China Mediaexpress Holdin (PINK:CCME)

China MediaExpress Holdings, Inc. announced that Starr International Company, Inc. (“Starr International”), through its wholly-owned subsidiary, Starr Investments Cayman II, Inc. (“Starr Cayman”), has agreed to purchase an aggregate of 1.5 million shares of the Company’s common stock in two private transactions. Mr. Ou Wen Lin and Mr. Qing Ping Lin, two of CME’s founding shareholders, through their holding companies, Thousand Space Holdings Limited and Bright Elite Management Limited have agreed to sell 1,000,000 and 500,000 shares of the Company’s common stock, respectively, to Starr International at $9 per share. Although the agreement was signed after the Chinese Golden Week holiday, it has been under discussion between the parties since the middle of September, and the selling price was based on CME’s average closing trading prices for that month. It is CME’s understanding that Mr. Ou Wen Lin and Mr. Qing Ping Lin intend to use proceeds from the stock sale to finance their other personal business projects that are unrelated to CME.

Starr International is one of the major investors in CME, having invested, through Starr Cayman, $30 million in January 2010 in the form of 1,000,000 shares of CME Series A Convertible Preferred Stock at $30.00 per share, together with 1,545,455 of CME common stock purchase warrants.

Mr. Zheng Cheng, CME’s Chairman and Chief Executive Officer, noted, “We are pleased that Starr International increased its investment in CME, which is indicative of their continued confidence in our business plan and growth prospects. This transaction is also an indication that Starr International views its investment in CME as a very sound long-term investment for the firm and its investors. We are glad that the Ou Wen Lin and Qing Ping Lin were able to satisfy their personal liquidity requirements while meeting Starr International's investment objectives in a manner consistent with our understanding of their intention to avoid sales into the public market.”