GV Films - Outcome Of Board Meeting

GV Films Ltd has informed that the Board of Directors of the Company at its meeting held on April 23, 2007 has discussed and considered the proposal to join hands with Shanghai Film Group Corporation of Shanghai Media and Entertainment Group (SMEG) and Growth Global Ltd, U.K. to develop the concept of GV Studio City which is an integrated complex of multiplex, shopping malls, hotels and entertainment parks, in the main cities of Shanghai and China.Shanghai Media & Entertainment Group (SMEG) is responsible for the operations of its 9 subsidiaries, the Shanghai Media Group, Shanghai Film Group, Oriental Pearl Co., Ltd., SME Performing Arts Center, the SMEG Special Events Office, and Shanghai Media & Entertainment Industry Co., Ltd., as well as STR International Holdings Co., Ltd and Shanghai Film Archives. The Company has assets in excess of RMB 10.7 bn (USD 1.34 bn) with over 5200 staff. The Company is engaged in live performance, exhibitions, tourism and hotels, traditional and newly developing media technologies including TV, film, radio, broadband internet, mobile entertainment and print media.