SearchMedia Files Form 10-Q for the First Quarter 2010


Shanghai, China, December 16, 2010 — SearchMedia Holdings Limited (“SearchMedia”
or the “Company”) (NYSE Amex: IDI, IDI.WS), one of China's leading nationwide
multi-platform media companies, today filed a Form 10-Q to report unaudited
financial results for the first quarter of 2010.  With today’s filing, the
Company believes it is compliant and up-to-date with NYSE Amex listing
requirements.

Wilfred Chow, Chief Financial Officer of SearchMedia, commented, “Today’s filing
marks the completion of the outstanding items necessary to meet our NYSE Amex
listing requirements and we move forward with even more focus on driving
SearchMedia’s growth through operational enhancements and business development
efforts.”

The details of the first quarter of 2010 financial results are available in the
Company’s Form 10-Q filing, as filed with the U.S. Securities and Exchange
Commission.  The results reflect the shifting of certain revenue to the second
quarter of 2010 from the first quarter of 2010, due to a delay in several
billboard campaigns.   Results also reflect certain non-recurring charges, such
as a loss on impairment of goodwill of $1.7 million and an abandonment loss of
$1.3 million.

Wilfred Chow continues, “Our first quarter 2010 results differ from the
preliminary results announced on May 24, 2010.  This is in part due to a shift
in the timing of revenue from the 2010 first quarter to the 2010 second quarter.
 This shift partially drove quarter over quarter growth in the second and third
quarters.  We also expect this growth momentum to continue in the upcoming
quarters, driven by the management team reorganization and significant
operational enhancements implemented throughout this year.  Additionally, year
over year results for the first quarter of 2010 reflect the fact that the first
quarter of 2009 was particularly strong due to uniquely active campaign
execution that quarter.”

Paul Conway, the Company's Chief Executive Officer, stated, “Since the filing of
our Form 10-K last month, our concession and acquisition pipeline opportunities
have improved.  We believe the completion of our NYSE Amex listing requirements,
and the removal of that uncertainty, will further enhance our growing pipeline.
Moving forward, we believe we have laid a strong foundation from which to build
SearchMedia into one of China’s leading media companies.”

Board of Directors Changes
On December 13, 2010, the Company filed a Form 6-K to report the resignation of
Earl Yen and Jianzhong Qu from its Board of Directors.  Mr. Yen, the founder and
managing director of CSV Capital Partners, and Mr. Qu, a principal of CSV
Capital Partners, were appointed to the Board by the representatives of the
former stockholders of SearchMedia International Limited.

Indemnification Claim Update
The Company continues to pursue all remedies available to it, including legal
remedies and potential cancellation of some of the shares issued in the Share
Exchange Agreement.  There were approximately 22 million fully diluted shares
outstanding as of December 15, 2010, of which approximately 9 million were
issued to the former stockholders of SearchMedia International Limited.

About SearchMedia
SearchMedia is a leading nationwide multi-platform media company and one of the
largest operators of integrated outdoor billboard and in-elevator advertising
networks in China. SearchMedia operates a network of over 1,500 high-impact
billboards with over 500,000 square feet of surface display area and one of
China’s largest networks of in-elevator advertisement panels consisting of
approximately 125,000 frames in 50 cities throughout China.  Additionally,
SearchMedia operates a network of large-format light boxes in concourses of
eleven major subway lines in Shanghai. SearchMedia’s core outdoor billboard and
in-elevator platforms are complemented by its subway advertising platform, which
together enable it to provide a multi-platform, “one-stop shop” services for its
local, national and international advertising clients.

Forward-Looking Statements
Any statements contained in this press release that do not describe historical
facts, including statements about SearchMedia’s beliefs and expectations, may
constitute forward-looking statements as that term is defined by the United
States Private Securities Litigation Reform Act of 1995. These forward-looking
statements can be identified by terminology such as “will,” “expect,”
“anticipate,” “future,” “intend,” “plan,” “believe,” “estimate,” “confident” and
similar statements. Any forward-looking statements contained herein are based on
current expectations, but are subject to a number of risks and uncertainties
that may cause actual results to differ materially from expectations. A number
of important factors could cause actual results to differ materially from those
contained in any forward-looking statement. Potential risks and uncertainties
include, whether the Company will be in compliance with NYSE Amex listing
standards; whether the Company will be successful in its indemnification claims
against the former shareholders and directors of SearchMedia International
Limited, including its efforts to cancel some or all of the shares previously
issued; the uncertainties associated with the timing and outcome of legal
proceedings; that the Company may not recognize quarter over quarter growth in
the fourth quarter of 2010; whether the Company’s enhanced management structure
will result in the benefits, integration and growth anticipated, including
accelerated growth for 2011 or beyond; whether the material weaknesses the
Company has identified in its internal controls have been addressed or will
continue to be addressed so that it can more accurately and timely announce its
future financial results; whether the Company’s acquisition efforts to date will
enhance its ability to pursue additional concession opportunities; whether the
Company’s billboard, transit and elevator businesses will grow or contribute
revenue and income as anticipated; and the risks that there are uncertainties
and matters beyond the control of management, and other risks outlined in the
Company’s filings with the U.S. Securities and Exchange Commission. SearchMedia
cautions readers not to place undue reliance upon any forward-looking
statements, which speak only as of the date made. SearchMedia does not undertake
or accept any obligation or undertaking to release publicly any updates or
revisions to any forward-looking statement to reflect any change in the
Company’s expectations or any change in events, conditions or circumstances on
which any such statement is based.
For more information, please contact:
ICR, LLC
In New York: 	Ashley  Ammon: (646) 277-1227
In Beijing: 	Wen Lei Zheng: 86 10 6583-7510