Welcome to Creative Management Group Agency

For Immediate Release – August 1, 2008

New York, NY (August 1, 2008)… The executives of CMG Holdings, Inc. and Creative Management Group Agency (CMG) are pleased to announce that Liz Claman of Fox Business News has broken the story of the publication of Bear Trap: The Fall of Bear Stearns and the Panic of 2008. The book is co-authored by Andrew Spencer, VP Literary of CMG Holdings, Inc. (OTCBB: CMGO) Creative Management Group Inc. and an anonymous author who was a senior managing director at Bear. Bear Trap, published by Brick Tower Press, is the first mass-market book covering the Bear Stearns financial collapse. Bear Trap takes us on a stimulating trip into the sordid world of the Bear Stearns saga, and will be out in stores on September 17, 2008. The book eerily forebodes the failure of fellow behemoth banking institutions Lehman Brothers and Merrill Lynch. For more information please visit www.beartrapbook.com.

After reading a copy of the final manuscript of the book, Claman referred to the book on air as "a bombshell" and predicted that Bear Trap would be "the book" about the Bear Stearns collapse.

Said Alan Morell, Chief Executive Officer of Creative Management Group Agency who represents the commercial rights for Bear Trap, “Liz, Roger Ailes and Bill Shine do a fantastic job at Fox News with their correspondents, research and graphics." He added, "Bear Trap is the most powerful Wall Street story since the collapse of Drexel, and it has the added drama of the complexities and politics of the Federal Reserve Bank’s involvement. This is tailor-made for a television true-drama story.”

A senior executive at Bear Stearns vividly describes what happened within Bear’s walls and on the trading floor that resulted in the most sensational financial crisis of our times. He recounts in detail the chain of events that led to the downward spiral–from both Bear's point-of-view and from the overall world financial marketplace’s. He describes the securities manipulations that served to precipitate the credit crisis–those same securities we see in our IRAs and 401Ks. Anonymous reveals for the first time how foreign demand of US capital, too, played a role in the Bear's massacre, and he provides an insider's view of the unprecedented actions taken by the Treasury and Federal Reserve to avoid a world-wide financial crisis. – Brick Tower Press

Bear Trap’s anonymous co-author will be revealed and interviewed on Liz Claman’s segment on Fox Business News on Wednesday, September 17th at 7:30AM ET. Viewers can also see the segment online at: www.foxbusiness.com.

Andrew Spencer, VP Literary CMG Holdings Inc., Creative Management Group Inc. served on the editorial board of N Magazine based in Nantucket, Massachusetts, for four years prior to joining the Creative Management Group Agency as Vice President of Communications and Director of the CMG Image Marketing and Literary divisions. He has presented his own research-based work at over thirty academic conferences worldwide, and his work has been published in a variety of academic collections. He served for two years on the editorial staff of Studies in Browning and His Circle and was the lead pre-publication editor for The Barretts of Jamaica: The Family of Elizabeth Barrett Browning. Mr. Spencer has also been a regular contributor to the Nantucket Independent and Yesterday’s Island newspapers, as well as to Home and Garden: Nantucket, The Nantucket Guide and Waterfront magazines.

About CMG

CMG Holdings, Inc. is a full service global marketing, sports, entertainment and management communications company that operates in the sectors of talent management, event management and commercial rights. Talent Management includes representation of personalities in the entertainment and the arts, athletes, literary industries through full service representation to enable clients to realize up most potential for endorsements, licensing, contract negotiations, speaking appearances, literary and television image marketing. CMG represents athletes and sports personalities in team and non-team sports in a full-service approach ensuring individualized attention and commitment to manage client’s business opportunities. CMG manages broadcasters and actors careers and assists the engineering opportunities in film, broadcast and television and packaging with corporate sponsors. CMG literary division provides full service representation to authors for publishing in traditional houses as well as electronic media including television, film, radio and after market licensing to ensure greatest exposure and to increase client revenues.Event Management includes marquis hospitality, sponsorships and licensing, broadcast production and implementation of events including hospitality services to the most discriminating of clients in sports sectors including golf, tennis, equine and motor sports pairing corporate sponsors and premier events and leveraging that experience to ensure our clients receive the highest return on their investment and level of brand exposure. CMG is dedicated to pursuing intellectual property rights of sports and entertainment properties and offering these events through long-term entertainment hospitality packages for corporate sponsors and manage and implement on-site operations and logistical concerns. CMG broadcast and production division secures, negotiates electronic production, broadcast and syndication opportunities for clients via network, cable television, radio and digital media.Commercial Rights includes branding, consulting, endorsements, licensing, sponsorships, sales and marketing. CMG creates branding and distributes image marketing tools to strategic outlets to generate premier brand recognition for our clients. CMG consulting focuses on developing high-profile programs utilizing creative solutions to improve cost-efficiency and increase client revenues. CMG endorsement, licensing and sponsorships division works with premier corporations regarding contract negotiations for client endorsements, secure domestic and international licensing opportunities, provide implementation and execution services for client sponsorships. CMG marketing division positions and leverages our clients to increase their presence in the global market through research of business environments and creative solutions to take advantage of given market conditions. CMG sales includes creating commercial rights opportunities, identifying sales targets and strategically selling commercial rights to maximize client revenues. Creative Management Group is headquartered in Miami, Florida with a marketing and sales office in New York City.

For further information:

CMG Holdings, Inc.

Creative Management Group, Inc.

Jim Ennis, COO

investorrelations@creativemanagementgroup.com