China MediaExpress (CCME) Announces Share Repurchase Program

Sep. 16, 2010 (Business Wire) — China MediaExpress Holdings, Inc. (NASDAQ GS: CCME) (“CME” or “Company”), China’s largest television advertising operator on inter-city and airport express buses, today announced that its Board of Directors has approved a share repurchase program for up to $30 million of its common stock. The share repurchase authorization is effective immediately and remains in effect for one year.

Under the terms of the stock repurchase plan, the Company may repurchase shares from time to time through a combination of open market repurchases, privately negotiated transactions and accelerated share repurchase transactions in compliance with applicable securities laws and regulations including the SEC’s Rules 10b5-1 and 10b-18. The timing and number of shares repurchased will depend on a variety of factors, including the $30 million maximum, the stock price, and availability and market conditions. The Company may suspend or discontinue the stock repurchase program at any time. The repurchase program will be funded using the Company’s available cash. As of August 31, 2010, there were approximately 34.3 million shares of CME common stock outstanding.

Mr. Zheng Cheng, CME’s Chairman and Chief Executive Officer, noted, “CME has a strong balance sheet. Our Board of Directors believes that the current share price of our common stock does not reflect the Company’s fair value. The share repurchase program represents a good use of a portion of our cash position, is an attractive investment opportunity for CME and its shareholders and is consistent with our commitment to enhance stockholder value.”

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 and airport 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 23,400 express buses originating in seventeen of China’s most prosperous regions, including the four municipalities of Beijing, Shanghai, Tianjin and Chongqing and thirteen economically prosperous regions, namely Guangdong, Jiangsu, Jiangxi, Fujian, Sichuan, Hebei, Anhui, Hubei, Shandong, Shanxi, Inner Mongolia, Zhejiang and Hunan.

CME is included in the Russell Global Index. For more information visit: www.ccme.tv.