On October 15, 2009, TM Entertainment and Media, Inc. (the "Company") issued a press release announcing that the proposed business combination between the Company and privately-held Hong Kong Mandefu Holding Limited (d/b/a China MediaExpress) ("CME") was approved at the special meeting of its stockholders. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

On October 15, 2009, the initial directors and stockholders of the Company completed a settlement agreement with a significant shareholder of the Company. The initial stockholders transferred an aggregate of 350,000 of their shares of the Company's common stock to the significant stockholder, in exchange for a release from certain potential claims and the agreement of such stockholder not to exercise conversion rights with respect to approximately 380,000 shares owned by it.

On October 16, 2009 the Company issued a press release announcing that the proposed business combination between the Company and CME was completed. A copy of the press release is attached hereto as Exhibit 99.2 and is incorporated herein by reference. As a result of the completion of the business combination, and after giving effect to all conversions, there are 23,917,413 shares of common stock outstanding, including the 20.915 million shares issued to the CME sellers in the business combination.

(d) Exhibits

               Exhibit No.                Description
               99.1          Press Release dated October 15, 2009.
               99.2          Press Release dated October 16, 2009.