China Media negotiating revised terms on previously announced $1.25 million PIPE

By Sheri Kasprzak

New York, May 5 - China Media Group Corp. is renegotiating its previously announced $1.25 million private placement.

The company, so far, has only completed the first tranche of the offering, selling 833,333 shares at $0.30 each for proceeds of $250,000 to Central Star Holdings Ltd.

The offering was announced Feb. 13 as a $1.25 million offering of up to 4,166,665 shares at $0.30 each in five equal tranches.

"At the date of this report, Central Star has initiated negotiating with the company on revised terms of the stock purchase agreement to reflect the changes in the market prices and conditions," said a form 8-K filed with the Securities and Exchange Commission Friday.

Based in Cedar Hill, Texas, China Media is a marketing and advertising company focused on clients based in China.

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