBB:HMBT), and Points International Ltd. (OTCBB:PTSEF). These companies represent such diverse industries as e-marketing, health care cost, data processing services and medical.  Mr. Beau Johnson will also be our featured speaker on China.  The familiarity that he has acquired with how business is done in China, combined with his experience in the U.S., provides a unique insight into the emerging market opportunities in both countries.

If you plan to attend, please RSVP to Kathryn Semon at kathryn@rencapital.com or 214-891-8295 by Monday, May 4, 2009.

 

About Renaissance Capital Growth & Income Fund III, Inc.

 

              Renaissance Capital Growth & Income Fund III, Inc. is a closed-end business development company concentrating on investing in emerging publicly-traded growth companies. The Fund seeks long-term capital appreciation and current income by investing in emerging growth companies.  The Fund’s current portfolio consists of investments in 26 businesses in various industries.

 

# # #

Forward Looking Statements

                  The Fund seeks long-term capital appreciation and current income by investing in emerging growth companies.  This report contains forward-looking statements.  Such statements reflect the current views of the Fund with respect to future events and are subject to certain risks, uncertainties, and assumptions.  Although the Fund believes that the expectations reflected in such forward-looking statements are reasonable, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual future results or events may vary materially from those described herein.  Past performance is not indicative of future results.  For additional information, please visit www.rencapital.com.

 

Investor Contact:                                                                                                                      

RENN Capital Group, Inc.                                                                                                       

214-891-8294                                                                                                                             


___________________________________________________________________________________________________________________________________________________ NEWS & ALERTS

___________________________________________________________________________________________________________________________________________________

Change in Special Shareholders Meeting Date
Dallas, Texas, January 20, 2009, The Board of Directors of Renaissance Capital Growth & Income Fund III, Inc. (NYSE: RCG) has changed the date of the Special Shareholders Meeting from March 16, 2009 to May 15, 2009, which is our Annual Shareholders Meeting date. At that time the Board intends to recommend to shareholders that the structure of the Fund be changed from a Business Development Company to a registered non-diversified closed-end fund to take advantage of the opportunities in the public market place. The core investment strategy of investing in growing entrepreneurially-managed companies will remain the same. Switching to a registered non-diversified closed-end fund will give more flexibility to invest in open market purchases including Chinese and other foreign corporations traded in the United States. If approved, the name of the Fund will be changed to RENN Global Entrepreneurs Fund, Inc. A proxy will be sent to shareholders giving full details and calling for approval of such changes at the Annual Meeting.

According to Russell Cleveland, President, “The Stock Market of 2008, in my opinion, has created one of the best opportunities in history for investors to find values. Subject to shareholder approval, we intend to implement a new structure to respond to these opportunities. The rules for Business Development Companies are too restrictive, and most securities purchased in the open market are not eligible. While the Investment Advisor will give up an incentive fee, I believe this change will be in the best interest of shareholders.”
Renaissance Capital Growth and Income Fund III, Inc. was incorporated in 1994 as a Business Development Company, and began trading publicly in 1996 with an offering price of $10.00 per share. Beginning with $39 Million in capital, the Fund has distributed cash and deemed dividends of $83.4 Million, and as of January 7, 2009, holds net assets of $19.3 Million. In the past the Fund has made total distributions of $19.19 per share which, combined with the net asset value is $4.33 per share as of January 7, 2009, gives a total of $23.52 per share.

About Renaissance Capital Growth & Income Fund III, Inc.
Renaissance Capital Growth & Income Fund III, Inc. is a closed-end business development company concentrating on investing in emerging publicly-traded growth companies. The Fund seeks long-term capital appreciation and current income by investing in emerging growth companies. The Fund’s current portfolio consists of investments in 26 businesses in various industries.

Forward Looking Statements
The Fund seeks long-term capital appreciation and current income by investing in emerging growth companies. This report contains forward-looking statements. Such statements reflect the current views of the Fund with respect to future events and are subject to certain risks, uncertainties, and assumptions. Although the Fund believes that the expectations reflected in such forward-looking statements are reasonable, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual future results or events may vary materially from those described herein. Past performance is not indicative of future results. For additional information, please visit www.rencapital.com.


January 9, 2009

Dear Shareholders:

IMPORTANT LETTER

Introduction

The Stock Market of 2008, in our opinion, has created one of the best opportunities in history for investors to find values. To paraphrase Emerson, this time, similar to all times, is a good time if you know what to do. Your Investment Advisor and Board of Directors have given a great deal of consideration to this matter and have determined, subject to Shareholder approval, that we should create a new structure for the Fund to respond appropriately. While we continue to believe in our core philosophy that the greatest long-term opportunities lie in investing with growing entrepreneurially-managed companies, we must think globally. Your Board of Directors intends to recommend that the structure of the Fund change from a Business Development Company to a non-diversified closed-end fund. In addition to the investment flexibility that would occur, there would no longer be an incentive fee paid to the Investment Advisor. Your Board of Directors intends to call a special shareholders meeting to be held on March 16, 2009 to vote on this issue. You will receive a proxy giving the full details. The regular Annual Meeting of Shareholders will be on May 15, 2009. This letter will outline where we have been, where we are going, and where we should be going.

