China Mobile Media Technology Inc. announced that it has closed the sale of RMB150 million aggregate principal amount of USD-settled Guaranteed Senior Notes due 2014 issued by its subsidiary Magical Insight Investments Ltd. to funds managed by Abax Global Capital. On January 11, 2008, the Company completed the financing under the purchase agreement pursuant to which the Notes were issued, resulting in gross proceeds to the Company of $20.66 million. The company will utilize the net proceeds to repay the principal of and accrued interest on $10 million in outstanding secured notes, which were issued in June 2007. The remaining net proceeds of approximately $7 million will be used for future business development.

China Mobile Media Technology, Inc. (OTCBB: CHMO) announced a private placement of guaranteed senior notes due 2014 along with warrants with Abax Lotus Ltd. for gross proceeds of $20.66 million on December 27, 2007. The warrants are exercisable into 12 million shares at an exercise price of $2 per share at any time prior to June 30, 2014. The notes will not bear any interest during the first year following their issuance and will bear interest at the rate of 9.50% per annum thereafter, subject to certain conditions. The notes will mature on January 11, 2014. The investor will receive an arrangement fee of $2 million and a service fee of $0.15 million in connection with the financing. The company has an option to sell to investor additional notes in the amount of approximately $2.75 million on or before April 15, 2008, if certain conditions are met. Mitchell S. Nussbaum, Esq of Loeb & Loeb LLP will serve as legal advisor to the company.

Effective December 27, 2007, China Mobile Media Technology Inc. changed its OTCBB stock ticker symbol to CHMO from HITW.