Annual Renaissance Investor Conference Spotlights
Emerging Growth Companies
Renaissance Capital Group


Dallas, TX. May 7, 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. (APWR) and HLS Systems International, Ltd. (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 (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) 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. (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 (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. (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(R) program, American Express(R) Membership Rewards(R), Aeroplan(R), AsiaMiles(TM), Cendant TripRewards(R), Delta SkyMiles(R), Gold Points Reward Network, InterContinental Hotels Group's Priority Club(R) Rewards, and S&H greenpoints. Redemption partners include Amazon.com(R) and Starbucks.

Vertical Branding, Inc. (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. (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.


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