If Textbox1.TextLength > 0 Then
If Regex.IsMatch(Textbox1.Text, "(\d{2}):([0-5]{1}\d{1}):([0-5]{1}\d{1})") Then
lbFormat.Text = "Correct Format"
btnAddValue.Enabled = True
Else
lbFormat.Text = "Incorrect Format"
btnAddValue.Enabled = False
End If
Else : lbFormat.Text = "" : btnAddValue.Enabled = False
End If