Where We Have Been

Renaissance Capital Growth and Income Fund III, Inc. (“RENN III”) was incorporated in 1994 as a Business Development Company, and began trading publicly in 1996. The offering price was $10.00 per share. We are pleased that, since then, the Fund has made total distributions of $19.19 per share. Beginning with $38.97 million in capital, we have distributed cash and deemed dividends of $83.40 million.

Where We Are Today

Similar to most closed-end funds and Business Development Companies, our stock has been selling at a substantial discount to net asset value. This discount appears to reflect more the overall market conditions as opposed to the fundamentals of the Fund. As of January 7, 2009, the net asset value was $19.33 million or $4.33 per share. Adding the $19.33 million to the distributions of $83.40 million gives a total of $102.73 million or $23.52 per share.

We currently have 26 positions in our portfolio. A number of these positions are selling at very low valuations. Some of our major positions have made public announcements regarding merger plans that could substantially increase revenues and earnings. In this marketplace very few investors have been paying attention. However, if history is a guide, sooner or later, real values will assert themselves.

We currently have no debt and $2.5 million in cash. Your Board of Directors has been studying the opportunities being presented in the marketplace today and comparing this with the restrictive rules governing Business Development Companies. Your Board of Directors believes a new approach would benefit shareholders.

First, the most restrictive rule for Business Development Companies states that 70% of the portfolio must be invested directly into eligible companies. Securities purchased in the open market are not usually eligible. Second, the business must be concentrated in the United States. This handicaps the Fund especially in this stock market where there are so many international opportunities that offer greater potential for capital appreciation. Many foreign companies participating in the growth of Asia as a whole, and China in particular, are now publicly traded in the United States. We want to emphasize that these companies are trading under US rules and standards. We do not intend to invest in foreign stock exchanges. Many of these companies are continuing to grow rapidly. They are being managed by outstanding entrepreneurs, yet they are trading at very reasonable valuations. However, given the current structure of the Fund, these companies are not eligible for investment.

Where We Are Going

To take advantage of the opportunities being presented globally, your Board of Directors is recommending that RENN III change from a Business Development Company to a non-diversified, closed-end fund. This will give the investment Fund more flexibility in making investments. Additionally, if the shareholders approve the change and the Fund becomes a closed-end fund, the investment Advisor will no longer be entitled to receive incentive fees. You will be issued a proxy outlining all of the changes which are to be voted on at the special meeting on March 16, 2009.

In the proxy your Board of Directors will also recommend changing the name of the Fund to “RENN Global Entrepreneurs Fund, Inc.” to better reflect the activities of the Fund.

Dividends

Regardless of whether the Fund is a Business Development Company or a non-diversified closed-end fund, net realized capital gains must be distributed under its election as a Regulated Investment Company under Sub Chapter M of the Internal Revenue Code. Capital gains distributions will be considered annually. The Board of Directors will determine the time and method of payment.

Conclusion

Your Board of Directors believes a new structure is needed to take advantage of current and future opportunities. You will receive a proxy outlining all of the recommended changes. Your Board of Directors and investment Advisor strive to continue to create value for shareholders.

Best Wishes for 2009,

Sincerely,

Russell Cleveland, President

Forward Looking Statements

The Fund seeks long-term capital appreciation and current income by investing in emerging growth companies. This report contains forward-looking statements. Such statements reflect the current views of the Fund with respect to future events and are subject to certain risks, uncertainties, and assumptions. Although the Fund believes that the expectations reflected in such forward-looking statements are reasonable, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual future results or events may vary materially from those described herein. Past performance is not indicative of future results. For additional information, please visit www.rencapital.com.

Dallas, Texas, May 21, 2007, Renaissance Capital Growth, Inc., (OTC:RENN), is scheduled to be listed on the AMEX effective Tuesday, May 22, 2007. The company will trade under the symbol RCG. To commemorate this event, the company will ring the bell opening the trading session at 9:30 a.m. EDT. Russell Cleveland, CEO of Renaissance, will do the honors, and will then tour the floor and join the specialist for the company on the trading floor. “We are very excited about the move to the American Stock Exchange,” Mr. Cleveland stated. “This will provide added exposure of the Fund to institutional investors and provide our current investors with increased transparency and liquidity.”


PRESS RELEASE - FOR IMMEDIATE RELEASE

Board of Directors Recommends Important Structure Change For The Fund

Dallas, Texas, January 9, 2009, The Board of Directors of Renaissance Capital Growth & Income Fund III, Inc. (NYSE: RCG), intends to recommend to shareholders that the structure of the Fund be changed from a Business Development Company to a non-diversified closed-end fund to take advantage of the opportunities in the public market place. The core investment strategy of investing in growing entrepreneurially-managed companies will remain the same. Switching to a non-diversified closed-end fund will give more flexibility to invest in open market purchases including Chinese and other foreign corporations traded in the United States. The name of the Fund will be changed to RENN Global Entrepreneurs Fund, Inc. The Board of Directors intends to call a special shareholders meeting to vote on the issue. A proxy will be sent to shareholders giving full details.
According to Russell Cleveland, President, “The Stock Market of 2008, in my opinion, has created one of the best opportunities in history for investors to find values. Subject to shareholder approval, we need a new structure to respond to these opportunities. The rules for Business Development Companies are too restrictive and most securities purchased in the open market are not eligible. While the investment advisor will give up an incentive fee, I believe this change will be in the best interest of shareholders.”
Renaissance Capital Growth and Income Fund III, Inc. was incorporated in 1994 as a Business Development Company, and began trading publicly in 1996. The offering price was $10.00 per share. The Fund has made total distributions of $19.19 per share. Beginning with $38.97 million in capital, the Fund has distributed cash and deemed dividends of $83.40 million. As of January 7, 2009, the net asset value was $19.33 million or $4.33 per share. Adding the $19.33 million to the distributions of $83.40 million gives a total of $102.73 million or $23.52 per share.
About Renaissance Capital Growth & Income Fund III, Inc.

