SOURCE: CineMaya Media Group

August 13, 2008 16:01 ET

CineMaya Media Group Takes Steps Towards Major Reorganization

NEW YORK, NY--(Marketwire - August 13, 2008) - CineMaya Media Group (PINKSHEETS: CNMY) today announced it is in the process of a major reorganization of its company structure and businesses.

In its first step, the company appointed Mel Rich, as an independent member to the Board of Directors. Mel Rich is a veteran Live Events producer and has a successful career producing major acts and major projects.

A major part of the company's plan going forward is to reduce debt, increase revenues with growth in new markets and new business opportunities.

The Board of Directors has approved the acquisition of the MMA Alliance, Inc., in all stock transaction. The Board of Directors plans additional acquisitions and is moving swiftly to hire new management and complete the acquisitions.

In another step, the Board of Directors approved the reduction of approximately $2.4 million dollars in debt through the sale of its subsidiaries engaged in the South Asian media, marketing and entertainment businesses to MEC Holdings LLC, and accepted the resignation of Sunil Hali, Chairman, CEO, and Publisher and Nayan Padrai, President and Chief Operating Officer. Sunil Hali and Nayan Padrai jointly stated, "It has been a pleasure and challenge to build the business. We felt that a timely reorganization would be in the best interest of the public company and its shareholders."

The company will announce additional details of the new reorganization plan as well as a new company name and website.

The Board of Directors will announce the hiring of a new President and additional member of the Board of Directors in the coming days.

About CineMaya Media Group:

CineMaya Media Group (PINKSHEETS: CNMY) is a provider of media, entertainment, and marketing services.

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