EXHIBIT
99.1
Renaissance
Capital Announces Fourth Quarter Distribution and New Deemed Dividend
Policy
Total
cash distribution since inception to reach $13.81 per share
Dallas,
Texas, November 13, 2006, Renaissance Capital Growth & Income Fund III, Inc.
(OTC:RENN), a convertible closed-end fund, on November 9, 2006 announced that
the Board of Directors has approved a dividend distribution of $0.10 per share.
The dividend will be payable on December 1, 2006, to shareholders of record
as
of November 17, 2006.
With
this
dividend, the Fund will have paid its investors a total of $13.81 per share
in
cash distributions since its initial public offering in 1994 at
$10.00.
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 is to adopt a deemed dividend policy. By allowing the Fund
to
retain capital, the deemed dividend policy will enable the Fund to take
advantage of future investment opportunities and allow the net asset value
to
grow. Thus, future cash dividends will not be made unless and until this policy
is changed. A complete description of the deemed dividend program and its
benefits will be sent to shareholders in the next few months.
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.
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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.
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Investor
Contacts:
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Media
Relations Contact:
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RENN
Capital Group, Inc.
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Chris
Rosgen
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Michelle
Sparks: 214-891-8294
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Capital
Market Relations
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invrel@rencapital.com
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(949)481-9739
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