Jingwei International Limited Dispose of Beijing New Media

Sep 29, 2011, 08:00 ET from Jingwei International Limited

SHENZHEN, China, Sept. 29, 2011 /PRNewswire-Asia-FirstCall/ -- Jingwei International Limited (NASDAQ: JNGW) ("Jingwei" or "the Company"), a leading provider of data-mining, interactive marketing and software services in China, today announced that ("New Yulong IT" or the "Seller"), a subsidiary of the Company, has entered into an Agreement to dispose of its legacy media business in Beijing New Media Advertising Co. Ltd. ("Beijing New Media") to Mr. George Du (the "Purchaser"), the CEO, President and Chairman of the Company, at $858,149. This acquisition is expected to be completed before October 31, 2011.  

The Purchaser agreed to acquire 100% of Beijing New Media at a purchase price of $858,149, equal to the net book value of Beijing New Media.

Founded in 2008, Beijing New Media, a wholly owned subsidiary of New Yulong IT, was engaged in creating, planning and handling advertising, as well as providing branding strategy and sales promotions for its clients. Due to the Company's shift in strategic direction, Beijing New Media's business operation has been winding down in the last two years, and generated no revenues in 2011 year-to-date.

About Jingwei International Limited:

Jingwei International Limited ("Jingwei") has established a leading position in China in data mining, interactive marketing and software services.  To capitalize on China's rapid growth on mobile, Internet and e-Commerce applications, Jingwei has focused on new data mining offerings that encompass interactive marketing, bundled mobility solutions and mobile value added services.  The Company's software services include business intelligence, billing, customer relationship management and decision support solutions for Chinese telecom operators and power companies.

Business Risks and Forward-Looking Statements

This report includes forward-looking statements. Generally, the words "believes," "anticipates," "may," "will," "should," "expect," "intend," "estimate," "continue," and similar expressions or the negative thereof or comparable terminology are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties, including the matters set forth in this report or other reports or documents we file with the Securities and Exchange Commission from time to time, which could cause actual results or outcomes to differ materially from those projected. Undue reliance should not be placed on these forward-looking statements, which speak only as of the date hereof. We undertake no obligation to update these forward-looking statements.

Company Contact:

Jingwei International Limited

Yong Xu or Cao Wei Tel: +86-755-8631-9430

Email: weicao@jingweicom.com

www.jingweicom.com

SOURCE Jingwei International Limited



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