BEIJING, Feb. 28 /Xinhua-PRNewswire/ -- Greater China Media & Entertainment Corporation (OTC Bulletin Board: GCME), an integrated professional media and entertainment company, today released its summary of the 2007 Chinese film industry.
According to a report reviewing the Chinese film industry(1), box office returns have increased 20 percent between 2005 and 2007. Last year, box office returns in China totalled RMB 3.33 billion (approx. US $438 million), compared to RMB 2.62 billion (approx. US $325 million) in 2006 and RMB 2.05 billion (approx. US $250 million) in 2005. In total, more than five hundred domestic films were produced in 2007 including 402 feature films and over 100 digital films which were developed exclusively for the movie channel. "The annual box office of domestic films is expected to be more than RMB10 billion (approx. US $1.4 billion) in the next five years," stated Ms. Geng Xilin, Secretary-General of the China Film Organization. "The Chinese film industry will become another successful sector following the Chinese TV market."
"There is plenty of room for the industry to grow. As a film making company, GCME will be dedicated to producing high quality television series and movies for a range of audiences across China," stated Jake Wei, Chairman and CEO of Greater China Media & Entertainment. "We are pleased to be part of an industry which shows such tremendous potential for growth, and look forward to playing a key leadership role in the development of the Chinese film industry."
(1) Source: http://ent.sina.com.cn/m/c/2008-02-21/11421919700.shtml
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 program 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, and sales and advertising agency 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:
In June 2006, GCME signed and closed an Acquisition Agreement with Triumph Research Limited, 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. The Company's public relations, media strategy, consulting and event management joint venture, Beijing Racemind HuaDing International Marketing Consultants Limited (Racemind HuaDing) was organized in 2006 and approved for business by the Beijing Administration for Industry in May 2007.
The Company also signed an agreement with Beijing Star King Talent Agency to form a joint venture to carry on business as a talent agency.
Milestones
Movie and television series production and distribution
-- GCME closed first round of private placement for US$1.6 million.
-- GCME-signed stars appeared in the 'Invincible' TV Series.
-- Signed a production and distribution deal with Mega Vision
Productions Limited for the new movie 'Tough Guy.' The movie
completed shooting recently.
-- Took delivery of its first script for its 'True Love' television
series to be directed by famed director Wong Jing.
-- Signed a production and distribution deal for its 'Poor Dad, Rich
Dad' television series with HuaYi Union Cultural Media Investment
Company Limited. The series wrapped up shooting recently.
Racemind HuaDing
-- Released Contracts Achievement for January 2008
-- Organized "Family Event" and produced product VIDEO for Johnson &
Johnson Medical Ltd.
-- Bid to sponsor the Canon Spring Products Promotion Event in 2008.
Arranged 2007 China Canon Exhibition Tennis Tournament, 2007 Canon ANA
Beijing International Marathon, and Canon Asian Expo 2007 and Canon
Media Christmas Party.
-- Signed public relations services agreement with China Central
Television (CCTV) for the 2007 Asia-Pacific Robot Contest.
-- Signed service agreement with Siemens Ltd., China's Transportation
Systems group. Organized the 10th Anniversary Ceremony of Siemens
Management Institute
-- Selected by Microsoft China as an approved public relations vendor,
arranged conferences, new product press releases and 2008 New Year's
Party.
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.
