----

----

| For the quarterly period ended     | September 30, 2010  |
|--------------------------------------------------------|--------------------------|

| For the transition period from |   | to |   |
|--------------------------------|--------|----|--------|

| Commission File Number:    | 0-52408  |
|-------------------------------------------|---------------|

| EMERGING MEDIA HOLDINGS, INC.                     |
|--------------------------------------------------------|
| (Exact Name of Registrant as Specified in Its Charter) |

| NEVADA                                                         |   | 13-1026995                      |
|----------------------------------------------------------------|--------|--------------------------------------|
| (State of other jurisdiction of incorporation or organization) |   | (I.R.S. Employer Identification No.) |

| 1809 E. BROADWAY ST., SUITE 175, OVIEDA, FLORIDA   |   | 32765  |
|--------------------------------------------------------------|--------|-------------|
| (Address of principal executive offices)                |   | (Zip Code)  |

| (806) 688-9697                                  |
|------------------------------------------------------|
| (Registrant's Telephone Number, Including Area Code) |

|                                                                               |
|------------------------------------------------------------------------------------|
| (Former name, former address and former fiscal year, if changed since last report) |

| Large accelerated filer                                                                      | o      | Accelerated filer    | o      |
|---------------------------------------------------------------------------------------------------|--------|---------------------------|--------|
|                                                                                              |   |                      |   |
| Non-accelerated filer      (Do not check if a smaller reporting company) | o      | Smaller reporting company | x      |

----

----

----

| Emerging Media Holdings, Inc. and Subsidiaries |
|------------------------------------------------|
|                                           |   |   |   |   |
| Index                                          |
|                                           |   |   |   | Page |
|                                           | PART I. | FINANCIAL INFORMATION |   |   |
|                                           |   |   |   |   |
|                                           | Item 1. | Financial Statements |   | 1 |
|                                           |   |   |   |   |
|                                           |   | Consolidated Balance Sheets as of September 30, 2010 |   |   |
|                                           |   |  and December 31, 2009  (unaudited) |   | 2 |
|                                           |   |   |   |   |
|                                           |   | Consolidated Statements of Operations for the |   |   |
|                                           |   | Nine and Three Months Ended September 30, 2010 and 2009 (Unaudited) |   | 3 |
|                                           |   |   |   |   |
|                                           |   | Consolidated Statements of Comprehensive Income for the Nine and Three Months ended September 30, 2010 and 2009 (unaudited) |   | 4 |
|                                           |   |   |   |   |
|                                           |   | Consolidated Statement of Stockholders' Equity for the Period Ended September 30, 2010 (Unaudited) |   | 5 |
|                                           |   |   |   |   |
|                                           |   | Statement of Cash Flows for the Nine Months Ended September 30, 2010 and 2009 (Unaudited) |   | 6-7 |
|                                           |   |   |   |   |
|                                           |   | Notes to Unaudited Financial Statements |   | 8-20 |
|                                           |   |   |   |   |
|                                           | Item 2. | Management's Discussion and Analysis of Financial |   |   |
|                                           |   | Condition and Results of Operations |   | 21 |
|                                           |   |   |   |   |
|                                           | Item 3. | Quantitative and Qualitative Disclosures About Market Risk |   | 24 |
|                                           |   |   |   |   |
|                                           | Item 4. | Controls and Procedures |   | 24 |
|                                           |   |   |   |   |
|                                           | PART II. | OTHER INFORMATION |   |   |
|                                           |   |   |   |   |
|                                           | Item 6. | Exhibits. |   | 25 |
|                                           |   |   |   |   |
|                                           | Signatures |   | 25 |

