Press Release Source: Greater China Media and Entertainment Corporation
Greater China Media and Entertainment Corporation Welcomes the New CEO Tuesday August 29, 11:33 am ET
VANCOUVER, British Columbia, Aug. 29 /PRNewswire-FirstCall/ -- Greater China Media and Entertainment Corporation (OTC Bulletin Board: GCME - News), a publicly traded company that has recently expanded into the media and entertainment industry in China, is pleased to welcome Mr. John Hui as our Chief Executive Officer. ADVERTISEMENT
On August 25, 2006, the Company appointed Mr. John Hui as our Chief Executive Officer. Mr. John Hui has over 14 years of hands on business experience in China. He is the Founder and is serving as the Vice-Chairman and director of China World Trade Corporation (CWTD) a publicly traded company. During his leadership as the CEO of CWTD, Mr. Hui founded the Guangzhou World Trade Center (WTC) Club and the Beijing World Trade Center Club, which were both affiliates with the World Trade Center Association, the largest Business Network in the world with over 300 World Trade Centers in 91 countries. Mr. Hui was also responsible for launching the first Co-Brand name credit card, the Guangzhou WTC Club Master card, a dual currency card that are issued by a foreign enterprise with a major local bank in the People's Republic of China. CWTD also acquired the CEO Club China and the New Generation Group, the largest Travel - Airline tickets agency in Southern China. Under his management, CWTD has achieved rapid growth in revenues year after year.
"John brings tremendous experience that will serve the Company's shareholders well, as we seek to expand our presence in the media and entertainment industry in China," said Xin Wei, chairman of the Company. "Most Americans see China as the manufacturing center of the world, and a global competitor in technology related consumer products. But China has another sector that is one of the fastest growing industries in the world -- the entertainment industry. According to a recent study by Pricewaterhouse Coopers, the global entertainment industry will show an annual growth of 10% in the next four years and that growth will be driven by China -- movies, theme parks, media, etc. We want to capitalize in this rapidly growing market under the leadership of Mr. John Hui and look forward to his contributions."
About Greater China Media and Entertainment Corporation:
Greater China Media and Entertainment Corporation is an Exploration Stage Company. The Company has recently expanded into the media and entertainment industry in China. In June, 2006, it 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. In July, 2006, the Company also signed a letter of intent to form a joint venture with Beijing New-Element Co. Ltd. ("New-Element"), a promotion and marketing company based in Beijing.
The Company acquired a mineral property located in the Province of British Columbia, Canada in 2005 and has not yet determined whether this property contains reserves that are economically recoverable. The Company has started exploration. The rock exposure samples have undergone analyses for the detection of precious metals in a certified laboratory and the Company will do further exploration to verify the results.
If we find mineralized material and it is economically feasible to remove the mineralized material, we will attempt to raise additional money through a subsequent private placement, public offering or through loans. If we need additional cash and can't raise it, we will either have to suspend activities until we do raise the cash, or cease activities entirely. If we can't find any mineralized material or it is not economically feasible to remove the mineralized material, we will have to cease activities and focus on the new market: the media and entertainment industry in China.
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.
GREATER CHINA MEDIA AND ENTERTAINMENT CORP.
Phone: 1-778-322-4332
-------------------------------------------------------------------------------- Source: Greater China Media and Entertainment Corporation
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