Renaissance Capital Growth & Income Fund III, Inc. is a closed-end business development company concentrating on investing in emerging publicly-traded growth companies. The Fund seeks long-term capital appreciation and current income by investing in emerging growth companies. The Fund’s current portfolio consists of investments in 26 businesses in various industries.

Forward Looking Statements
The Fund seeks long-term capital appreciation and current income by investing in emerging growth companies. This report contains forward-looking statements. Such statements reflect the current views of the Fund with respect to future events and are subject to certain risks, uncertainties, and assumptions. Although the Fund believes that the expectations reflected in such forward-looking statements are reasonable, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual future results or events may vary materially from those described herein. Past performance is not indicative of future results. For additional information, please visit www.rencapital.com.
Investor Contacts:
RENN Capital Group, Inc.
Kathryn Semon
(214) 891-8294


PRESS RELEASE - FOR IMMEDIATE RELEASE

Renaissance Capital Announces Third Quarter Distribution of $0.10 Per Share

Total distributions since inception to reach $19.19 per share

Dallas, Texas, September 26, 2008 Renaissance Capital Growth & Income Fund III, Inc. (AMEX: RCG), a specialty closed-end fund announces that the Board of Directors on September 25, 2008, has approved a quarterly cash distribution of $0.10 per share. The distribution will be payable on October 22, 2008, to shareholders of record as of October 3, 2008.
The Fund was established in 1994 at $10.00 per share. Total distributions since inception, including cash and deemed dividends, is $19.19 per share.

About Renaissance Capital Growth & Income Fund III, Inc.

Renaissance Capital Growth & Income Fund III, Inc. is a closed-end business development fund concentrating on investing in emerging publicly owned growth companies, primarily through private placements of convertible securities. The Fund seeks long-term capital appreciation and current income by investing in emerging growth companies.The Fund's current Portfolio consists of investments in 34 businesses in various industries.

Forward Looking Statements
The Fund seeks long-term capital appreciation and current income by investing in emerging growth companies.This report contains forward-looking statements.Such statements reflect the current views of the Fund with respect to future events and are subject to certain risks, uncertainties, and assumptions.Although the Fund believes that the expectations reflected in such forward-looking statements are reasonable, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual future results or events may vary materially from those described herein.Past performance is not indicative of future results.For additional information, please visit www.rencapital.com.

Investor Contact:
RENN Capital Group, Inc.
214-891-8294
Media Relations Contact:
Chris Rosgen
Capital Market Relations
(949) 481-9739



PRESS RELEASE - FOR IMMEDIATE RELEASE

Renaissance Capital Announces Second Quarter Distribution of $0.10 Per Share

Total distribution since inception to reach $19.09 per share

Dallas, Texas, June 18, 2008 Renaissance Capital Growth & Income Fund III, Inc. (AMEX: RCG), a specialty closed-end fund announces that the Board of Directors has approved on June 17, 2008, a quarterly cash dividend distribution of $0.10 per share. The dividend will be payable on July 15, 2008, to shareholders of record as of June 30, 2008.
The Fund was established in 1994 at $10.00 per share.Total distribution since inception, including cash and deemed dividends, is $19.09 per share.

About Renaissance Capital Growth & Income Fund III, Inc.
Renaissance Capital Growth & Income Fund III, Inc. is a closed-end business development fund concentrating on investing in emerging publicly owned growth companies, primarily through private placements of convertible securities. The Fund seeks long-term capital appreciation and current income by investing in emerging growth companies.The Fund's current Portfolio consists of investments in 34 businesses in various industries.

Forward Looking Statements
The Fund seeks long-term capital appreciation and current income by investing in emerging growth companies.This report contains forward-looking statements.Such statements reflect the current views of the Fund with respect to future events and are subject to certain risks, uncertainties, and assumptions.Although the Fund believes that the expectations reflected in such forward-looking statements are reasonable, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual future results or events may vary materially from those described herein.Past performance is not indicative of future results.For additional information, please visit www.rencapital.com.

