Greater China Media and Entertainment Corporation Signs Agreement for Joint Venture With Beijing Talent Agency, Star Agency

Greater China Media and Entertainment Corporation Signs Agreement for Joint Venture With Beijing Talent Agency, Star Agency

BEIJING, Sept. 7 /PRNewswire-FirstCall/ -- Greater China Media and Entertainment Corporation (BULLETIN BOARD: GCME) , a publicly traded company that has recently expanded into the media and entertainment industry in China, is pleased to announce that the Company has signed a letter of intent to form a joint venture with Beijing Star Agency Ltd. ("Star Agency"), a talent agency company based in Beijing.

Star Agency has headquarters in Beijing. They are specializing in promoting, training and managing signed entertainers, as well as finding and managing talent for films, TV shows and commercials. The general manager and the founder of Star Agency has over 9 years experience running TV shows and being a hostess in major TV channels in China, including CCTV and Beijing TV. At present, the entertainers signed up with Star Agency are all professionals graduated from art colleges in China. They have their own strengths and enjoy great popularity in the film and television circle. Many of them are acknowledged by famous producers, directors and specialists as new performers with great potential.

According to the letter of intent signed by the Company and Star Agency, the two companies will invest a total of US$125,000 (1 million rmb) to set up a joint venture in China. The Company will invest US$72,500 (0.6 million rmb) and own 60% of the joint venture as well as control the Board of Directors. Star Agency will invest the remaining $50,000 and own 40% of the joint venture. The joint venture will makes full use of Greater China Media & Entertainment's film, television and advertising projects, realizing the mutual benefits of sharing resources between branch and subsidiary companies and with cooperative partners. In the future, the joint venture will enlarge its business to represent directors, writers and singers, as well as performers and artists from other related fields.

The Company recently changed its name to Greater China Media and Entertainment Corporation, with the intent to enter the Chinese media and entertainment industry. In the first step towards this goal, on June 14, through a wholly owned subsidiary, the Company signed an agreement to set up a joint venture to become Greater China Film and Television Production Company. On July 29, 2006, the Company signed an agreement to set up a joint venture for Greater China Sales and Advertising Agency. The joint venture agreement with Star Agency represents the next step in the Company's involvement in the media and entertainment industry in China. The new joint venture will become Greater China Talent Agency.

About Greater China Media and Entertainment Corporation:

Greater China Media and Entertainment Corporation is an Exploration Stage Company. The Company has recently expanded into the media and entertainment industry in China. In June, 2006, it signed and closed an Acquisition Agreement with Triumph Research Limited, which is a BVI company and party to a Joint Venture agreement with Beijing Tangde International Film and Culture Co., Ltd. ("Tangde"), a Chinese company. In July, 2006, the Company also signed a letter of intent to form a joint venture with Beijing New-Element Co. Ltd. ("New-Element"), a promotion and marketing company based in Beijing.

The Company acquired a mineral property located in the Province of British Columbia, Canada in 2005 and has not yet determined whether this property contains reserves that are economically recoverable. The Company has started exploration. The rock exposure samples have undergone analyses for the detection of precious metals in a certified laboratory and the Company will do further exploration to verify the results.

If we find mineralized material and it is economically feasible to remove the mineralized material, we will attempt to raise additional money through a subsequent private placement, public offering or through loans. If we need additional cash and can't raise it, we will either have to suspend activities until we do raise the cash, or cease activities entirely. If we can't find any mineralized material or it is not economically feasible to remove the mineralized material, we will have to cease activities and focus on the new market: the media and entertainment industry in China.

Forward-looking statements

This report contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this report are forward-looking statements. Forward-looking statements involve risks and uncertainties including, but not limited to, economic and political factors; developments of the Chinese and North American markets and changes in regulatory matters; our business strategies and future plans of operations; the market acceptance and amount of sales of our products and services; our historical losses; the competitive environment within the industries in which we compete; and our ability to raise additional capital, currently needed for expansion.

The Company cautions that forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements due to several important factors.

GREATER CHINA MEDIA AND ENTERTAINMENT CORP.

Phone: 1-778-322-4332

Source: Greater China Media and Entertainment Corporation

CONTACT: Greater China Media and Entertainment Corporation,
+1-778-322-4332

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