On March 30, 2011, Mr. Ned Timmer (“Timmer”), a member of the Board of Directors of CornerWorld Corporation (the “Company”), tendered his resignation from the Board of Directors (the “Board”) effective March 30, 2010.  Mr. Timmer did not sit on any Board committees at the time of his resignation.  His resignation was tendered pursuant to the Settlement Agreement dated February 3, 2011 (the “Settlement Agreement”) between CornerWorld and Ned B. Timmer (“Timmer”).

On March 30, 2010, CornerWorld announced that it had completed the terms of the Settlement Agreement between CornerWorld and Timmer.   As a result of consummating the previously reported Settlement Agreement, Timmer has resigned from the Company’s Board of Directors, resigned his position as Chief Operating Officer of the Company’s Woodland Holdings Corporation subsidiary as well as its subsidiary companies (the “Woodland Division”), canceled an aggregate of $6.1 million principal on outstanding notes payable, has returned all collateral stock certificates/membership interests of the Company’s subsidiaries in his possession, has returned all 33,950,000 shares of CornerWorld common stock beneficially owned by him, has terminated the lease to his building and has agreed to dismiss all legal proceedings within 5 business days of the date hereof, among other things. In exchange for the aforementioned, the Company paid Timmer a lump sum of $6.0 million in cash and issued a $1.8 million, subordinated, five year promissory note.

“We are thrilled to announce the completion of the acquisition of our Woodland Division and the beginning of the next era for Cornerworld, its employees and its shareholders,” said Scott Beck, CornerWorld CEO.  “The Cornerworld team delivered the Settlement Agreement a full 11 months ahead of what we had envisioned in February 2009 when we acquired the Woodland Division, at which time we had contemplated refinancing the transaction to longer maturities.  This was accomplished despite the distractions of ongoing litigation and difficult capital market conditions. With these challenges behind us, we renew our focus on expanding the business, maximizing our patents and developing next-generation products for the surging mobile markets.”

The Company financed the cash payment to Timmer through a combination of third party financing, internal funds and private capital.  The Company expects to file the required Form 8-K elaborating on the specifics of the financing arrangements, complete with copies of the material agreements, consistent with the SEC mandated four business days.

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