Investor Contact:
RENN Capital Group, Inc.
214-891-8294

Media Relations Contact:
Chris Rosgen
Capital Market Relations
(949) 481-9739



PRESS RELEASE - FOR IMMEDIATE RELEASE

Annual Renaissance Investor Conference Spotlights Emerging Growth Companies

Special Presentation on U.S.-Listed Chinese Companies Keynotes Event

Dallas, Texas, May 07, 2008, Renaissance Capital Growth & Income Fund III, Inc. (AMEX: RCG) will have a special session on the fast-growing China market keynoted by Dr. Richard Propper, an authority on investing in China, at the Company's Annual Investor Conference. The Conference will be held on Friday, May 16, 2008 at the Hilton Anatole Hotel, 2201 Stemmons Freeway, Dallas, Texas.
Dr. Propper is an experienced venture capitalist and financial strategist. For the past few years, he has been focused on building business relationships between Chinese and U.S. companies. The familiarity that he has acquired with how business is done in China, combined with his experience in the U.S., provides a unique insight into the emerging market opportunities in both countries.
Dr. Propper will speak on China and give an update on two RCG holdings: A-Power Energy Generation Systems, Ltd. (NASDAQ:APWR) and HLS Systems International, Ltd. (OTC: HLSYF).
A-Power Energy Generation Systems, Ltd., through its PRC operating subsidiary, Liaoning GaoKe Energy Group Co., Ltd., is the largest provider of distributed power generation systems in China and will enter into China's wind energy market in 2008. The Company is also focused on developing and commercializing additional renewable energy technologies and has strategic relationships with both Tsinghua University and the China Sciences Academy in Guangzhou.
HLS Systems International Limited has become one of the leading automation systems providers in the PRC, developing a number of core technologies and completing numerous projects utilizing a wide array of automation products. The Company specializes in the research, development, production, sale and distribution of industrial automation and control systems, competing effectively with both domestic Chinese companies and large, multinational participants in the industrial, rail and nuclear power sectors.
Additional presentations will be made by the management of six unique emerging growth companies from the RCG portfolio which are:

Bovie Medical Corporation (AMEX:BVX) is actively engaged in the business of manufacturing and marketing medical products and developing related technologies. Over the past several years, Bovie has focused on the manufacture and marketing of generators and electrosurgical disposables, evidenced by the development of a broad range of electrosurgical generators designed for doctor's offices, surgicenters and hospitals. It manufactures and markets products both under private label and the Bovie label to distributors worldwide. Additionally, Bovie has original equipment manufacturing (OEM) agreements with other medical device manufacturers. These OEM and private label arrangements and its use of the Bovie label allow it to gain greater market share for the distribution of our products.
BPO Management Services (BPOMS) (OTC:BPOM) offers a diversified range of solutions and support services to fulfill the back office needs of middle market enterprises on an outsourced basis. BPOMS supports middle market businesses new to the BPO market, established businesses that already outsource, and businesses seeking to maximize return-on-investment from their in-house workforce.
Hemobiotech, Inc. (OTC:HMBT) was founded in order to commercialize the blood substitute technology developed by Mario Feola, M.D. and Jan Simoni, Ph.D., two researchers in the field of blood substitutes.Texas Tech University Health Sciences Center ("TTUHSC") has developed HemoTech in conjunction with the Company.The company believes that HemoTech is a blood substitute that eliminates the traditional weaknesses of competitive products previously under development or currently in U.S. Food and Drug Administration ("FDA") trials.HemoTech also has pharmacological properties that it believes aid in the recovery of patients receiving the product in lieu of transfusions of red blood cells from conventional blood supplies.
PetroHunter Energy Corporation (OTC:PHUN) is a global oil and gas exploration and production company that is committed to acquiring and developing primarily unconventional oil and natural gas prospects that it believes have a very high probability of economic success. PetroHunter Energy has oil and gas prospects in Colorado and Australia.
Points International Ltd. (OTC:PTSEF) is owner and operator of Points.com, the world's leading reward-program management portal. It has developed a proprietary technology platform that allows it to offer a portfolio of Points Solutions to the loyalty program industry. Participating programs include American Airlines AAdvantage® program, American Express® Membership Rewards®, Aeroplan®, AsiaMiles™, Cendant TripRewards®, Delta SkyMiles®, Gold Points Reward Network, InterContinental Hotels Group's Priority Club® Rewards, and S&H greenpoints. Redemption partners include Amazon.com® and Starbucks.
Vertical Branding, Inc. (OTC:VBDG) is a consumer products company selling high-quality household, beauty and personal care products at affordable prices. The Company cost-effectively builds brands and customer awareness by marketing and selling its products directly to consumers through television, Internet and print advertising campaigns.These "transactional marketing" campaigns support broader wholesale distribution, which includes sales to many of the country's largest retailers and drugstore chains, along with catalog proprietors, home shopping channels and international distributors.The Company's hottest-selling products and brands include Hercules Hook, ZorbEEZ, Starmaker, E-Z foldz, SteamBuddy and MyPlace.With a robust product pipeline, VBI continuously develops or acquires exclusive rights to new and complementary products, with a goal of rolling out four to six new products per year. New product introductions and line extensions fuel the Company's growth, while recurring sales from an ever-expanding product portfolio provide a stable base of revenues.
The Conference will begin at 7:30 a.m. with a continental breakfast and, following the Annual Shareholder Meeting and presentations, will conclude around 12:00 noon followed by a light lunch. Interested parties may RSVP by contacting Kathryn Semon at kathryn@rencapital.com or by calling 214-891-8295.

About Renaissance Capital Growth & Income Fund III, Inc.

Renaissance Capital Growth & Income Fund III, Inc. (AMEX: RCG) is a closed-end Business Development Company concentrating on investing in emerging publicly owned growth companies, primarily through private placements of convertible securities. The Fund seeks long-term capital appreciation and current income by investing in emerging growth companies.The Fund's current portfolio consists of investments in 30 businesses in various industries. The Fund has paid its investors a total of $18.99 per share in total dividends, including cash and deemed dividends, since it was established in 1994 at $10.00.

