Greater China Media and Entertainment Close First Round of Private Placement for

GCME will use the funds to facilitate expansion of Greater China Media &Entertainment Corporation, including the necessary funding to support theCompany's wholly owned subsidiary and existing Joint Ventures.

The remainder of the funds will be used to implement and develop theCompany's business plan, for working capital and general corporate uses.

"The funding will propel GCME into the production and implementationphase," said Jake Wei, President of Greater China Media & EntertainmentCorporation. "This financing gives us additional leverage to achieve ourcorporate goals and consider new initiatives that will create further valuefor our shareholders and strengthen GCME's presence in the international mediaand entertainment sector."

About Greater China Media and Entertainment Corporation:

Greater China Media & Entertainment Corp. ("GCME" or the "Company") is anintegrated professional media and entertainment company covering various areasincluding film and TV program production, management, promotion anddistribution. The Company maintains its own film and television productioncenter, promotion agency, audio-visual distribution company, digital networkcompany, talent agency, and sales and advertising agency as a result of recentjoint ventures. With its broad range of media and entertainment talents, theCompany is capable of making films, TV programs and related projects on alarge scale.

Joint Ventures:

In June 2006, GCME signed and closed an Acquisition Agreement with TriumphResearch Limited, a BVI company and party to a Joint Venture Agreement withBeijing Tangde International Film and Culture Co., Ltd. (Tangde), a Chinesecompany focused on producing TV programming and movies. The Company's publicrelations, media strategy, consulting and event management joint venture,Beijing Racemind HuaDing International Marketing Consultants Limited (RacemindHuaDing) was organized in 2006 and approved for business by the BeijingAdministration for Industry in May 2007. The Company also signed an agreementwith Beijing Star King Talent Agency to form a joint venture to carry onbusiness as a talent agency.

    Milestones    Movie and television series production and distribution    -- 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    -- Provided Public relations services to and organized "Family Event" for       Johnson & Johnson Medical Ltd.    -- Arranged 2007 China Canon Exhibition Tennis Tournament.    -- 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,       and arranged conferences, new product press releases and events.

For more information, please visit the Company website at.

Forward-looking statements:

This report contains "forward-looking" statements within the meaning ofSection 27A of the Securities Act of 1933, as amended, and Section 21E of theSecurities Exchange Act of 1934, as amended. All statements other thanstatements of historical facts included in this report are forward-lookingstatements. Forward-looking statements involve risks and uncertaintiesincluding, but not limited to, economic and political factors; developments ofthe Chinese and North American markets and changes in regulatory matters; ourbusiness strategies and future plans of operations; the market acceptance andamount of sales of our products and services; our historical losses; thecompetitive environment within the industries in which we compete; and ourability to raise additional capital, currently needed for expansion. TheCompany cautions that forward-looking statements are subject to certain risksand uncertainties that could cause actual results to differ materially fromthose indicated in the forward-looking statements due to several importantfactors.

    For more information, please contact:    Greater China Media & Entertainment Corp.    Jake Wei    Tel: +86-10-5921-2333