BEIJING, June 15, 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 Beijing Hua Yi Union Cultural Media Investment Company Limited ('Hua Yi') to jointly invest in a television series tentatively titled "Poor Dad, Rich Dad".
Hua Yi is a professional media company engaged in the planning, production and distribution of high-quality motion pictures, TV dramas and documentaries. It has successfully distributed popular motion pictures, including "Green Tea", "My Dad and I", and "My Girlfriend Is a Kungfu Master". It also has distributed dozens of TV dramas that have received high audience ratings and commercial revenues, namely, "The Family in Northeastern China (Sequel)", "Sky of Birds", "The Marriage", "Bus Cop" and "The Red Woman Army".
Under the terms of the joint venture, the total investment for "Poor Dad, Rich Dad" will be approximately 15 million Chinese RMB (approx. US$1.97 million), of which GCME will invest 33% and Hua Yi will invest 64%. Hua Yi will be responsible for the shooting, post-production distribution and promotion and marketing. Hua Yi will also ensure the completion of the series by August 2007.
GCME will be entitled to 33% of the profits generated from the series and has the option to request Hua Yi buy back GCME's rights and interests in the series before the end of 2007 for no less than 5 Million Chinese RMB (approx. US$0.66 million), to be paid in two installments and payable no later than March 2008.
The lead actor in series, Mr. Chen BaoGuo, is one of the most popular actors in China. His current TV production, "ZhenGunChangGe" has aired on CCTV1 and has received an audience rating of 17%.
"'Poor Dad, Rich Dad' follows our recently announced 'True Love' project and reinforces our commitment to funding projects we believe will translate to high audience ratings and commercial success," said Jake Wei, chairman and CEO of Greater China Media and Entertainment. "We are pleased to partner with Hua Yi and have Chen BaoGuo as the lead actor as his presence speaks to the quality of this series."
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. 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.