JINGWEI INTERNATIONAL LIMITED. 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.

Source:Reuters