SOURCE: Grand Entertainment & Music, Inc.

October 11, 2006 09:45 ET

Grand Entertainment & Music, Inc. Orders NOBO List to Clarify Ownership

MONTREAL -- (MARKET WIRE) -- October 11, 2006 -- Grand Entertainment & Music, Inc. (PINKSHEETS: GMSC) announces that it has ordered and is reviewing a current NOBO list to clarify all owners of its issued and outstanding shares.

Fred Berlin, President, stated, "We have ordered a new NOBO list which will be reviewed this week. NOBO lists disclose the recorded shares that are currently held by shareholders. We will compare this list with other company shareholder information. We are taking this action in an effort to investigate recent stock movements, and explore the possibility that there is a significant short position in the freely tradable stock which should be corrected."

About Grand Entertainment & Music, Inc.

Based in Montreal, QC, and incorporated in November 1998, the Company is an independent music company that produces, promotes, markets and controls the copyrights on music recordings in multiple formats. Additionally, the Company's multi-million dollar studios produce voice-overs and soundtracks for commercials and film, which are used on the radio, television and in theatres. Cherry Studios has produced thousands of records in its studios and has to its credit a total of 23 gold and platinum records. GEM, a pioneer in the Internet distribution and digital download field, currently owns and controls all its content and distribution rights. Having both content and distribution rights will enable the company to fulfill its mission of becoming a leading consolidator of quality music catalogues as well as a premier production, recording, publishing and Internet distribution company in the music industry.

Safe Harbor Statement

This release contains forward-looking statements with respect to the results of operations and business of Grand Entertainment & Music (GEM), Inc., which involves risks and uncertainties. The Company's actual future results could materially differ from those discussed. The company intends that such statements about the Company's future expectations, including future revenues and earnings, and all other forward-looking statements be subject to the "Safe Harbors" provision of the Private Securities Litigation Reform Act of 1995.

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