Forward Looking Statements
The Fund seeks long-term capital appreciation and current income by investing in emerging growth companies.This report contains forward-looking statements.Such statements reflect the current views of the Fund with respect to future events and are subject to certain risks, uncertainties, and assumptions.Although the Fund believes that the expectations reflected in such forward-looking statements are reasonable, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual future results or events may vary materially from those described herein.Past performance is not indicative of future results.For additional information, please visit www.rencapital.com.
Investor Contact:
RENN Capital Group, Inc.
214-891-8294

Media Relations Contact:
Chris Rosgen
Capital Market Relations
(949) 481-9739

PRESS RELEASE - FOR IMMEDIATE RELEASE

Renaissance Capital Growth & Income Fund III, Inc. Announces its Annual RENN III Investor Conference

Dallas, Texas, April 16, 2008, Renaissance Capital Growth & Income Fund III, Inc. (AMEX:RCG) will hold its Annual RENN III Investor Conference on Friday, May 16, 2008 at the Hilton Anatole Hotel, 2201 Stemmons Freeway, Dallas, Texas. The conference will begin at 7:30 a.m. with a continental breakfast and, following the Annual Shareholder Meeting and presentations, will conclude around 12:00 noon followed by a light lunch.

About Renaissance Capital Growth & Income Fund III, Inc.
The conference will feature presentations by the management of six unique emerging growth companies from our portfolio which are: Bovie Medical Corp. (AMEX:BVX), BPO Management Services, Inc. (OTC:BPOM), Hemobiotech, Inc. (OTC:HMBT), PetroHunter Energy Corporation (OTC:PHUN), Points International Ltd. (OTC:PTSEF), and Vertical Branding (OTC:VBDG). We will also have Dr. Richard Propper, an expert in Chinese investing, speak on China and give an update on two additional RENN holdings: A-Power Energy Generation Systems, Ltd. (NASDAQ:APWR) and HLS Systems International, Ltd. (OTC: HLSYF). These companies represent such diverse industries as electric utilities, healthcare equipment, medical, office services and supplies, oil and gas, and specialty retail.

Please RSVP by Thursday, May 1, 2007 to Kathryn Semon at kathryn@rencapital.com or 214-891-8295 if you plan to attend.

About Renaissance Capital Growth & Income Fund III, Inc.
Renaissance Capital Growth & Income Fund III, Inc. is a closed-end Business Development Company concentrating on investing in emerging publicly owned growth companies, primarily through private placements of convertible securities. The Fund seeks long-term capital appreciation and current income by investing in emerging growth companies. The Fund’s current Portfolio consists of investments in 30 businesses in various industries.

Foward Looking Statements
The Fund seeks long-term capital appreciation and current income by investing in emerging growth companies. This report contains forward-looking statements. Such statements reflect the current views of the Fund with respect to future events and are subject to certain risks, uncertainties, and assumptions. Although the Fund believes that the expectations reflected in such forward-looking statements are reasonable, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual future results or events may vary materially from those described herein. Past performance is not indicative of future results. For additional information, please visit www.rencapital.com.

Investor Contact:
RENN Capital Group, Inc.
214-891-8294

Media Relations Contact:
Chris Rosgen
Capital Market Relations
(949) 481-9739


PRESS RELEASE - FOR IMMEDIATE RELEASE

Renaissance Capital Announces First Quarter Distribution

Total cash distribution since inception to reach $14.01 per share

Dallas, Texas, March 11, 2008 Renaissance Capital Growth & Income Fund III, Inc. (AMEX: RCG), a specialty closed-end fund announces that the Board of Directors has approved a quarterly cash dividend distribution of $0.10 per share. The dividend will be payable on March 31, 2008, to shareholders of record as of March 21, 2008.
With this dividend, the Fund will have paid its investors a total of $14.01 per share in cash distributions since it was established in 1994 at $10.00. Total distribution since inception, including cash and deemed dividends, is $18.99 per share.

About Renaissance Capital Growth & Income Fund III, Inc.
Renaissance Capital Growth & Income Fund III, Inc. is a closed-end business development fund concentrating on investing in emerging publicly owned growth companies, primarily through private placements of convertible securities. The Fund seeks long-term capital appreciation and current income by investing in emerging growth companies. The Fund’s current Portfolio consists of investments in 30 businesses in various industries.

Forward Looking Statements

The Fund seeks long-term capital appreciation and current income by investing in emerging growth companies. This report contains forward-looking statements. Such statements reflect the current views of the Fund with respect to future events and are subject to certain risks, uncertainties, and assumptions. Although the Fund believes that the expectations reflected in such forward-looking statements are reasonable, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual future results or events may vary materially from those described herein. Past performance is not indicative of future results. For additional information, please visit www.rencapital.com.

Investor Contacts:
RENN Capital Group, Inc.
Kathryn Semon
(214) 891-8294

Media Relations Contact:

Chris Rosgen
Capital Market Relations
(949)481-9739


NEWS ALERT

Renaissance Capital Discusses Deemed Dividend

Dallas, Texas, March 3, 2008.

