Greater China Media and Entertainment Corporation Receives US $329,000 for TV series 'Rich Dad, Poor Dad' from Hua Yi

Greater China Media and Entertainment Corporation Receives US $329,000 for TV series 'Rich Dad, Poor Dad' from Hua Yi

BEIJING, June 9 /Xinhua-PRNewswire/ -- Greater China Media & Entertainment Corporation (BULLETIN BOARD: GCME) , an integrated professional media and entertainment company, announced that it has received RMB 2.3 million (approx. US $329,000), which is the final payment from Beijing Hua Yi Union Cultural Media Investment Company Limited ('Hua Yi') for the TV series "Rich Dad, Poor Dad".

HuaYi is a professional media company engaged in the planning, production and distribution of high-quality motion pictures, TV dramas and documentaries.

On May 18, 2007, the Company, through its subsidiary Beijing Hua Ding Century Media Investment Consultants Limited ("Hua Ding"), entered into a joint production agreement with Hua Yi for the production of "Rich Dad, Poor Dad". The total production costs were roughly RMB 15,000,000 (approx. US $2,143,000). The Company contributed RMB 5,000,000 (approx. US $714,000) while Hua Yi invested RMB 10,000,000 (approx. US $1,428,000). In December 2007, Hua Ding reached another agreement with Hua Yi whereby Hua Yi consented to purchase Hua Ding's interest and rights in the television series for a total of RMB 5,700,000 (approx. US $814,000). This was to be paid in two installments with RMB 3,400,000 (approx. US $486,000) received on December 28, 2007 and RMB 2,300,000 (approx. US $329,000) received on May 31, 2008.

"I'm very pleased that we are able to secure US $100,000 from our first TV series 'Rich Dad, Poor Dad'. It has received high ratings and positive comments from audiences. We also gained valuable experience and learned a variety of new techniques through its production. In addition, we have built a sound relationship with Hua Yi. 'Rich Dad, Poor Dad' is a milestone for GCME. It has further solidified our role as an upcoming and leading media and entertainment company in China," stated Jake Wei, CEO 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 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, as well as sales and advertising agencies acquired 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 and Affiliated Entity:

In 2006, the Company formed a joint venture with Beijing Racemind HuaDing International Marketing Consultants Limited (Racemind). Racemind specializes in public relations, media strategy, consulting and event management services.

The Company signed an agreement with Beijing Star King Talent Agency to form a joint venture to carry on business as a talent agency. This joint venture is in process.

In March 2008, the Company obtained control of a local Chinese company called Beijing HuaDing Century International Cultural Limited Corp. ("Beijing HuaDing") to produce movies and TV series.

Milestones:
Movie and TV production and distribution:
-- Signed a trust agreement with Beijing Jin Ying Xiang Media Culture
Limited Corp. to produce 'Rose Thorn', a 24-episode TV series. The
series is now in production.
-- Closed a first round of private placement for US $1.6 million.
-- Signed a production and distribution deal with Mega Vision Productions
Limited for the new movie 'Tough Guy.'
-- Received US $100,000 for the TV series 'Poor Dad, Rich Dad'

Racemind HuaDing
-- Total contract value from January 2008 to April 2008 was RMB 7,424,540
(approx. US $1,061,000).
-- Total contract value for calendar year 2007 was RMB 12,333,669 (approx.
US $1,762,000).
-- Provided an array of public relations services to Siemens China.
-- Selected by Microsoft China as an approved public relations vendor.

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; changes and developments in the Chinese and North American markets as well as changes in regulatory matters; our business strategies and future operation plans; market acceptance and volume of sales of our products and services; our historical losses; the competitive environment in 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.

For more information, please contact:

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

Source: Greater 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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