Greater China Media & Entertainment Corporation Subsidiary Announce Cancellation of Joint Venture Agreement with Tangde

Greater China Media & Entertainment Corporation Subsidiary Announce Cancellation of Joint Venture Agreement with Tangde

BEIJING, Aug. 27 /Xinhua-PRNewswire/ -- Greater China Media & Entertainment Corporation (BULLETIN BOARD: GCME) , an integrated professional media and entertainment company ("GCME" or the "Company"), announced that its subsidiary Triumph Research Limited ("Triumph") cancelled its Joint Venture Agreement with Beijing Tangde International Film Culture Co. Ltd. (Tangde).

On April 18, 2006, Triumph entered into a Joint Venture Agreement (the "Agreement") with Tangde to form a Joint Venture company that engaged in the production and distribution of film and television. Per the agreement, both parties agreed to set up a joint venture in Beijing with registered capital of RMB 10 million (approximately US $1,458,000) of which RMB 5.1 million (approximately US $743,000) was to be invested by Triumph and RMB 4.9 million (approximately US $715,000) was to be invested by Tangde. The Agreement stated that Triumph was to own 51% of the joint venture to Tangde's 49%.

Triumph and Tangde signed the cancellation agreement effective August 24, 2008.

In March 2008, the Company acquired a 70% interest in Beijing HuaDing Century International Cultural Limited Corp. ("Beijing HuaDing"), a company incorporated under the laws of the PRC. Beijing HuaDing specializes in the production and distribution of film and television.

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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