China New Media Corp. Announces Billboard Acquisition in Shenyang

DALIAN, China, Jan. 24, 2011 /PRNewswire-Asia/ -- China New Media Corporation (OTC Bulletin Board: CMDI) ("the Company"), a fast-growing advertising media company operating the largest outdoor media network in Dalian, China, today announced it entered an agreement with Shenyang Golden Hotel for acquisition of the operating rights of a billboard located at key business district on Qingnian Street in Shenyang city for a period of three years. The Company plans to invest approximately RMB 3 million (US$ 455,000) to upgrade it into a mega-sized LED screen with size over 500 square meters (approximately 5,382 square feet). Once it's been upgraded, the Company expects that it will become a new landmark for the city.

Taking into account the weather conditions, the Company expects the construction will be completed by March 2011 and generate sales revenue up to RMB 5 million (US$ 759,000) on annual basis.

Golden Hotel, opened in 1997, is one of the best four-star hotels in Liaoning province, and it's located at the key business district in Shenyang Qingnian Street.Qingnian Street is the main street in Shenyang.

Shenyang, the capital city of Liaoning Province, is located at the center of the Northeast Asian economic zone and Bohai economic rim. Nationally, the city is an important strategic region for economic development and also an engine for reaching the northeastern advertising market. The 12^th National Games of China in 2013 will be held in Shenyang, an event anticipated as an important opportunity for growth.

China New Media's founder & CEO, James Wang stated, "We are very pleased with this new acquisition in Shenyang. This new contract has further expanded our outdoor media network in Shenyang. Together with our strategic alliance with Liaoning Daily Press Group, which allows us for the installation and operation of five LED screens in Shenyang, we will become one of the top-tier outdoor advertising companies in the city of Shenyang. We expect all the construction work will be completed by March 2011."

About China New Media Corp.

Founded in September 2000, China New Media Corp. is headquartered in Dalian, the commercial center of Northeastern China. The company owns and operates the city's largest outdoor media network encompassing over 600 bus shelters furnished with billboards and displays; 130 taxi stops with displays; and 13 large-size billboards, including 3 large-size LED displays at major traffic conjunctions. The company also furnishes more than 400 buses with advertising posters and 28 metro-trains throughout Dalian Metro Lines. China New Media provides comprehensive adverting services from art design to ad publishing, from daily maintenance to technical upgrading. Launched in Dalian in 2009, China New Media's proprietary LED multimedia display network, City Navigator®, is one of the country's first web-based outdoor advertising networks.

Forward-Looking Statements

This press release may contain certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact included herein are "forward-looking statements", including statements regarding our management's expectations, hopes, beliefs, intentions or strategies regarding the future, including our financial condition, the growth of our business, the Company's ability to meet its obligations under its various contracts; the timeliness of payments and other economic benefits the Company expects to receive under such contracts; and the Company's ability to maintain its customer relationships and to maintain its ability to pursue its commercial objectives. In addition, the Company's operations are conducted in the PRC and, accordingly, are subject to special considerations and significant risks not typically associated with companies in North America and Western Europe such as risks associated with, among others, the political, economic and legal environment and foreign currency exchange. The Company's results may be adversely affected by changes in the political and social conditions in the PRC and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

SOURCE China New Media Corp.

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