Subaye, Inc. Announces Disposal of Assets for $7.5 million

Subaye, Inc. (Nasdaq: SBAY) announced today it has sold its remaining entertainment media assets for total proceeds of $7.5 million. Sales of these assets occurred during July and August of 2010. Year-to-date, the Company has generated $16.3 million of net proceeds from non-core asset divestitures and received cash proceeds through today of $9.3 million. The remaining $7.0 million is due from the sale of copyrights in August to Sparkful Investments. Sparkful Investments has agreed to make payment on the full outstanding balance by the end of October, 2010.The Company sold four copyrights to motion picture productions developed for the entertainment market in China. Internet Copyrights to "Big Movie" and "Big Movie 2" were sold for total net proceeds of $500,000 to Top Rider Group while the rights to "Big Future" and "Valleys and Peaks" were sold to Sparkful Investment for $7.0 million. The Company will record a loss of $4.1 million on these transactions. Is AAPL a Buy, Sell or Hold? Click Here.