SOURCE: AFA Music Group, Ltd.

January 07, 2008 08:31 ET

AFA Music Group's Management Buys 20 Million Shares as Part of Stock Buyback Program

WHITE PLAINS, NY--(Marketwire - January 7, 2008) - AFA Music Group, Ltd. (PINKSHEETS: AFAO) is pleased to announce that members of the Company's management team have purchased 20 million shares as part of the stock buyback announced on September 26, 2007. At that time, the Company's Board of Directors authorized a buyback of up to 100 million shares of common stock through open market purchases as permitted by securities laws and other legal requirements.

The decision was based upon management's overall confidence in reaching the Company's goal of maximizing the return for shareholders and improving the stock's price-earnings ratio. The buyback option was made available to all AFA Music Group, Ltd. officers and directors.

"We believe that our share price was undervalued and, coupled with events that have since occurred, that it was a good time to acquire additional shares in the open market. Since then, the Company has undergone significant changes with the signing of new artists and the upcoming debut of the AFA Music Group digital music label, and we feel that these events put the Company and its shareholders in a better overall position," stated Jon Goldwater, CEO of AFA Music Group, Ltd.

Recently, AFA Music Group informed its shareholders and the public that BUYINS.NET determined that approximately 40 million shares were shorted between September 2006 and December 2007 with a squeeze trigger price of $0.0017. This announcement was made with the objective of determining the precise point at which short sellers went out-of-the-money and started losing on their short and naked short trades. The intended result was to enable the Company to have better access to capital and for investors and brokers to determine the fair share price.

About AFA Music Group, Ltd.:

AFA "Artists for Artists" is a talent development and management agency. Since being founded in 2005, and based on its philosophy, AFA has attracted a roster of 10 "major-quality" recording artists. AFA Music Group plans on simultaneously acquiring various music-publishing assets and to begin developing its own catalogue of artists and albums.

Safe Harbor: Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such statements about the Company's future expectations, including future revenues and earnings, technology efficacy and all other forward-looking statements be subject to the safe harbors created thereby. The Company is a development stage company who continues to be dependent upon outside capital to sustain its existence. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results.

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