Blue Water Advances in CITGO Bidding Process

NEW YORK, Sept. 15, 2025 /PRNewswire/ -- Blue Water Venture Partners, LLC ("Blue Water"), an entity affiliated with Joeseph Hernandez, the Chairman and Chief Executive Officer of Blue Water Acquisition Corp. III (Nasdaq: "BLUWU"), announced today that it has received court approval to enter into a non-disclosure agreement with the Special Master, granting access to the confidential data room established for the CITGO sale.

Blue Water continues to assert that its proposal represents the most compelling and beneficial path forward for all stakeholders. Blue Water's $10 billion bid surpasses existing offers and is purpose-built to safeguard U.S. energy security while ensuring fair and equitable treatment of creditors.

Key highlights of the Blue Water proposal include: 

• Superior Valuation: A $10 billion offer that exceeds current bids under consideration. 
• American Public Ownership: A commitment to transform CITGO into a publicly traded U.S. company, promoting transparency and broad market participation. 
• Creditor Equity Conversion: Bondholders and creditors would gain the opportunity to own shares in a public company, subject to regulatory and shareholder approval, preserving long-term value.
• Protecting U.S. Energy Security: The proposal intends to prevent private hedge funds or foreign companies from controlling critical American energy assets. 
• Uninterrupted Supply to U.S. Markets: Ensures continued and stable energy delivery to U.S. consumers, with a focus on safeguarding the Midwest region.

"We believe our bid not only delivers the strongest value to creditors and bondholders, but also ensures CITGO remains a vital, majority American-owned energy provider that supports U.S. markets and consumers," said Joseph Hernandez, Chairman of Blue Water Venture Partners. "Our vision is to return CITGO to the public markets in a way that protects energy independence, strengthens creditor recovery, and prevents hedge fund or foreign control over critical U.S. energy assets."

Blue Water remains committed to active participation in the sale process and to working collaboratively with all stakeholders to achieve the best possible outcome for creditors, consumers, and the broader U.S. energy market.

About Blue Water Acquisition Corp. III

Blue Water Acquisition Corp. III (Nasdaq: BLUWU) is a special purpose acquisition company (SPAC) formed to identify and complete a business combination with high-potential companies across diverse sectors.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties, including the outcome of the court-supervised auction process, regulatory approvals, and market conditions. Actual results may differ materially from those expressed or implied. Blue Water Acquisition Corp. III disclaims any obligation to update forward-looking statements except as required by law.  These statements are only predictions. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, and other factors, including without limitation, Blue Water Acquisition Corp. III's ability to enter into definitive agreements and complete the transaction. These risks, uncertainties and other factors are expected to be further described in a proxy statement/registration statement to be filed with the Securities and Exchange Commission (the "SEC") relating to any business combination transaction.  

Participants in the Solicitation

Blue Water Acquisition Corp. III and its respective directors, executive officers and other members of their management and employees, under SEC rules, may be deemed to be participants in a solicitation of its shareholders in connection with a proposed business combination. Investors and security holders may obtain more detailed information regarding the names, affiliations and interests of Blue Water Acquisition Corp. III directors and officers in its SEC filings. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to Blue Water Acquisition Corp. III shareholders in connection with the proposed business combination will be set forth in the proxy statement/prospectus for the proposed business combination when available. 

No Offer or Solicitation

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.

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SOURCE Blue Water Acquisition Corp iii