BEIJING, Dec. 8, 2006 (PRIME NEWSWIRE) -- Greater China Media & Entertainment Corporation (OTCBB:GCME), an integrative professional media and entertainment company headquartered in Beijing, China, today announced that the Company has signed a definitive agreement with Beijing Star King Talent Agency Corp. Ltd. ("Star Agency"), a leading Chinese talent agency to jointly operate a talent agency business in the People's Republic of China which will be named Greater China Talent Agency.
"We are pleased to partner with Star Agency, a highly reputable firm that has a strong record of developing and managing experienced talent in the professional entertainment industry in Asia. By combining our resources and expertise, we are confident that this joint venture will give us access to premier talent in China as we produce some of the highly anticipated projects that we are developing in our extensive pipeline," said John Hui, President, CEO and Vice-Chairman of Greater China Media & Entertainment Corporation.
Greater China Talent Agency will be one branch of the Company's diverse operations in the media and entertainment industry in China. The term of the joint venture agreement is for twenty years and will allow the Company to provide a key service to both production companies and actors.
Star Agency represents actors and other entertainers, and also manages talent for films, TV series and commercials. Many of the actors represented are well-known performers with strong developing careers. Recently, Star Agency actor Qi Ji and actress Tang Yan attended the Pusan International Film Festival and received positive recognition in Variety, a premier source of entertainment news, as future rising movie stars in Asia.
As part of this agreement, the Company will contribute 600,000 RMB ($75,000 USD) to the joint venture, owning 60% of the joint venture company and holding the majority of the seats on the Board of Directors. Star Agency will contribute 400,000 RMB ($50,000 USD) to the joint venture and will own 40% of the joint venture company. In addition, the Company will provide the initial working capital of 940,000 RMB ($117,500 USD) as well as any future working capital needed.
About Greater China Media and Entertainment Corporation:
Greater China Media & Entertainment Corp. is an integrative professional media and entertainment company which covers various areas including film and TV program production, management, promotion and distribution. The Company will have its own film and television production center, promotion agency, audio-visual distribution company, digital network company, talent agency, and sales and advertising agency. Together the team is capable of making films, TV programs and related projects on a large scale.
In June 2006, the Company 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 focused on producing TV programming and movies. In September 2006, the Company formed a joint venture with Beijing New-Element Co. Ltd., a promotion and marketing company based in Beijing. The Company also signed an agreement with Beijing Star King Talent Agency, Star Agency, to form a joint venture. For more information please visit the Company website at 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.