----

----

| EMERGING MEDIA HOLDINGS INC. AND SUBSIDIARIES                                                                            |   |
|--------------------------------------------------------------------------------------------------------------------------|--------|
| CONSOLIDATED BALANCE SHEETS                                                                                              |   |
| (Unaudited)                                                                                                              |   |
|                                                                                                                     |   |   |   |   |   |   |
| ASSETS                                                                                                                   |   |   |   |   |   |   |
|                                                                                                                     |   | September 30, |   |   | December 31, |   |
|                                                                                                                     |   | 2010 |   |   | 2009 |   |
|                                                                                                                     |   |   |   |   |   |   |
| CURRENT ASSETS:                                                                                                          |   |   |   |   |   |   |
| Cash and cash equivalents                                                                                                |   | $ | 263,978 |   |   | $ | 647,861 |   |
| Marketable securities                                                                                                    |   |   | 250,000 |   |   |   | 328,801 |   |
| Accounts receivable - net of allowance for doubtful accounts of $5,000                                                   |   |   |   |   |   |
|       and $246,000                                                                         |   |   | 496,594 |   |   |   | 3,578,358 |   |
| Inventories                                                                                                              |   |   | 19,244 |   |   |   | 308,732 |   |
| Employee receivables and other current assets                                                                            |   |   | 201,321 |   |   |   | 169,544 |   |
|                                                                                                                     |   |   |   |   |   |   |   |   |
|        Total Current Assets                                                           |   |   | 1,231,137 |   |   |   | 5,033,296 |   |
|                                                                                                                     |   |   |   |   |   |   |   |   |
| Property, plant and equipment, net                                                                                       |   |   | 81,602 |   |   |   | 2,893,835 |   |
| Restricted cash                                                                                                          |   |   | - |   |   |   | 720,888 |   |
| Intangible assets - net                                                                                                  |   |   | 215,429 |   |   |   | 258,041 |   |
| Goodwill                                                                                                                 |   |   | 3,639,645 |   |   |   | 7,510,892 |   |
|                                                                                                                     |   |   |   |   |   |   |   |   |
| TOTAL ASSETS                                                                                                             |   | $ | 5,167,813 |   |   | $ | 16,416,952 |   |
|                                                                                                                     |   |   |   |   |   |   |   |   |
| LIABILITIES AND EQUITY                                                                                                   |   |   |   |   |   |   |   |   |
|                                                                                                                     |   |   |   |   |   |   |   |   |
| CURRENT LIABILITIES:                                                                                                     |   |   |   |   |   |   |   |   |
| Notes payable                                                                                                            |   | $ | - |   |   | $ | 471,595 |   |
| Accounts payable                                                                                                         |   |   | 108,217 |   |   |   | 3,772,888 |   |
| Accrued expenses                                                                                                         |   |   | 91,184 |   |   |   | 374,094 |   |
| Capitalized lease obligations                                                                                            |   |   | 2,953 |   |   |   | 81,788 |   |
| Customer deposits                                                                                                        |   |   | 20,909 |   |   |   | 552,851 |   |
|                                                                                                                     |   |   |   |   |   |   |   |   |
|        Total Current Liabilities                                                      |   |   | 223,263 |   |   |   | 5,253,216 |   |
|                                                                                                                     |   |   |   |   |   |   |   |   |
| LONG-TERM LIABILITIES:                                                                                                   |   |   |   |   |   |   |   |   |
| Notes payable - less current portion above                                                                               |   |   | - |   |   |   | 1,165,087 |   |
| Capitalized lease obligations - less current portion above                                                               |   |   | - |   |   |   | 14,038 |   |
|                                                                                                                     |   |   |   |   |   |   |   |   |
|        Total Long-Term Liabilities                                                    |   |   | - |   |   |   | 1,179,125 |   |
|                                                                                                                     |   |   |   |   |   |   |   |   |
| TOTAL LIABILITIES                                                                                                        |   |   | 223,263 |   |   |   | 6,432,341 |   |
|                                                                                                                     |   |   |   |   |   |   |   |   |
| Commitments and Contingencies                                                                                            |   |   | - |   |   |   | - |   |
|                                                                                                                     |   |   |   |   |   |   |   |   |
| EQUITY:                                                                                                                  |   |   |   |   |   |   |   |   |
| Emerging Media Holdings Inc. and Subsidiaries Stockholders' Equity:                                                      |   |   |   |   |   |
| Common stock, $.001 par value, 100,000,000 shares                                                                        |   |   |   |   |   |   |   |   |
|        authorized; 12,250,920 and 17,303,000 shares issued                            |   |   |   |   |   |   |   |   |
|        at September 30, 2010 and December 31, 2009                                    |   |   | 12,168 |   |   |   | 17,303 |   |
| Additional paid-in-capital                                                                                               |   |   | 5,670,649 |   |   |   | 9,026,003 |   |
| Retained earnings (deficit)                                                                                              |   |   | (827,681 | ) |   |   | 721,510 |   |
| Accumulated other comprehensive income (loss)                                                                            |   |   | 56,011 |   |   |   | (406,856 | ) |
| Less: Cost of common stock in treasury, 9,800 shares                                                                     |   |   | (9,237 | ) |   |   | (9,237 | ) |
|         Total Emerging Media Holdings Inc. and Subsidiaries Stockholders' Equity |   |   | 4,901,910 |   |   |   | 9,348,723 |   |
|                                                                                                                     |   |   |   |   |   |   |   |   |
| Noncontrolling interest                                                                                                  |   |   | 42,640 |   |   |   | 635,888 |   |
|         Total Equity                                                             |   |   | 4,944,550 |   |   |   | 9,984,611 |   |
|                                                                                                                     |   |   |   |   |   |   |   |   |
|       TOTAL LIABILITIES AND EQUITY                                                         |   | $ | 5,167,813 |   |   | $ | 16,416,952 |   |

