Canadian Phoenix Resources Corp.: Name Change and Consolidation

CALGARY, ALBERTA--(Marketwire - March 6, 2013) -

THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO ANY UNITED STATES NEWS SERVICES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW.

Canadian Phoenix Resources Corp. (TSX VENTURE:CXP) ("Canadian Phoenix") today announced that it will proceed with the previously approved share consolidation and name change. On the effective date, the currently outstanding class A common shares of Canadian Phoenix (the "Common Shares") will be consolidated on the basis of one new Common Share for ten existing Common Shares (the "Consolidation"), and the Canadian Phoenix's name will be changed to "Knol Resources Corp." (the "Name Change"). In the event that the number of existing Common Shares held by a shareholder is not evenly divisible by ten, the number of post-Consolidation Common Shares issued to such shareholder shall rounded up to the next greater whole number if the fractional entitlement is equal to or greater than 0.5 and shall be rounded down to the next lesser whole number if the fractional entitlement is less than .05.

Canadian Phoenix presently has 56,964,818 Common Shares issued and outstanding. Upon giving effect to the Consolidation, Canadian Phoenix will have 5,696,482 Common Shares issued and outstanding (subject to fractional rounding). Canadian Phoenix believes that the Consolidation is necessary to attract ongoing investment.

The Consolidation and Name Change were approved by the shareholders at a special meeting of shareholders held on December 13, 2012. The Consolidation and Name Change are subject to TSX Venture Exchange ("TSXV") approval. Canadian Phoenix expects that the trading of its common shares on the TSXV under the name "Knol Resources Corp." and symbol "NOL" will commence on or about March 11, 2013.

READER ADVISORIES

Forward-Looking Statements

This press release contains forward-looking statements. More particularly, this press release contains forward-looking statements concerning the Consolidation and Name Change. The forward-looking statements contained in this document are based on certain key expectations and assumptions made by Canadian Phoenix. Forward-looking statements involve risks, uncertainties and other factors that may cause actual results to be materially different from those expressed or implied by the forward-looking statements, including without limitation whether the TSXV will approve the Consolidation or the Name Change; whether Canadian Phoenix will satisfy other regulatory requirements in connection with the foregoing changes; cost increases; unforeseen circumstances; dependence on third parties for services; and general business and economic conditions. Forward-looking statements are based on a number of assumptions that may prove to be incorrect, including without limitation assumptions about: that Canadian Phoenix will satisfy regulatory requirements in connection with the Name Change and Consolidation; that the TSXV will approve the Name Change and the Consolidation; that required service providers will be available and general business and economic conditions. Although the foregoing forward-looking statements are considered reasonable at the time of preparation, the aforementioned assumptions and factors may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The aforementioned factors and assumptions are not exhaustive. Canadian Phoenix's actual results, performance, or achievement could differ materially from those expressed in, or implied by, these forward-looking statements. We can give no assurance that any of the events anticipated will transpire or occur, or if any of them do, what benefits we will derive from them. The forward-looking information contained in this document is expressly qualified by this cautionary statement. The foregoing list is not exhaustive and Canadian Phoenix undertakes no obligation to update any of the foregoing except as required by law.