Xinhua Sports & Entertainment (XSEL) Announces Sale of Two Print Ad Companies
Xinhua Sports & Entertainment Limited (Nasdaq: XSEL) has entered into an agreement to sell the entirety of its equity interest in two of its print advertising companies, Beijing JinGuan XinCheng Advertising Co., Ltd and Beijing Jingshijinguan Co., Ltd, to an independent, non-affiliated purchaser.
"This transaction will provide the Company with significant capital which we believe will go a long way towards addressing the Company's liquidity issues and improving the Company's balance sheet. It is part of our continued endeavor to reposition the Company to focus on sports media," said Ms. Fredy Bush, XSEL's CEO. "It is a key part of that exercise, and will help us to focus on our core platform of television, Internet, mobile phones and content, which provide a solid base for expansion in the sports media field."
The transaction is subject to certain closing conditions and is expected to be completed during the second quarter of 2010. Financial terms of the transaction were not disclosed.
"This transaction will provide the Company with significant capital which we believe will go a long way towards addressing the Company's liquidity issues and improving the Company's balance sheet. It is part of our continued endeavor to reposition the Company to focus on sports media," said Ms. Fredy Bush, XSEL's CEO. "It is a key part of that exercise, and will help us to focus on our core platform of television, Internet, mobile phones and content, which provide a solid base for expansion in the sports media field."
The transaction is subject to certain closing conditions and is expected to be completed during the second quarter of 2010. Financial terms of the transaction were not disclosed.
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