----

| EMERGING MEDIA HOLDINGS INC. AND SUBSIDIARIES      |   |
|----------------------------------------------------|--------|
| CONSOLIDATED STATEMENTS OF OPERATIONS              |   |
| (Unaudited)                                        |   |
|                                               |   |   |   |   |   |   |   |   |   |   |   |   |
|                                               |   | For The Nine Months Ended September 30, |   |   | Fosr The Three Months Ended September 30, |   |
|                                               |   | 2010 |   |   | 2009 |   |   | 2010 |   |   | 2009 |   |
| Revenues                                           |   | $ | 2,223,779 |   |   | $ | 1,745,928 |   |   | $ | 784,685 |   |   | $ | 527,723 |   |
|                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Costs and expenses:                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cost of sales                                      |   |   | 1,520,750 |   |   |   | 1,058,680 |   |   |   | 508,318 |   |   |   | 406,269 |   |
| Selling, general and administrative expenses       |   |   | 772,970 |   |   |   | 770,839 |   |   |   | 258,755 |   |   |   | 221,177 |   |
|                                               |   |   | 2,293,720 |   |   |   | 1,829,519 |   |   |   | 767,073 |   |   |   | 627,446 |   |
|                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income (loss) from operations                      |   |   | (69,941 | ) |   |   | (83,591 | ) |   |   | 17,612 |   |   |   | (99,723 | ) |
|                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other income (expense):                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest expense                                   |   |   | (850 | ) |   |   | (1,969 | ) |   |   | (275 | ) |   |   | (1,125 | ) |
| Other income (principally interest income)         |   |   | 11,760 |   |   |   | 194,627 |   |   |   | 3,163 |   |   |   | 83,058 |   |
|                                               |   |   | 10,910 |   |   |   | 192,658 |   |   |   | 2,888 |   |   |   | 81,933 |   |
|                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings (loss) from continuing operations before  |   |   | (59,031 | ) |   |   | 109,067 |   |   |   | 20,500 |   |   |   | (17,790 | ) |
| provision for income taxes                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Provision for income taxes                         |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
|                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings (loss) from continuing operations         |   |   | (59,031 | ) |   |   | 109,067 |   |   |   | 20,500 |   |   |   | (17,790 | ) |
|                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Discontinued operations (Note 18):                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Gain on sale of SC Genesis                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| International S.A.                                 |   |   | 109,016 |   |   |   | - |   |   |   | 109,016 |   |   |   | - |   |
| Loss from operations of SC Genesis                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| International S.A.                                 |   |   | (1,945,670 | ) |   |   | - |   |   |   | (467,788 | ) |   |   | - |   |
|                                               |   |   | (1,836,654 | ) |   |   | - |   |   |   | (358,772 | ) |   |   | - |   |
|                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net earnings (loss)                                |   |   | (1,895,685 | ) |   |   | 109,067 |   |   |   | (338,272 | ) |   |   | (17,790 | ) |
|                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Less: Net earnings (loss) attributable to the      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| noncontrolling interest                            |   |   | (346,494 | ) |   |   | - |   |   |   | (68,038 | ) |   |   | - |   |
|                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net earnings (loss) attributable to Emerging Media |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Holdings, Inc. and Subsidiaries                    |   | $ | (1,549,191 | ) |   | $ | 109,067 |   |   | $ | (270,234 | ) |   | $ | (17,790 | ) |
|                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings (loss) per common share:                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings (loss) per common share attributable to   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Emerging Media Inc. and Subsidiaries               |   |   |   |   |   |   |   |   |   |   |   |   |   |
| common shareholders from continuing                |   |   |   |   |   |   |   |   |   |   |   |   |   |
| operations - basic                                 |   | $ | (0.00 | ) |   | $ | 0.01 |   |   | $ | 0.00 |   |   | $ | (0.00 | ) |
|                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings (loss) per common share attributable to   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Emerging Media Inc. and Subsidiaries               |   |   |   |   |   |   |   |   |   |   |   |   |   |
| common shareholders from discontinued              |   |   |   |   |   |   |   |   |   |   |   |   |   |
| operations - basic                                 |   | $ | (0.10 | ) |   | $ | 0.00 |   |   | $ | (0.02 | ) |   | $ | 0.00 |   |
|                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings (loss) per common share attributable to   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Emerging Media Inc. and Subsidiaries               |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   common shareholders from continuing    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   operations - diluted                   |   | $ | (0.00 | ) |   | $ | 0.01 |   |   | $ | 0.00 |   |   | $ | (0.00 | ) |
|                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings (loss) per common share attributable to   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Emerging Media Inc. and Subsidiaries               |   |   |   |   |   |   |   |   |   |   |   |   |   |
| common shareholders from discontinued              |   |   |   |   |   |   |   |   |   |   |   |   |   |
| operations - diluted                               |   | $ | (0.10 | ) |   | $ | 0.00 |   |   | $ | (0.02 | ) |   | $ | 0.00 |   |
|                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average common shares - basic             |   |   | 17,814,711 |   |   |   | 16,303,000 |   |   |   | 17,041,557 |   |   |   | 16,303,000 |   |
|                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average common shares - diluted           |   |   | 17,814,711 |   |   |   | 17,303,000 |   |   |   | 17,041,557 |   |   |   | 17,303,000 |   |

----

| EMERGING MEDIA HOLDINGS INC. AND SUBSIDIARIES              |   |
|------------------------------------------------------------|--------|
| CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME            |   |
| (Unaudited)                                                |   |
|                                                       |   |   |   |   |   |   |
|                                                       |   |   |   |   |   |   |
|                                                       |   |   |   |   |   |   |
|                                                       |   | For the Nine Months Ended |   |
|                                                       |   | September 30, |   |
|                                                       |   | 2010 |   |   | 2009 |   |
|                                                       |   |   |   |   |   |   |
| Net earnings (loss)                                        |   | $ | (1,895,685 | ) |   | $ | 109,067 |   |
|                                                       |   |   |   |   |   |   |   |   |
| Other comprehensive income (loss) - net of tax:            |   |   |   |   |   |   |   |   |
| Currency translation adjustment                            |   |   | 216,184 |   |   |   | (97,160 | ) |
|                                                       |   |   |   |   |   |   |   |   |
| Comprehensive income (loss)                                |   |   | (1,679,501 | ) |   |   | 11,907 |   |
|                                                       |   |   |   |   |   |   |   |   |
| Comprehensive income (loss) attributable to noncontrolling |   |   |   |   |   |   |   |   |
| interest                                                   |   |   | (346,494 | ) |   |   | - |   |
|                                                       |   |   |   |   |   |   |   |   |
| Comprehensive income (loss) attributable to Emerging       |   |   |   |   |   |   |   |   |
| Media Inc. and Subsidiaries                                |   | $ | (1,333,007 | ) |   | $ | 11,907 |   |