*TO SHAREHOLDERS OF RECORD ON DECEMBER 31, 2007:

What exactly is a deemed dividend, anyway?
Renaissance Capital Growth & Income Fund III, Inc. (the “Fund”) is a non-diversified, closed-end fund that has elected to be treated as a business development company (a “BDC”) under the Investment Company Act of 1940 (the “1940 Act”), as amended. The Fund has also elected to be a regulated investment company (a “RIC”) under Subchapter M of the Internal Revenue Code (the “Code”). Under Subchapter M of the Code, a RIC may deduct distributions paid out of its taxable income and accordingly may avoid federal income tax if it distributes all of its taxable income. With respect to its net long-term capital gains, Subchapter M provides the Fund with three choices: it can retain them and pay tax, it can declare a deemed dividend (or designated undistributed capital gain dividend) or it can pay out the gains as a distribution.
When the Fund declares a deemed dividend instead of a cash distribution, the Fund pays a 35% tax on the retained capital gains, the shareholders are deemed to have received the deemed dividend as a capital gain dividend and the shareholders are deemed to have paid the tax actually paid by the Fund. Thus, they receive a tax credit that they can use to offset their tax on the deemed dividend or for other purposes. The shareholders also increase their cost basis in their shares in the Fund by the amount of the deemed distribution, net of taxes paid by the Fund and deemed paid by the shareholder, or approximately $0.62 (approximately $0.95 deemed distribution, less approximately $0.33 deemed tax paid).
During the year ended December 31, 2007, the Fund realized net taxable long-term gains of approximately $4,689,640 or $1.05 per share. From these capital gains, cash dividends of $0.10 were distributed, bringing the total cash distributions from inception of the Fund to $13.91 per share. In addition to the cash distribution, the Fund elected to retain an estimated $4,243,244 of realized capital gains and has designated them as deemed paid to shareholders of record on December 31, 2007 and will pay the federal income taxes of 35%, equivalent to approximately $1,485,135 or $0.33 per share. The tax effect is the same as if the capital gains had been distributed to the Fund’s shareholders, who then elected to reinvest 65% of the amount received.

What is the payment date?
There is no payment date, as no cash is paid out. However, the net asset value of the Fund was adjusted downward by $0.33 per share as of December 31, 2007 to account for the deemed dividend federal tax payable on behalf of shareholders of record date December 31, 2007. To receive the $0.33 per share deemed dividend tax credit, you must have been a shareholder of record on December 31, 2007.

Who will send me the tax information of the deemed dividend, and when will I get this information?
If you own your shares in “street name” in electronic format, your brokerage firm or bank will send you the tax information.
If you own your shares directly in your own name, American Stock Transfer and Trust Company will send you the tax information.
The Fund filed a capital gains tax return for the year ended December 31, 2007, in January, 2008, and has notified the brokerage firms, banks and American Stock Transfer and Trust Company with the details of the cash and deemed dividends.

If you do not receive the information by March 1, 2008, you should contact your brokerage firm, bank or American Stock Transfer and Trust Company for it. On your tax return you should report your deemed dividend as reflected on the IRS Form 2439 provided to you and attach the form to your return.

What are the consequences of a deemed dividend to me as a shareholder?

The deemed dividend is deemed paid to the shareholders of record as of December 31, 2007. Shareholders of record on the record date will be provided with the exact amount of the deemed dividend attributable to their shares by their brokerage firm or bank, if their shares are held in electronic format, or by American Stock Transfer and Trust Company if their shares are held directly. This information is to be reported to you on an IRS Form 2439 which should be attached to your tax return.
The following simplified example illustrates the tax treatment under Sub-Chapter M of the Internal Revenue Code for the Fund and its shareholders with regard to the estimated $4,243,244 or $0.95 per share net long-term realized capital gain to be retained by the Fund and designated as an undistributed capital gain or deemed dividend:

1. The Fund will pay a corporate-level federal income tax of 35% or approximately $1,485,135 on the undistributed capital gain, or approximately $0.33 per share, on behalf of shareholders.
2. Shareholders will increase their cost basis in their stock by approximately $0.62 per share.
3. All shareholders will receive a federal tax credit equal to the 35% tax paid by the Fund on the undistributed capital gain, or approximately $0.33 per share. Taxable shareholders can use that credit to offset their federal tax liabilities for 2007 and can claim a refund on Form 1040 to the extent of any unused credit. (After payment of the federal income tax of the deemed dividend, a shareholder taxable at 15% federal capital gains tax rate will have a remaining tax credit of $0.19 per share.) Shareholders who hold their shares in tax-deferred accounts can receive a refund from the IRS of the taxes paid on their behalf by the Fund on the deemed dividend by having their custodians file IRS Form 990T with the IRS. (It typically takes several months for custodians to receive the refund and deposit it into shareholders’ accounts.) Other tax exempt shareholders can also receive refunds of the taxes paid on their behalf on the deemed dividend by filing IRS Form 990T.
Shareholders requiring further information about the impact of the deemed dividend on their state and/or local taxes should consult their tax advisors.

Why did the company choose to declare a deemed dividend rather that a cash dividend at this time?

