TORONTO--(Marketwire - Aug 23, 2012) - Punchline Entertainment Inc. (OTCQB: [ PUNL ]) (OTCBB: [ PUNL ]) ("Punchline" or the "Company") is pleased to announce that the Company has made an application to FINRA to change its name to Punchline Resources Ltd. The name change is necessary to more accurately reflect the nature of the Company's new mineral exploration and development focus. The Company anticipates this process will be concluded within 10 business days. Additional details regarding the name change process and timing will be released as they become available. The Company will not be changing its symbol in association with the name change.

The new mineral exploration and development strategy will be managed by Mr. Ramzan Savji, the Company's recently appointed CEO and President.

Mr. Savji has more than 30 years of experience in the banking and business sector. Mr. Savji studied Banking and Business Administration in Germany and was previously employed with Deutsche Bank A.G. in their letters of credit department. He subsequently became an Area Representative for European bank and financial services company, Societe Generale S.A. of France. While with Societe Generale, he was responsible for building and enhancing correspondent banking relationships between Societe Generale and banks in Kenya, Uganda, Tanzania, Rwanda, Burundi, and Malawi. He was also responsible for lobbying and promoting business for French companies and arranging short, medium, and long term lines of credit for project financing in both the public and private sectors.

In August 2000, Mr. Savji founded Telecommunications Supply Line Ltd., a leading telecom installation and networking material supplier in Kenya, wherein he managed operations on a day-to-day basis for over ten years. Since October 2011, Mr. Savji has been the vice president, secretary and a member to the board of directors of Toron, Inc., a mineral exploration company. Mr. Savji was previously a Member of the Board of Governors of the Aga Khan Hospital in Nairobi.

About Punchline

Punchline Entertainment Inc. (soon to be Punchline Resources Ltd.) is an emerging mineral resources company focused on both domestic and international exploration and development projects. The Company is currently evaluating several projects for potential acquisition and/or participation.

Forward-Looking Statements

Some information in this press release constitutes forward-looking statements or statements which may be deemed or construed to be forward-looking statements, such as the expectations that FINRA will complete its review of the Company's name change application within 10 business days. The words "plan", "forecast", "anticipates", "estimate", "project", "intend", "expect", "should", "believe", and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve, and are subject to known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance (financial or operating) or achievements to differ from the future results, performance (financial or operating) or achievements expressed or implied by such forward-looking statements. The risks, uncertainties and other factors are more fully discussed in the Company's filings with the U.S. Securities and Exchange Commission. All forward-looking statements attributable to Punchline Entertainment Inc. herein are expressly qualified in their entirety by the above-mentioned cautionary statement. Punchline Entertainment Inc. disclaims any obligation to update forward-looking statements contained in this press release, except as may be required by law.