----

| EMERGING MEDIA HOLDINGS INC. AND SUBSIDIARIES |   |
|-----------------------------------------------|--------|
| CONSOLIDATED STATEMENT OF EQUITY              |   |
| (Unaudited)                                   |   |
|                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | Accumulated |   |   |   |   |   |
|                                          |   |   |   |   |   | Preferred Stock |   | Common Stock |   |   |   | Retained |   | Other |   |   |   |   |   |
|                                          |   |   |   | Comprehensive |   | Number of |   |   |   | Number of |   |   |   | Additional Paid |   | Earnings |   | Comprehensive |   | Treasury |   | Noncontrolling |   |
|                                          |   | Total |   | Income |   | Shares |   | Amount |   | Shares |   | Amount |   | In Capital |   | (Deficit) |   | Income (Loss) |   | Stock |   | Interest |   |
| Balance, January 1, 2009                      |   | $ | 9,890,609 |   |   |   |   | 1,000,000 |   | $ | 4,000,000 |   |   | 16,303,000 |   | $ | 16,303 |   | $ | 5,027,003 |   | $ | 693,547 |   | $ | 162,993 |   | $ | (9,237 | ) | $ | - |   |
|                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Conversion of preferred stock                 |   |   | - |   |   |   |   | (1,000,000 | ) |   | (4,000,000 | ) |   | 1,000,000 |   |   | 1,000 |   |   | 3,999,000 |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Noncontrolling interest                       |   |   | 587,230 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 587,230 |   |
|                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net earnings year ended                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| December 31, 2009                             |   |   | 76,621 |   | $ | 76,621 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 27,963 |   |   |   |   |   |   |   |   | 48,658 |   |
|                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Currency translation                          |   |   | (569,849 | ) |   | (569,849 | ) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (569,849 | ) |   |   |   |   |   |   |
|                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Comprehensive loss                            |   |   |   |   | $ | (493,228 | ) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance, December 31, 2009                    |   |   | 9,984,611 |   |   |   |   |   | - |   |   | - |   |   | 17,303,000 |   |   | 17,303 |   |   | 9,026,003 |   |   | 721,510 |   |   | (406,856 | ) |   | (9,237 | ) |   | 635,888 |   |
|                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance of common stock                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| for acquisition                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 1,250,000 |   |   | 1,250 |   |   | 346,149 |   |   |   |   |   | (29,455 | ) |   |   |   |   | (317,944 | ) |
|                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Sale of SC Genesis                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| International S.A.                            |   |   | (3,377,560 | ) |   |   |   |   |   |   |   |   |   |   | (8,443,900 | ) |   | (8,444 | ) |   | (3,369,116 | ) |   |   |   |   |   |   |   |   |   |   |   |   |
|                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Non-cash based compensation                   |   |   | 17,000 |   |   |   |   |   |   |   |   |   |   |   | 100,000 |   |   | 17 |   |   | 16,983 |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 1:5 Forward split adjustment                  |   |   |   |   |   |   |   |   |   |   |   | 2,041,820 |   |   | 2,042 |   |   | (2,042 | ) |   |   |   |   |   |   |   |   |   |   |   |   |
|                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Adjustment to noncontrolling interest         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| for sale of SC Genesis                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| International S.A.                            |   |   | - |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (347,328 | ) |   |   |   |   | 276,138 |   |   |   |   |   | 71,190 |   |
|                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss nine months ended                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| September 30, 2010                            |   |   | (1,895,685 | ) | $ | (1,895,685 | ) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (1,549,191 | ) |   |   |   |   |   |   |   | (346,494 | ) |
|                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Currency translation                          |   |   | 216,184 |   |   | 216,184 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 216,184 |   |   |   |   |   |   |   |
|                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Comprehensive loss                            |   |   |   |   | $ | (1,679,501 | ) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance, September 30, 2010                   |   | $ | 4,944,550 |   |   |   |   |   | - |   | $ | - |   |   | 12,250,920 |   | $ | 12,168 |   | $ | 5,670,649 |   | $ | (827,681 | ) | $ | 56,011 |   | $ | (9,237 | ) | $ | 42,640 |   |