The Board of Directors, after careful deliberation and the review of feedback from shareholders, has decided that it is in the best interest of the Fund and its continued growth to declare a deemed dividend. Allowing the Fund to retain capital will enable the Fund to take advantage of future investment opportunities and allow the net asset value to grow. From a bookkeeping point of view, shareholders wind up in the same position whether the Fund pays deemed dividends or cash dividends, as Figures 1 and 2 illustrate.

Figure 1 – Analysis of Deemed Dividend Effect with Respect to Taxable Shareholders

Taxable Shareholders

If I have questions about my individual tax situation, where can I get them answered?
Renaissance Capital Growth & Income Fund III, Inc. is not equipped or qualified to give tax advice. You should consult your tax advisor.

Forward Looking Statements

The Fund seeks long-term capital appreciation and current income by investing in emerging growth companies. This report contains forward-looking statements. Such statements reflect the current views of the Fund with respect to future events and are subject to certain risks, uncertainties, and assumptions. Although the Fund believes that the expectations reflected in such forward-looking statements are reasonable, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual future results or events may vary materially from those described herein. Past performance is not indicative of future results. For additional information, please visit www.rencapital.com.

Investor Contacts:
RENN Capital Group, Inc.
Kathryn Semons
(214) 891-8294

Media Relations Contact:
Chris Rosgen
Capital Market Relations
(949)481-9739


PRESS RELEASE - FOR IMMEDIATE RELEASE

Renaissance Capital Resumes Quarterly Dividend Program

Board of Directors Announces Fourth Quarter 2007 Cash and Deemed Dividends

Dallas, Texas, December 17, 2007 - Renaissance Capital Growth & Income Fund III, Inc. (AMEX: RCG), a specialty closed-end fund announces that the Board of Directors has approved a cash dividend distribution of $0.10 per share. The dividend will be payable on January 14, 2008, to shareholders of record as of December 31, 2007. This action resumes the quarterly dividend payments.
With this dividend, the Fund will have paid its investors a total of $13.91 per share in cash distributions since it was established in 1994 at $10.00. Total distribution since inception, including deemed dividends, is estimated to be $18.89 per share, including the $0.95 estimated deemed dividend as discussed in more detail below.
The board has also announced a deemed dividend for shareholders of record as of December 31, 2007. The deemed dividend is currently estimated to be $4,255,511 or approximately $0.95 per share. This estimate is subject to change as the Fund prepares and finalizes its tax return for 2007. Shareholders will receive the deemed dividend information from their brokerage firm, bank, or American Stock Transfer and Trust Company, as applicable. This information will be reported to shareholders on IRS Form 2439.
When the Fund declares a deemed dividend instead of a cash distribution, the Fund pays a 35% tax on the retained capital gains, the shareholders are deemed to have received the deemed dividend as a capital gain dividend and the shareholders are deemed to have paid the tax actually paid by the Fund. Thus, they receive a tax credit that they can use to offset their tax on the deemed dividend or for other purposes. The shareholders also increase their cost basis in their shares in the Fund by the amount of the deemed distribution, net of taxes paid by the company and deemed paid by the shareholder, approximately $0.62 (representing the $0.95 deemed distribution, less the $0.33 deemed tax paid).

About Renaissance Capital Growth & Income Fund III, Inc.
Renaissance Capital Growth & Income Fund III, Inc. is a closed-end Business Development fund concentrating on investing in emerging publicly owned growth companies, primarily through private placements of convertible securities. The Fund seeks long-term capital appreciation and current income by investing in emerging growth companies. The Fund’s current Portfolio consists of investments in 25 businesses in various industries.

Forward Looking Statements
The Fund seeks long-term capital appreciation and current income by investing in emerging growth companies. This report contains forward-looking statements. Such statements reflect the current views of the Fund with respect to future events and are subject to certain risks, uncertainties, and assumptions. Although the Fund believes that the expectations reflected in such forward-looking statements are reasonable, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual future results or events may vary materially from those described herein. Past performance is not indicative of future results. For additional information, please visit www.rencapital.com.

Investor Contacts:
RENN Capital Group, Inc.
Kathryn Semon
(214) 891-8294

Media Relations Contact:
Chris Rosgen
Capital Market Relations
(949)481-9739



PRESS RELEASE - FOR IMMEDIATE RELEASE

New Book by Fund Manager Offers Investment Insight

“It’s all about the CEO,” states the author.

Dallas, Texas, June 12, 2007 (PR Newswire) – What exactly makes a company worth investing in? Russell Cleveland, the President of Renaissance Capital Growth & Income Fund III, Inc. (AMEX: RCG), answers that question in his new book, Finding Midas, an entertaining and enlightening discourse on investment fundamentals.
"The key to mega-stock investing is not focusing on the industry, but rather on the entrepreneurial leadership characteristics of the CEO. This strategy is what RENN Capital Group uses to provide, in some cases, soaring returns for investors. You might just find the next Wal-Mart, Starbucks, or eBay," he says.
Cleveland explains his CEO assessment strategy in a manner that is accessible to beginners, while containing insights that can benefit the most experienced investor. Filled with plenty of relevant anecdotes, Finding Midas convincingly argues that the companies with the strongest and most involved leaders are the ones that bring in the biggest profits for their investors.
The book includes case studies on some of the most successful business executives in recent history, including Warren Buffett, Michael Dell, Howard Schultz and Meg Whitman. Not only does the book examine the leadership traits that can be used to predict success, it also examines fundamental topics such as diversification, pricing, when to sell and other critical information.
“Every serious student of investing should read this book. It should be required reading for every broker and advisor in the business. Exposure to the ideas set forth would be invaluable to students in helping jumpstart their knowledge and investing experience. It’s a great read,” according to Don Hodges, Chairman of the Hodges Fund and who was awarded 2006 Best Fund Manager by Lipper Analytical for three years among all US multi cap funds.
About the Author:

