China MediaExpress Holdings, Inc. (NYSE Amex: TMI; TMI/U; TMI/WS) (“CME” or “Company”), China’s largest television advertising operator on inter-city express buses, today announced that effective December 4, 2009, the Audit Committee of its Board of Directors had appointed Deloitte Touche Tohmatsu in Hong Kong ("DTT") as the Company's new independent auditor, replacing the firm of AJ. Robbins P.C.

The appointment of DTT was made after an extensive evaluation process by CME’s Audit Committee. The decision to change auditors was not the result of any disagreement between the Company and AJ. Robbins on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure.

In addition, the Board of Directors has approved the appointment of Mr. Yingshou Huang as an independent director of the Board. By the same board meeting, the Board of Directors confirmed the reformation of its Audit Committee, Nominating and Corporate Governance Committee and a Compensation Committee as described in the proxy statement circulated to stockholders in connection with its recent business combination with TM Entertainment and Media.

The Company also announced that its stock will begin trading on the NYSE Amex under its new symbols CCME (common stock), CCME.WS (warrants), and CCME.U (units) at the open of business on December 14, 2009. The symbol change reflects the Company's previously announced name change and receipt of approval of its re-application to the NYSE Amex to maintain listing after the business combination.

About CME

CME, through contractual arrangements with Fujian Fenzhong, an entity majority owned by CME’S former majority shareholder, operates the largest television advertising network on inter-city express buses in China. While CME has no direct equity ownership in Fujian Fenzhong, through the contractual agreements CME receives the economic benefits of Fujian Fenzhong’s operations. Fujian Fenzhong generates revenue by selling advertisements on its network of television displays installed on over 20,000 express buses originating in fourteen of China’s most prosperous regions, including the five municipalities of Beijing, Shanghai, Guangzhou, Tianjin and Chongqing and nine economically prosperous provinces, namely Guangdong, Jiangsu, Fujian, Sichuan, Hebei, Anhui, Hubei, Shandong and Shanxi which generate more than half of China’s GDP.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 (the “Securities Act”), as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements include, but are not limited to statements regarding expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this report may include, for example, statements about:

  • The Company’s goals and strategies;
  • The Company’s future prospects and market acceptance of its advertising network;
  • The Company’s future business development, financial condition and results of operations;
  • Projected changes in revenues, costs, expense items, profits, earnings, and other estimated financial information;
  • The Company’s ability to manage the growth of its existing advertising network on inter-city express buses and expansion to prospective advertising network on high speed railways;
  • Trends and competition in the out-of-home advertising media market in China;
  • Changes in general economic and business conditions in China; and
  • Chinese laws, regulation and policies, including those applicable to the advertising industry.
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