----

| EMERGING MEDIA HOLDINGS INC. AND SUBSIDIARIES                                          |   |
|----------------------------------------------------------------------------------------|--------|
| CONSOLIDATED STATEMENTS OF CASH FLOWS                                                  |   |
| (Unaudited)                                                                            |   |
|                                                                                   |   |   |   |   |   |   |
|                                                                                   |   |   |   |   |   |   |
|                                                                                   |   | For The Nine Months Ended |   |
|                                                                                   |   | September 30, |   |
|                                                                                   |   | 2010 |   |   | 2009 |   |
| Cash flows from operating activities:                                                  |   |   |   |   |   |   |
| Net earnings (loss)                                                                    |   | $ | (1,895,685 | ) |   | $ | 109,067 |   |
| Adjustments to reconcile net earnings (loss) to net cash                               |   |   |   |   |   |   |   |   |
|   provided by operating activities:                                          |   |   |   |   |   |   |   |   |
|     Depreciation and amortization                                  |   |   | 574,514 |   |   |   | 86,645 |   |
|     Non-cash compensation                                          |   |   | 5,667 |   |   |   | - |   |
|     Loss (gain) on disposition of subsidiary                       |   |   | (109,016 | ) |   |   | - |   |
| Changes in operating assets and liabilities:                                           |   |   |   |   |   |   |   |   |
|    (Increase) decrease in trade receivables                             |   |   | 2,931,046 |   |   |   | (181,072 | ) |
|     (Increase) decrease in inventories                             |   |   | (396 | ) |   |   | 158 |   |
|     (Increase) in employee receivables and other                   |   |   |   |   |   |   |   |   |
|         current assets                         |   |   | (138,703 | ) |   |   | (68,285 | ) |
|     Decrease in restricted cash                                    |   |   | 286,979 |   |   |   | - |   |
|    (Decrease) increase in accounts payable,                             |   |   |   |   |   |   |   |   |
|        accrued liabilities and income taxes payable |   |   | (1,663,742 | ) |   |   | 23,387 |   |
|    (Decrease) in customer deposits                                      |   |   | (395,818 | ) |   |   | - |   |
|                                                                                   |   |   |   |   |   |   |   |   |
|    Net Cash (Used In) Provided by Operating                             |   |   |   |   |   |   |   |   |
|       Activities                                         |   |   | (405,154 | ) |   |   | (30,100 | ) |
|                                                                                   |   |   |   |   |   |   |   |   |
| Cash flows from investing activities:                                                  |   |   |   |   |   |   |   |   |
|     Purchase of property, plant and equipment                      |   |   | (37,179 | ) |   |   | (84,042 | ) |
|     Cash given upon sale of Genesis                                |   |   | (33,909 | ) |   |   | - |   |
|     Proceeds from sale of marketable securities                    |   |   | 78,101 |   |   |   | (80,066 | ) |
|     Repayment of loans by employees                                |   |   | - |   |   |   | 9,755 |   |
|     Advances on note receivable                                    |   |   | - |   |   |   | (500,000 | ) |
|                                                                                   |   |   |   |   |   |   |   |   |
|    Net Cash Provided by (Used In) Investing Activities                  |   |   | 7,013 |   |   |   | (654,353 | ) |
|                                                                                   |   |   |   |   |   |   |   |   |
| Cash flows from financing activities:                                                  |   |   |   |   |   |   |   |   |
|    Proceeds from loans                                                  |   |   | 1,215,465 |   |   |   | 1,000 |   |
|    Repayment of debt - related parties                                  |   |   | - |   |   |   | (48,123 | ) |
|    Repayment of debt                                                    |   |   | (1,206,078 | ) |   |   | (3,929 | ) |
|                                                                                   |   |   |   |   |   |   |   |   |
|    Net Cash Provided by (Used In) Financing Activities                  |   |   | 9,387 |   |   |   | (51,052 | ) |
|                                                                                   |   |   |   |   |   |   |   |   |
| Effect of exchange rate changes on cash                                                |   |   | 4,871 |   |   |   | (33,678 | ) |
|                                                                                   |   |   |   |   |   |   |   |   |
| Net (decrease) in cash                                                                 |   |   | (383,883 | ) |   |   | (769,183 | ) |
|                                                                                   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents - Beginning of period                                        |   |   | 647,861 |   |   |   | 1,334,738 |   |
|                                                                                   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents - End of period                                              |   | $ | 263,978 |   |   | $ | 565,555 |   |

----

| EMERGING MEDIA HOLDINGS INC. AND SUBSIDIARIES     |   |
|---------------------------------------------------|--------|
| CONSOLIDATED STATEMENTS OF CASH FLOWS (continued) |   |
| (Unaudited)                                       |   |
|                                              |   |   |   |   |   |   |
|                                              |   |   |   |   |   |   |
|                                              |   |   |   |   |   |   |
|                                              |   | For The Nine Months Ended |   |
|                                              |   | September 30, |   |
|                                              |   | 2010 |   |   | 2009 |   |
|                                              |   |   |   |   |   |   |
| Supplemental disclosure cash flow information:    |   |   |   |   |   |   |
|                                              |   |   |   |   |   |   |
| Cash paid for interest                            |   | $ | 167,965 |   |   | $ | 1,989 |   |
|                                              |   |   |   |   |   |   |   |   |
| Cash paid for income taxes                        |   | $ | - |   |   | $ | - |   |

----

----

| At October 1, 2009            |   |   |      |   |   |   |
|-------------------------------|--------|--------|-----------|--------|--------|--------|
| Purchase price                |   |   |      |   |   |   |
| Exchange of note receivable   |   | $      | 4,280,498 |   |   |   |   |
| Note payable                  |   |   | 471,595   |   |   |   |   |
| Total consideration           |   |   |      |   |   | $      | 4,752,093 |   |
| Allocation of purchase price: |   |   |      |   |   |   |   |   |
| Cash                          |   |   |      |   |   |   | 47,511 |   |
| Accounts receivable           |   |   |      |   |   |   | 6,162,295 |   |
| Inventories                   |   |   |      |   |   |   | 571,823 |   |
| Other current assets          |   |   |      |   |   |   | 158,007 |   |
|                          |   |   |      |   |   |   |   |   |
| Property, plant and equipment |   |   |      |   |   |   | 3,061,537 |   |
| Restricted cash               |   |   |      |   |   |   | 850,267 |   |
| Goodwill                      |   |   |      |   |   |   | 3,871,247 |   |
| Total Assets Acquired         |   |   |      |   |   |   | 14,722,687 |   |
|                          |   |   |      |   |   |   |   |   |
| Notes payable - current       |   |   |      |   |   |   | 539,011 |   |
| Accounts payable              |   |   |      |   |   |   | 5,185,742 |   |
| Customer advances             |   |   |      |   |   |   | 598,582 |   |
| Accrued expenses              |   |   |      |   |   |   | 343,857 |   |
| Capitalized lease obligations |   |   |      |   |   |   | 91,384 |   |
| Notes payable - long-term     |   |   |      |   |   |   | 2,624,788 |   |
| Non-controlling interests     |   |   |      |   |   |   | 587,230 |   |
| Total Liabilities Assumed     |   |   |      |   |   | $      | 9,970,594 |   |
|                          |   |   |      |   |   |   |   |   |
| Net Assets Acquired           |   |   |      |   |   | $      | 4,752,093 |   |

