SOURCE: China Media Group Corporation

September 10, 2007 07:43 ET

China Media Group Corporation Announces Appointment of Financial Advisor for Potential Chinese Television Acquisition

SAN ANTONIO, TX--(Marketwire - September 10, 2007) - China Media Group Corporation (OTCBB: CHMD) ("CMG") announces today it has appointed a Corporate Advisory Firm in Australia to provide advisory services to the Board in relation to the previously announced potential Chinese television acquisition.

As announced in July 2007, CMG signed a stock purchase agreement for the controlling interests in a company that has a 49% interest in a joint venture company in China that owns and operates a microwave network in Hunan province and has a 25% interest in a digital television channel. The Board considers that the Australian market has been active in investing in media assets in Asia. The Australian market presents opportunities to seek synergistic and funding partners for the potential acquisition. The Board has appointed a leading Corporate Advisory firm to seek possible funding sources including but not limited to IPO, RTO or private equity. The agreement is on a non-exclusive basis and CMG is also in discussion with a number of firms in the United States to perform a similar role in the North American market. We will update the market once we have concluded any agreement with the corporate finance firms or funders.

About China Media Group Corporation:

China Media Group Corporation (OTCBB: CHMD) is a "Next Generation" advertising / media company focusing on the very lucrative Chinese market. It has offices in China, Hong Kong and Texas, USA. The company was incorporated in Texas on October 1, 2002. The Company is currently entering the fast growing advertising industry in China and plans to expand its offices in key cities such as Beijing, Guangzhou and Shenzhen. The Company will also cooperate with strategic partners in other cities to serve our clients for nationwide advertising coverage.

Additional information concerning other areas and topics of China Media Group can be found on our web site at

A number of statements contained in this Report are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Certain written statements in this press release constitute "forward-looking statements" as defined under the Private Securities Litigation Reform Act of 1995. Words or phrases such as "should result," "are expected to," "we anticipate," "we estimate," "we project," "we intend," or similar expressions are intended to identify forward-looking statements. These statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed in any forward-looking statements. These risks and uncertainties include demand for our services, product development, our ability to maintain acceptable margins and control costs, the impact of federal, state and local regulatory requirements on our business, the impact of competition and the uncertainty of economic conditions in general, including the timely development and market acceptance of products, competitive market conditions, successful integration of acquisitions, the ability to secure additional sources of financing, the ability to reduce operating expenses, and other factors. The actual results that the Company achieves may differ materially from any forward-looking statements due to such risks and uncertainties. Readers are cautioned not to place undue reliance on forward-looking statements, since the statements speak only as of the date that they are made, and we undertake no obligation to publicly update these statements based on events that may occur after the date of this document.

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