BEIJING, June 25, 2007 (PRIME NEWSWIRE) -- Greater China Media and Entertainment Corporation (OTCBB:GCME) ('GCME'), an integrated professional media and entertainment company, today announced that it has signed a joint venture agreement with Mega Vision Productions Limited, ('Mega Vision') to produce a movie tentatively titled "Tough Guy". Mega Vision is a subsidiary of See Corporation Limited, a Hong Kong stock exchange-listed company.
The joint venture follows a recent announcement by the two companies to cooperate on the production and distribution of a 25-episode television series tentatively titled "True Love". As in the case of "True Love", famed director Wong Jing has been retained to supervise and edit "Tough Guy".
Under the terms of the joint venture, the total investment for "Tough Guy" will be approximately 7.5 million Chinese RMB (approximately US $1 million), with each company responsible for 50% of the investment and to be paid in four installments. GCME and Mega Vision will co-produce the movie and a third party will be responsible for its cinematography.
GCME will be responsible for distribution in mainland China excluding Hong Kong, Taiwan and Macau. Mega Vision Productions will be responsible for distribution in Hong Kong, Taiwan, Macau and oversea markets. GCME will be entitled to 50% of the profits generated from the movie.
"We believe we have the ideal formula to further GCME's ambitions of becoming a leading media and entertainment company in the industry -- a strong partner in Mega Vision, an outstanding director and newly-named general consultant to GCME in Wong Jing and a strong group of actors and actresses," stated Jake Wei, chairman and CEO of Greater China Media and Entertainment Corporation. "Among the cast are Ye Liu, the acclaimed young actor from Mainland China, known for his bold performance in the movie 'Lan Yu' and Anthony Wong, a Hong Kong Film Awarded best actor. Their talents, when combined with the GCME-Mega Vision production capabilities, we believe, will ensure the success of 'Tough Guy.'"
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 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 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.
In June 2007, the Company took delivery of its first script for the TV series "True Love," to be directed by famed director Wong Jing, and signed a production and distribution deal for the series with Mega Vision Productions Limited. The Company also signed a production and distribution deal for TV series "Poor Dad, Rich Dad" with HuaYi Union Cultural Media Investment Company Limited. 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.