----

|             |   | Nine Months Ended |       |   | Three Months Ended |   |
|------------------|--------|-------------------|------------|--------|--------------------|--------|
|             |   | September 30,     |       |   | September 30,      |   |
|             |   | 2010              |       |   | 2009               |   |   | 2010 |   |   | 2009 |   |
| Basic            |   |              | 17,814,711 |   |               |   | 16,303,000 |   |   |   | 17,041,557 |   |   |   | 16,303,000 |   |
|             |   |              |       |   |               |   |   |   |   |   |   |   |   |   |   |   |
| Potential shares |   |              | -          |   |               |   | 1,000,000 |   |   |   | - |   |   |   | 1,000,000 |   |
|             |   |              |       |   |               |   |   |   |   |   |   |   |   |   |   |   |
| Fully diluted    |   |              | 17,814,711 |   |               |   | 17,303,000 |   |   |   | 17,041,557 |   |   |   | 17,303,000 |   |

----

|                        |   |   |      |   | Assets at Fair Value as of September 30, 2010 and |   |
|-----------------------------|--------|--------|-----------|--------|---------------------------------------------------|--------|
|                        |   |   |      |   | December 31, 2009 Using                           |   |
|                        |   |   |      |   | Quoted Prices in                                  |   |   | Significant |   |   |   |   |
|                        |   |   |      |   | Active Markets                                    |   |   | Other |   |   | Significant |   |
|                        |   |   |      |   | for Identical                                     |   |   | Observable |   |   | Observable |   |
|                        |   |   |      |   | Assets                                            |   |   | Inputs |   |   | Inputs |   |
|                        |   | Total  |      |   | (Level 1)                                         |   |   | (Level 2) |   |   | (Level 3) |   |
| September 30, 2010          |   |   |      |   |                                              |   |   |   |   |   |   |   |
| Cash and cash equivalents   |   | $      | 263,928   |   |                                              | $      | 263,928 |   |   | $ | - |   |   | $ | - |   |
| Held-to-maturity securities |   |   | 250,000   |   |                                              |   | - |   |   |   | - |   |   |   | 250,000 |   |
| Restricted cash             |   |   | -         |   |                                              |   | - |   |   |   | - |   |   |   | - |   |
| Total                       |   | $      | 513,928   |   |                                              | $      | 263,928 |   |   | $ | - |   |   | $ | 250,000 |   |
| December 31, 2009           |   |   |      |   |                                              |   |   |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents   |   | $      | 647,861   |   |                                              | $      | 647,861 |   |   | $ | - |   |   | $ | - |   |
| Held-to-maturity securities |   |   | 328,801   |   |                                              |   | - |   |   |   | - |   |   |   | 328,801 |   |
| Restricted cash             |   |   | 720,888   |   |                                              |   | 720,888 |   |   |   | - |   |   |   | - |   |
| Total                       |   | $      | 1,697,550 |   |                                              | $      | 1,368,749 |   |   | $ | - |   |   | $ | 328,801 |   |

----

|                                            |   | Total  |       |
|-------------------------------------------------|--------|--------|------------|
|                                            |   |   |       |
| Balance, December 31, 2009                      |   | $      | 7,510,892  |   |
|                                            |   |   |       |   |
| Adjustment for the sale of                      |   |   |       |   |
|    SC Genesis International S.A. |   |   | (3,871,247 | ) |
|                                            |   |   |       |   |
| Balance, September 30, 2010                     |   | $      | 3,639,645  |   |

----

|               |   | September 30, 2010 |    |   | December 31, 2009 |   |
|--------------------|--------|--------------------|---------|--------|-------------------|--------|
|               |   | Gross Carrying     |    |   | Accumulated       |   |   | Gross Carrying |   |   | Accumulated |   |
|               |   | Amount             |    |   | Amortization      |   |   | Amount |   |   | Amortization |   |
|               |   |               |    |   |              |   |   |   |   |   |   |   |
| License agreements |   | $                  | 348,000 |   |              | $      | 132,571 |   |   | $ | 348,000 |   |   | $ | 89,959 |   |

| Year Ending  |   | Amortization |   |
|--------------|--------|--------------|--------|
| December 31, |   | Expense      |   |
|         |   |         |   |
| 2010         |   | $            | 12,429 |   |
| 2011         |   |         | 49,714 |   |
| 2012         |   |         | 49,714 |   |
| 2013         |   |         | 49,714 |   |
| 2014         |   |         | 49,714 |   |

|                            |   | September 30, |   |   | December 31, |   |
|---------------------------------|--------|---------------|--------|--------|--------------|--------|
|                            |   | 2010          |   |   | 2009         |   |
| Raw materials                   |   | $             | 19,244 |   |         | $      | 94,315 |   |
| Capitalized costs               |   |          | -      |   |         |   | 186,249 |   |
| Advance payments to contractors |   |          | -      |   |         |   | 28,168 |   |
|                            |   | $             | 19,244 |   |         | $      | 308,732 |   |

