China Century Dragon Media, Inc. (NYSE Amex: CDM) (the "Company"), today announced that the Company's registered independent accounting firm, MaloneBailey LLP ("MB") has formally resigned its engagement with the Company as of March 22, 2011. In its resignation letter, MB informed the Company that due to discrepancies noted on customer confirmations and the auditor's inability to directly verify the Company's bank records, they believe these irregularities may be an indication that the accounting records have been falsified, which would constitute an illegal act. Furthermore, MB's letter notes that the discrepancies could indicate a material error in previously issued financial statements. As a result, MB stated that it is unable to rely on management's representations as they relate to previously issued financial statements and it can no longer support its opinions related to the financial statements as of December 31, 2009 and 2008. The Company intends to seek and retain a new auditor.
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