HONG KONG -- (Marketwired) -- Great China Mania Holdings, Inc., (OTCBB: GMEC) (the "Company" or "GMEC") announces its 2012 annual financial results. Revenue from its artist and project management services segment increases by 75% to $1.9 million as compared to $1.1 million in 2011. Segment profit from artist and project management services amounted to $131,024 in 2012 as compared to a loss of $193,360 in 2011.
- 2012 revenue decreases to $4.8 million from $5.4 million in 2011
- Revenue from artist and project management services, however, increases from $1.1 million in 2011 to $1.9 million in 2012
- 2012 net loss from continuing operations reduces to $0.5 million from $1 million in 2011
During 2012, GMEC has reorganized its subsidiaries' focus to position its artist management business as the main business segment in order to capture the growing opportunities in the region. Currently, GMEC manages 24 female artists and 5 male artists in Hong Kong, China, Malaysia and Australia. GMEC generates revenues through movies, TV series, music, promotional events, spokesmanship and talent management. Major clients in 2012 included KFC, Bossini, LA MIU, Giordano, McDonalds, Taobao and others.
Roy Kwong, CEO of GMEC, stated, "Looking forward in 2013, we will develop our business through expanded participation in movies and TV series in Hong Kong and China and entry into new business segments focusing on cooperation with international celebrities, sport stars and artists for crossover merchandizing opportunities. We will also endeavor to work with world class movie producers and experts to improve the quality of the movies produced by us."
Information Regarding Forward-Looking Statements
Except for historical information contained herein, the statements in this press release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause our actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, product demand, market competition, and risks inherent in our operations. These and other risks are described in our filings with the U.S. Securities and Exchange Commission.