Greater China Media and Entertainment Subsidiary Receives 3.45 Million RMB (US$474,553) for Selling its Distribution Right of ''Poor Dad, Rich Dad'' TV Series

Greater China Media and Entertainment Subsidiary Receives 3.45 Million RMB (US$474,553) for Selling its Distribution Right of ''Poor Dad, Rich Dad'' TV Series

BEIJING, Jan. 3 /Xinhua-PRNewswire/ -- Greater China Media & Entertainment Corporation (BULLETIN BOARD: GCME) , an integrated professional media and entertainment company, reports that its subsidiary, HuaDing, has received 3.45 million RMB (about US$474,553) for selling its distribution right of TV series ''Poor Dad Rich Dad''.

In September 2007, the Company and Beijing Hua Yi Union Cultural Media Investment Company Limited (''HuaYi''), a professional media company, jointly invested in ''Poor Dad, Rich Dad''. The Company has invested 5 million RMB (about US$687,757). According to the Joint Investment Agreement, the Company requests HuaYi to purchase the Company's portion of the distribution right for 5.75 million RMB. HuaYi paid 3.45 Million RMB (about US$474,553) on January 1, 2008. The rest, 2.3 Million RMB (about US$316,369), should be paid by the end of May 2008.

'''Poor Dad, Rich Dad' is the first TV series invested in by the Company. We are pleased to have a secured return on our investment, as well as having valuable experience from producing this TV series. Our successful first step gives us more confidence in the TV series market in China. We plan to produce a couple of more TV series in 2008 and expect to have better return for our investment,'' said Mr. Wei, President of the Company.

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.
-- Bid to sponsor the Canon Spring Products Promotion Event in 2008.
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:

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

Source: Greater China Media & Entertainment Corp.

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

Web Site:

http://www.greaterchinamedia.com/

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