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SBAY sells non core assets, says forward guidance $3.69 eps from continuing operations.

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May 03, 2010 – Comments (0) | RELATED TICKERS: SBAY.DL

Subaye, Inc. Sells Non-core Business and Assets to Accelerate Expansion of Its On-line Video Advertising Network; Revises Fiscal Year 2010 and 2011 Guidance Press Release Source: Subaye, Inc. On Monday May 3, 2010, 8:54 am EDT GUANGZHOU, China, May 3 /PRNewswire-Asia-FirstCall/ --

-- Proceeds of $7.0 million generated to date from sale of non-core
business and sales of non-core assets; additional asset sales in
progress.
-- Capital to be allocated to further expanding geographic footprint of
core on-line video advertising business throughout Greater China;
revenue from this segment projected to grow over 100% through fiscal
years 2010 and 2011 with net margins of over 30%.
-- Revised Fiscal Year 2010 Guidance: Revenue of $38.3 million and net
income of $12.5 million, or $1.77 per share, from continuing operations.
-- Revised Fiscal Year 2011 Guidance: Revenue of $71.3 million and net
income of $29.2 million, or $3.69 per share, from continuing operations.

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