Great China Mania Holdings, Inc. (OTCBB:GMEC) entered into a binding letter of intent to acquire Phaedra Media Group Limited for $8.4 million on June 12, 2014. Phaedra Media Group will be acquired for a consideration of 12 million to 15 million shares of Great China Mania's common stock, which will be determined after completing due diligence. Phaedra Media Group will be entitled to appoint one member of the Board of Directors of Great China Mania.

Phaedra Media Group shall be entitled to appoint the Chief Operating Officer of China Operations for Great China Mania. Phaedra Media Group's current management team will continue to operate the business. The transaction is subject to completion of due diligence and definitive agreement.

Great China Mania has one week to complete due diligence.