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[QUOTE]Originally posted by J_U_ICE: [QB] CMDA (.28) China Media1 Reports Profitable 2nd Quarter IRVINE, CALIFORNIA -- (MARKET WIRE) -- 08/21/06 -- China Media1 Corp. (OTCBB: CMDA) wishes to announce that we have filed the quarterly Form 10-QSB for the quarter ended June 30, 2006 last Thursday August 17, 2006. In the second quarter, our China advertising properties have generated Revenue of $1,982,044 (all in US$), $1,121,811 in Operating Income and $921,400 in Net Income. The $921,400 was then brought into the Company's P/L as Net Income from Contract Rights (please see Note 9 of the financial statements for details). The presentation of revenue from contract rights on a net basis is SEC approved and according to US GAAP. Even after absorbing a variety of accounting related entries totaling $464,853 associated with convertible financing, we still reported $193,112 Net Income for the Company. Effective from the quarter ended June 30, 2006, Chuangrun has agreed to adjust their management fee to 20% of revenue up to the original amount as stated in the management contracts. We also wish to announce that we have changed auditors from Ernst & Young, LLP to Vellmer & Chang, Chartered Accountants; a PCAOB registered firm based in Vancouver, Canada. The principals came from large national firms and have a wealth of international and China related experience. We expect to be well served with timely and professional service when required. The changeover has resulted in some handover procedures that required extra time; we will be able to meet future audits and reviews on a timelier basis. About China Media1 Corp.: China Media1 Corp. has obtained rights to premiere Chinese advertising media assets in China. Its affiliate, Guangzhou Chuangrun Advertising Company, operates the advertising space and advertising contracts with top-tier brand names and multi-national corporations as well as large advertising agencies. China Media1 has focused on providing its clients superior advertising locations based on viewership, exclusivity, and uniqueness through the use of its illuminated scrolling poster signs. China Media 1's advertising locations include the Guangzhou and Shenzhen International Airports and the Guangzhou MTR (12 Subway Stations). China Media1's website is http://www.chinamedia1corp.com. Forward-Looking Statements: Any forward-looking statement in this press release is made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties including, but not limited to, economic and political factors, technological developments, regulatory matters and increased competition. The Company disclaims any obligation to update any such factors or to publicly announce results of any revisions to the forward-looking statements contained herein to reflect future events or developments. Contacts: China Media1 Corp. Investor Relations 1-866-889-4905 investor*chinamedia1corp.com http://www.chinamedia1corp.com [/QB][/QUOTE]
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