----

|                                      |   | September 30, |    |   | December 31, |   |
|-------------------------------------------|--------|---------------|---------|--------|--------------|--------|
|                                      |   | 2010          |    |   | 2009         |   |
| Machinery and equipment                   |   | $             | 713,207 |   |         | $      | 3,094,484 |   |
| Transportation equipment                  |   |          | -       |   |         |   | 602,929 |   |
| Building and building improvements        |   |          | -       |   |         |   | 21,187 |   |
|                                      |   |          | 713,207 |   |         |   | 3,718,600 |   |
|   Less accumulated depreciation |   |          | 631,605 |   |         |   | 824,765 |   |
|                                      |   | $             | 81,602  |   |         | $      | 2,893,835 |   |

|                                                |   | September 30, |   |   | December 31, |   |
|-----------------------------------------------------|--------|---------------|--------|--------|--------------|--------|
|                                                |   | 2010          |   |   | 2009         |   |
| Note payable to Romanian International Bank,        |   | $             | -      |   |         | $      | 1,165,087 |   |
|   interest @ 20.5%, due February 2011 (1) |   |          |   |   |         |   |   |   |
|                                                |   |          |   |   |         |   |   |   |
| Note payable to IPA, interest @ 5%, due             |   |          | -      |   |         |   | 471,595 |   |
|   upon demand (2)                         |   |          |   |   |         |   |   |   |
|                                                |   |          | -      |   |         |   | 1,636,682 |   |
| Less: Current portion                               |   |          | -      |   |         |   | 471,595 |   |
|                                                |   | $             | -      |   |         | $      | 1,165,087 |   |

|   | (1) | The note was eliminated in connection with the sale of Genesis. |
|--------|-----|-----------------------------------------------------------------|

|   | (2) | Note payable in connection with the acquisition of 60% of Genesis.  The note was eliminated in connection with the sale of Genesis. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------|

----

| Year ending December 31, |   |   |   |
|--------------------------|--------|--------|--------|
| 2010                     |   | $      | -      |   |
| 2011                     |   |   | -      |   |
|                     |   | $      | -      |   |

|                           |   | September 30, |   |   | December 31, |   |
|--------------------------------|--------|---------------|--------|--------|--------------|--------|
|                           |   | 2010          |   |   | 2009         |   |
| Equipment                      |   | $             | 12,778 |   |         | $      | 237,818 |   |
| Less: Accumulated depreciation |   |          | 11,713 |   |         |   | 23,526 |   |
|                           |   | $             | 1,065  |   |         | $      | 214,292 |   |

| Fiscal year ending:               |   |   |   |
|-----------------------------------|--------|--------|--------|
| 2010                              |   | $      | 1,239  |   |
| 2011                              |   |   | 2,064  |   |
| Total minimum lease payments      |   |   | 3,303  |   |
| Less amount representing interest |   |   | 350    |   |
| Present value of net minimum      |   |   |   |   |
| lease payment                     |   |   | 2,953  |   |
| Less current obligations          |   |   | 2,953  |   |
| Long-term obligations             |   | $      | -      |   |

----

|                                                  |   | September 30, |     |   | December 31, |   |
|-------------------------------------------------------|--------|---------------|----------|--------|--------------|--------|
|                                                  |   | 2010          |     |   | 2009         |   |
| Balance at beginning of period                        |   | $             | 635,888  |   |         | $      | - |   |
|                                                  |   |          |     |   |         |   |   |   |
| Noncontrolling interest from the acquisition of       |   |          |     |   |         |   |   |   |
|   60% of Genesis International S.A. in 2009 |   |          | -        |   |         |   | 587,230 |   |
|                                                  |   |          |     |   |         |   |   |   |
| Adjustment of noncontrolling interest in connection   |   |          |     |   |         |   |   |   |
|   with the acquisition of 20% of Genesis    |   |          |     |   |         |   |   |   |
|   International S.A. in 2010                |   |          | (317,944 | )      |         |   | - |   |
|                                                  |   |          |     |   |         |   |   |   |
| Adjustment for sale of 80% of Genesis                 |   |          | 71,190   |   |         |   | - |   |
|                                                  |   |          |     |   |         |   |   |   |
| Noncontrolling interest share of income (loss)        |   |          | (346,494 | )      |         |   | 48,658 |   |
|                                                  |   |          |     |   |         |   |   |   |
| Balance at end of period                              |   | $             | 42,640   |   |         | $      | 635,888 |   |

----

|                              |   | Nine Months Ended |       |   | Three Months Ended |   |
|-----------------------------------|--------|-------------------|------------|--------|--------------------|--------|
|                              |   | September 30,     |       |   | September 30,      |   |
|                              |   | 2010              |       |   | 2009               |   |   | 2010 |   |   | 2009 |   |
| Sales                             |   | $                 | 569,698    |   |               | $      | - |   |   | $ | 286,365 |   |   | $ | - |   |
|                              |   |              |       |   |               |   |   |   |   |   |   |   |   |   |   |   |
| Loss before income tax benefit    |   |              | (1,945,670 | )      |               |   | - |   |   |   | (467,788 | ) |   |   | - |   |
|                              |   |              |       |   |               |   |   |   |   |   |   |   |   |   |   |   |
| Loss from discontinued operations |   |              | (1,945,670 | )      |               |   | - |   |   |   | (467,788 | ) |   |   | - |   |