Russell Cleveland is the principal founder and the majority shareholder of RENN Capital Group, Inc. RENN provides capital to emerging publicly owned companies. Russell is a Chartered Financial Analyst who has specialized in investing in emerging growth companies for over 40 years. Mr. Cleveland is a graduate of the University of Pennsylvania, Wharton School of Finance and Commerce.
Besides serving as President and Director of Renaissance Capital Growth & Income Fund III, Inc. (AMEX: RCG), he is also Director and Manager of Renaissance US Growth and Income Trust PLC, which is traded on the London Exchange, U.S. Portfolio manager of US Special Opportunities Trust PLC (London based) and Premier RENN US Emerging Growth Limited (London based).
Mr. Cleveland currently serves on the Board of Directors of Cover-All Technologies, Inc., CaminoSoft Corp., Integrated Security Systems, Inc., Tutogen Medical, Inc., and Access Plans USA. Over the years, he has served on the boards of many publicly traded emerging growth companies. More information on the book is available at www.findingmidas.com.

About Renaissance Capital Growth & Income Fund III, Inc.
Renaissance Capital Growth & Income Fund III, Inc. is a closed-end Business Development Company concentrating on investing in emerging publicly owned growth companies, primarily through private placements of convertible securities. The Fund seeks long-term capital appreciation and current income by investing in emerging growth companies. The Fund’s current Portfolio consists of investments in 28 businesses in various industries. The Fund has paid its investors a total of $13.81 per share to its investors in cash distributions since its initial public offering in 1994 at $10.00. To help preserve the investing power of the future of the Fund, the Board of Directors on December 31, 2006 declared a deemed dividend of $4.03 per share ($1.41 of which was a deemed tax paid to the IRS on its shareholders behalf), the remainder was reinvested. To be added to the Renaissance Capital Growth & Income Fund III, Inc. news distribution list, click here: http://www.b2i.us/irpass.asp?BzID=1404&to=ea&s=0. More information on the company can be found at www.rencapital.com.

Forward Looking Statements:
The Fund seeks long-term capital appreciation and current income by investing in emerging growth companies. This report contains forward-looking statements. Such statements reflect the current views of the Fund with respect to future events and are subject to certain risks, uncertainties, and assumptions. Although the Fund believes that the expectations reflected in such forward-looking statements are reasonable, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual future results or events may vary materially from those described herein. Past performance is not indicative of future results.

Contact:
Chris Rosgen
Capital Market Relations
www.capitalmarketrelations.com
949.481.9739 Office
949.289.5075 Mobile

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PRESS RELEASE - FOR IMMEDIATE RELEASE

Renaissance Capital Growth & Income Fund III (RENN) to be listed on the American Stock Exchange under the Ticker Symbol: (AMEX: RCG)

About American Stock Exchange

The American Stock Exchange® (Amex®) offers trading across a full range of equities, options and exchange traded funds (ETFs), including structured products and HOLDRSSM. In addition to its role as a national equities market, the Amex is the pioneer of the ETF, responsible for bringing the first domestic product to market in 1993. Leading the industry in ETF listings, the Amex lists 309 ETFs to date. The Amex is also one of the largest options exchanges in the U.S., trading options on broad-based and sector indexes as well as domestic and foreign stocks.

About Renaissance Capital Growth & Income Fund III, Inc.


Renaissance Capital Growth & Income Fund III, Inc. is a closed-end Business Development Company concentrating on investing in emerging publicly owned growth companies, primarily through private placements of convertible securities. The Fund seeks long-term capital appreciation and current income by investing in emerging growth companies. The Fund’s current Portfolio consists of investments in 28 businesses in various industries. The Fund has paid its investors a total of $13.81 per share to its investors in cash distributions since its initial public offering in 1994 at $10.00. To help preserve the investing power of the future of the Fund, the Board of Directors on December 31, 2006 declared a deemed dividend of $4.03 per share ($1.41 of which was a deemed tax paid to the IRS on its shareholders behalf), the remainder was reinvested. More information on the company can be found at www.rencapital.com.

Forward Looking Statements:
The Fund seeks long-term capital appreciation and current income by investing in emerging growth companies. This report contains forward-looking statements. Such statements reflect the current views of the Fund with respect to future events and are subject to certain risks, uncertainties, and assumptions. Although the Fund believes that the expectations reflected in such forward-looking statements are reasonable, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual future results or events may vary materially from those described herein. Past performance is not indicative of future results.
Shareholder Relations: Michelle Sparks, Renaissance Capital 214-891-8294
Media Relations: Chris Rosgen, Capital Market Relations (949)481-9739

PRESS RELEASE - FOR IMMEDIATE RELEASE

Renaissance Investor Conference To Be Webcast Live Friday May 18, 2007
Six Emerging Growth Companies To Present

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