BEIJING, June 12, 2007 (PRIME NEWSWIRE) -- Greater China Media and Entertainment Corporation (OTCBB:GCME) ("GCME"), an integrated professional media and entertainment company headquartered in Beijing, China, today announced that the Company has received scripts for its 25-episode television series tentatively named "True Love". The Company further announced that famed director Wong Jing has been retained to supervise and edit "True Love".
GCME, which acquired the script rights to the series in September 2006, holds the distribution rights within Mainland China, excluding Hong Kong, Taiwan and Macao. Wong Jing, one of the most famous directors in China, has written, directed and produced more than 175 films and whose recent television series "Phoenix in Blood" was rated the second most popular show in China in 2006.
GCME has entered into a contract with Mega Vision Productions Limited ("Mega Vision"), a subsidiary of See Corporation Limited, a Hong Kong stock exchange-listed company, to produce and distribute "True Love". Under the terms of the contract, the total investment for "True Love" will be approximately 12.5 million Chinese RMB (approx. US $1.61 million), of which GCME will invest 66% and Mega Vision will invest 34% in five payment installments. Mega Vision will be responsible for the shooting, post-production and distribution to overseas market and will guarantee that the series will be completed within eight months of its scheduled June 2007 start date. GCME will be responsible for obtaining approvals from relevant authorities, the distribution of the series to mainland China excluding Hong Kong, Taiwan and Macao and be entitled to 66% of the profits generated from the series and a 15% commission on distribution revenue from mainland China.
"'True Love' is one of our most important projects of 2007 and is indicative of our philosophy of investing in entertainment and media vehicles that have a high potential for commercial success," said Jake Wei, chairman and CEO of Greater China Media and Entertainment. "Supervised by one of China's most commercially successful directors, 'True Love' has the potential to allow us to expand into multiple revenue streams, such as VCD, DVD, digital, novel and serial novel formats."
About Greater China Media and Entertainment Corporation:
Greater China Media & Entertainment Corp. is an integrated professional media and entertainment company which covers various areas including film and TV program production, management, promotion and distribution. The Company plans to have 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. 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 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.