HOUSTON, TX -- (Marketwired) -- 04/23/13 -- Cornwall Resources, Inc. (PINKSHEETS: CORC) announces the signing of a Letter of Intent with Channeland Entertainment Group, a media holding company with global operations in music, film, television, Internet recording, and media production services. Channeland's profitable operations has multiple platinum albums, gold albums, Billboard #1's, and Grammy award winning projects with such artists and companies as DCTalk, Israel Houghton, Third Day, TBone, Toby Mac, Kevin Max, Brian Courtney Wilson, Universal Pictures, Sony Music, EMI, Warner Brothers, Capitol Records, and Universal Music.
Cornwall Resources, Inc., formally known as Columbia Energy Corp. and Let's Talk Recovery Inc., will provide further information in coming weeks. Upcoming activities will proceed in phases - (1) INITIATION PHASE, wherein professionals, board members, and officers will be retained; (2) CLOSING PHASE, concluding the transaction; (3) FILING PHASE, the company will conclude audits and file SEC current reports; (4) POST TRANSACTION PHASE, secure secondary funding through the American Equity Fund LLC; and (5) EXECUTION PHASE, wherein funding will support operational growth, organically and through acquisition.
"We are pleased to be in negotiations with Mark Townsend of the Channeland Entertainment Group," Robert C. Rhodes, Chairman of Cornwall Resources, Inc. said. "Although the 'record business' has been in a decline for 12+ years, the media production and distribution business is a hot bed for consolidation. Channeland's long, successful track record will serve as a great platform for growing a media organization."
About Cornwall Resources, Inc.
Cornwall Resources, Inc. (http://cornwallresources.com, symbol "CORC"), formerly known as Columbia Energy Corp. and Let's Talk Recovery Inc., is a developmental stage organization.
About Channeland Entertainment Group
Channeland Entertainment Group is a media holding company with current operations providing music, film, television, internet recording and media production services globally.
About American Equity Fund LLC
The American Equity Fund LLC ("AEF") provides an alternative funding mechanism, an Equity Line Facility ("ELF"), for SEC reporting publicly traded small-cap companies that want to take control of their financial futures.
Notice regarding forward-looking statements
Under The Private Securities Litigation Reform Act of 1995: The statements in the press release that relate to the company's expectations with regard to the future impact on the company's results from new products and services in development, including any planned acquisitions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The results anticipated by any or all of these forward-looking statements might not occur. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events or changes in the Company's plans or expectations.
Robert C. Rhodes
Cornwall Resources, Inc.
Channeland Media Group
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