Rodeo Capital III Corp. Announces Update on Proposed Qualifying Transaction With Solegear Bioplastics Inc.

CALGARY, ALBERTA--(Marketwired - Jan. 30, 2015) -

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Rodeo Capital III Corp. ("Rodeo" or the "Corporation") (TSX VENTURE:ROP.P), a capital pool company pursuant to Policy 2.4 of the TSX Venture Exchange (the "TSX-V"), announces that the closing of its previously announced qualifying transaction (the "Qualifying Transaction") with Solegear Bioplastics Inc. ("Solegear") pursuant to an arrangement agreement dated November 24, 2014 between the parties (the "Agreement") has been postponed.

Solegear has received substantial interest with respect to its previously announced brokered financing but due to recent market volatility, Rodeo and Solegear have determined that an extension to the closing date of the Qualifying Transaction would be beneficial to both parties.

Under the terms of the Agreement, Rodeo and Solegear initially agreed to an outside closing date for the Qualifying Transaction of January 30, 2015. Rodeo and Solegear are currently discussing strategic options regarding the continuation of the Qualifying Transaction, specifically with a view to granting an extension to the outside closing date. The Corporation will provide a further update when the outcome of such discussions has been finalized.

On behalf of the Board of Directors,

Michael Thomson, President, Chief Executive Officer and Director, Rodeo Capital III Corp.

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

Investors are cautioned that, except as disclosed in the management information circular or filing statement prepared in connection with the Qualifying Transaction, any information released or received with respect to the Qualifying Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

Disclaimer for Forward-Looking Information

This press release contains forward-looking statements and information that are based on the beliefs of management and reflect Rodeo's current expectations. When used in this press release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this press release include information relating to the Financing and the Qualifying Transaction. Such statements and information reflect the current view of Rodeo. Risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information.