Greater China Media & Entertainment Corp. Subsidiary Bids to Sponsor 2008 Canon Event for US$ 1.6 Million

Greater China Media & Entertainment Corp. Subsidiary Bids to Sponsor 2008 Canon Event for US$ 1.6 Million

BEIJING, Dec. 17 /Xinhua-PRNewswire/ -- Greater China Media & Entertainment Corporation (OTC Bulletin Board: GCME; "GCME"), an integrated professional media and entertainment company, reports that its subsidiary, Racemind HuaDing, has entered a bid to sponsor the Canon Spring Products Promotion Event in 2008. The tender decision will be made in early 2008.

This will be one of Canon's most important events in the lead-up to the Beijing 2008 Summer Games and will be held in Beijing, Shanghai and Guangzhou on three different weekends (six days) between March and May 2008. The total bid is worth US$1.6 million.

The first partnership between Canon and Racemind was in September, 2007. Racemind provided exceptional public relations for the 2007 China Canon Exhibition Tennis Tournament.

According to Jake Wei, Chairman and CEO of Greater China Media & Entertainment, "The prequalification of the bid perfectly showcased our professional team here at Racemind HuaDing. We enjoyed a great partnership with Canon before and we are looking forward to collaborating again. If we successfully win the bid to sponsor this event, it will help us penetrate the public relations market in other major cities in China."

About Greater China Media and Entertainment Corporation:

Greater China Media & Entertainment Corp. ("GCME" or the "Company") is an integrated professional media and entertainment company covering various areas including film and TV program production, management, promotion and distribution. The Company maintains its own film and television production center, promotion agency, audio-visual distribution company, digital network company, talent agency, and sales and advertising agency as a result of recent joint ventures. With its broad range of media and entertainment talents, the Company is capable of making films, TV programs and related projects on a large scale.

Joint Ventures:

In June 2006, GCME signed and closed an Acquisition Agreement with Triumph Research Limited, a BVI company and party to a Joint Venture Agreement with Beijing Tangde International Film and Culture Co., Ltd. (Tangde), a Chinese company focused on producing TV programming and movies. The Company's public relations, media strategy, consulting and event management joint venture, Beijing Racemind HuaDing International Marketing Consultants Limited (Racemind HuaDing) was organized in 2006 and approved for business by the Beijing Administration for Industry in May 2007. The Company also signed an agreement with Beijing Star King Talent Agency to form a joint venture to carry on business as a talent agency.

Milestones

Movie and television series production and distribution

-- GCME closed first round of private placement for US$1.6 million.
-- GCME-signed stars appeared in the 'Invincible' TV Series.
-- Signed a production and distribution deal with Mega Vision Productions
Limited for the new movie 'Tough Guy'. The movie completed shooting
recently.
-- Took delivery of its first script for its 'True Love' television series
to be directed by famed director Wong Jing.
-- Signed a production and distribution deal for its 'Poor Dad, Rich Dad'
television series with HuaYi Union Cultural Media Investment Company
Limited. The series wrapped up shooting recently.

Racemind HuaDing

-- Organized "Family Event" and produced product VIDEO for Johnson &
Johnson Medical Ltd.
-- Arranged 2007 China Canon Exhibition Tennis Tournament, 2007 Canon ANA
Beijing International Marathon, and Canon Asian Expo 2007.
-- Signed public relations services agreement with China Central
Television (CCTV) for the 2007 Asia-Pacific Robot Contest.
-- Signed service agreement with Siemens Ltd., China's Transportation
Systems group. Organized the 10th Anniversary Ceremony of Siemens
Management Institute
-- Selected by Microsoft China as an approved public relations vendor,
and arranged conferences, new product press releases and events.

For more information, please visit the Company website at http://www.greaterchinamedia.com/ .

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.

For more information, please contact:

Greater China Media & Entertainment Corp.
Jake Wei
Tel: +86-10-5921-2333

Source: China Media and Entertainment Corporation

CONTACT: Jake Wei of Greater China Media & Entertainment Corp., +86-10-
5921-2333

Web site: http://www.greaterchinamedia.com/

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