SOURCE: Concorde Resources Corp.

May 05, 2006 09:04 ET

Concorde Resources Corp. Merger Termination

PORT ST. LUCIE, FL -- (MARKET WIRE) -- May 5, 2006 -- Concorde Resources Corp. (OTC: CCDE) has filed on behalf of its predecessor Nevada constituent entity, 'Elite Field Services Inc,' a Merger Termination (NRS-92A) of the Merger between Elite Field Services Inc,. and Ontus Telecommunications Corp. The Merger occurred on 09/01/2004.

Concorde cites that Representations and Warranties contained in the Merger's Definitive Agreement regarding Ontus Telecommunications Corporation were significantly incorrect and that litigation has occurred as a result of the incorrect information. The Merger's resulting stock issuance on 09/01/2004 was approximately 72,000,000 common shares ("Merger Shares"); these shares were issued to Ontus Telecommunications Corporation shareholders only.

Upon the filing of the Merger Termination, all of the Merger Shares will be deemed indefinitely restricted awaiting cancellation or consideration.

About Concorde Resources Corp.:

Concorde Resources Corp. is a venture, investment and management conglomeration that develops partnerships and/or acquires control and recapitalizes small high growth businesses.

The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made on behalf of the company. All such forward-looking statements are, by necessity, only estimates of future results and actual results achieved by CCDE may differ materially from these statements due to a number of factors. CCDE assumes no obligations to update these forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such statements. You should independently investigate and fully understand all risks before making investment decisions.

Contact Information