----

|                              |   | September 30, |   |   | December 31, |   |
|-----------------------------------|--------|---------------|--------|--------|--------------|--------|
|                              |   | 2010          |   |   | 2009         |   |
| Cash                              |   | $             | -      |   |         | $      | 257,873 |   |
| Accounts receivable               |   |          | -      |   |         |   | 3,289,029 |   |
| Inventories                       |   |          | -      |   |         |   | 295,427 |   |
| Other current assets              |   |          | -      |   |         |   | 169,545 |   |
| Total Current Assets              |   | $             | -      |   |         | $      | 4,011,874 |   |
|                              |   |          |   |   |         |   |   |   |
| Property, plant and equipment     |   | $             | -      |   |         | $      | 2,259,778 |   |
| Restricted cash                   |   |          | -      |   |         |   | 720,888 |   |
| Total Non-Current Assets          |   | $             | -      |   |         | $      | 2,980,666 |   |
|                              |   |          |   |   |         |   |   |   |
| Current portion of long-term debt |   | $             | -      |   |         | $      | - |   |
| Accounts payable                  |   |          | -      |   |         |   | 3,732,076 |   |
| Accrued expenses                  |   |          | -      |   |         |   | 776,328 |   |
| Total Current Liabilities         |   | $             | -      |   |         | $      | 4,508,404 |   |
|                              |   |          |   |   |         |   |   |   |
| Long-term debt                    |   | $             | -      |   |         | $      | 1,179,125 |   |
|                              |   |          |   |   |         |   |   |   |
| Minority interests                |   | $             | -      |   |         | $      | 635,888 |   |

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|                                      |   | Nine Months Ended  |      |   | Three Months Ended |   |
|-------------------------------------------|--------|--------------------|-----------|--------|--------------------|--------|
|                                      |   | September 30,      |      |   | September 30,      |   |
|                                      |   | 2010               |      |   | 2009               |   |   | 2010 |   |   | 2009 |   |
| Net Revenue by Geographic Areas:          |   |               |      |   |               |   |   |   |   |   |
| United States                             |   | $                  | -         |   |               | $      | - |   |   | $ | - |   |   | $ | - |   |
| Europe                                    |   |               | 2,223,779 |   |               |   | 1,745,928 |   |   |   | 784,685 |   |   |   | 527,723 |   |
|                                      |   | $                  | 2,223,779 |   |               | $      | 1,745,928 |   |   | $ | 784,685 |   |   | $ | 527,723 |   |
|                                      |   |               |      |   |               |   |   |   |   |   |   |   |   |   |   |   |
| Net Revenue by Industry Segment:          |   |               |      |   |               |   |   |   |   |   |   |   |   |
| Media                                     |   | $                  | 2,223,779 |   |               | $      | 1,745,928 |   |   | $ | 784,685 |   |   | $ | 527,723 |   |
| Road construction                         |   |               | -         |   |               |   | - |   |   |   | - |   |   |   | - |   |
|                                      |   | $                  | 2,223,779 |   |               | $      | 1,745,928 |   |   | $ | 784,685 |   |   | $ | 527,723 |   |
|                                      |   |               |      |   |               |   |   |   |   |   |   |   |   |   |   |   |
| Income (loss) From Continuing Operations: |   |               |      |   |               |   |   |   |   |   |   |   |   |
| Media                                     |   | $                  | (69,941   | )      |               | $      | (83,591 | ) |   | $ | 17,612 |   |   | $ | (99,723 | ) |
| Road construction                         |   |               | -         |   |               |   | - |   |   |   | - |   |   |   | - |   |
|                                      |   | $                  | (69,941   | )      |               | $      | (83,591 | ) |   | $ | 17,612 |   |   | $ | (99,723 | ) |
|                                      |   |               |      |   |               |   |   |   |   |   |   |   |   |   |   |   |
| Total Assets:                             |   | September 30, 2010 |      |   | December 31, 2009  |   |   |   |   |   |   |   |   |   |
| United States                             |   | $                  | 326,106   |   |               | $      | 1,082,322 |   |   |   |   |   |   |   |   |   |
| Europe                                    |   |               | 4,841,707 |   |               |   | 15,334,630 |   |   |   |   |   |   |   |   |   |
|                                      |   | $                  | 5,167,813 |   |               | $      | 16,416,952 |   |   |   |   |   |   |   |   |   |

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|   | a) | Contracts |
|--------|----|-----------|

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|   | · | The Company's media business revenues increased during the first nine months of 2010 due to increase of the number of international companies placing TV advertising through its 50%-owned subsidiary Alkasar Media Services. The major clients began to place advertising with our TV channels TNT and TV7 during the latter part of the first quarter and the Company expects growth throughout the year. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The number of international companies placing TV advertising through its 50%-owned subsidiary Alkasar Media Services increased by 100% to a current total of 26 companies, significantly increasing its client base in this segment. New clients that recently signed annual budget contracts with Alkasar include Reckitt Benckiser,  Henkel, Nestle, Unilever, Danone and Benneton. Alkasar, which has an affiliate relationship with JSC Gazprom-Media, accounted for 30% of Emerging Media Holdings total revenue for the first six months of 2010, a significant jump from 10% for all of 2009.  Alkasar Media anticipates continued substantial growth in this key segment for the year 2011. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The Company's media business operations were impacted during the first nine months due to increased costs as the media business increased focus on the production of high quality broadcasting, which required purchases of more expensive services. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The Company's media business experienced increased competition from new TV channels during the first nine months of 2010 that may affect future operations throughout 2010. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 31     | Certification of Chief Executive Officer and Principal Financial Officer |
|--------|--------------------------------------------------------------------------|
|   | pursuant to Rule 13a-14(a)                                               |
| 32     | Certification of Chief Executive Officer and Principal Financial Officer |
|   |  pursuant to 18 U.S.C. Section 1350                                 |

|                    | EMERGING MEDIA HOLDINGS, INC. |
|-------------------------|-------------------------------|
|                    |                          | (Registrant) |
|                    |                          |   |
|                    |                          |
| Date: November 15, 2010 | By:                           |   | /s/ Iurie Bordian |
|                    |                          |   |   | Iurie Bordian, Chief Executive Officer and Chief Financial Officer |

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