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Subaye, Inc. Announces $74.4 Million in Recurring Annualized Revenues as of December 31, 2010
Jan 21, 2011 (11:01 AM EST)
Recurring annualized revenues increased $6.1 million ($507,000 monthly) since launch of new business model on September 1, 2010
Aixi.net SME targets are reiterated, 8,546 and 17,092 of the Aixi SMEs projected to be paying BCP customers by June 30, 2011 and December 31, 2011
GUANGZHOU, China, Jan. 21, 2011 /PRNewswire-Asia/ -- Subaye, Inc. (Nasdaq: SBAY) ("Subaye" or the "Company"), a leading online business services provider in China engaged in enterprise cloud computing, video marketing and business to consumer ("B2C") online solutions announced today that its bundled cloud product ("BCP") customers grew to 14,546 as of December 31, 2010, which represents an increase of $6.1 million in annualized revenues since the launch of Subaye's new business model on September 1, 2010. The current level of 14,546 BCP customers generates a monthly run rate of approximately $6.2 million in revenues per month, or $74.4 million annually.
Since September 30, 2010, Subaye has generated customer growth in 23 of 27 markets the Company is now operating within. Below is a table summarizing Subaye's current customer base and customer growth.
Acquisition of Aixi.net Assets
On October 25, 2010, Subaye acquired the assets of www.aixi.net. These assets primarily included a customer list of 42,731 small and medium sized businesses (the "Aixi SMEs") located in Guangdong Province, China. Subaye has previously stated its internal target of converting at least 8,546 and 17,092 of the Aixi SMEs to paying BCP customers by June 30, 2011 and December 31, 2011, respectively. As of December 31, 2010, Subaye had a total of 3,261 paying BCP customers that were Aixi SMEs. Management continues to believe Subaye will meet its internal targets with regard to the Aixi SMEs.
January Investor Roadshow
Subaye management will be meeting with current and potential investors in Boston, Massachusetts on January 21st and 22nd and in Palm Beach, Florida between January 23rd and January 27th. An investor event has been organized on January 25th in Boca Raton, Florida. Attendance is open to current and potential investors but no walk-ins be allowed. Investors should confirm their attendance by January 24th at 3pm EDT. For further details please contact Michael Feldman using the contact information below.
About Subaye, Inc.
Subaye, Inc. is a leading online business services provider in China engaged in enterprise cloud computing, video marketing and business to consumer (B2C) business solutions. Subaye's online business services include B2C ecommerce, emanagment solutions, emarketing solutions, eservice solutions and video search engine optimization. For further information on Subaye, Inc., please visit http://www.subaye.net.
Certain statements contained herein constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, estimates and projections about Subaye, Inc.'s industry, management's beliefs and certain assumptions made by management. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Because such statements involve risks and uncertainties, the actual results and performance of the Company may differ materially from the results expressed or implied by such forward-looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Subaye, Inc.'s operations are conducted in the People's Republic of China ("PRC") and, accordingly, are subject to special considerations and significant risks not typically associated with companies in North America. These include risks associated with, among others, the political, economic and legal environment and foreign currency exchange. The Company's results may be adversely affected by changes in the political and social conditions in the PRC and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation. Other potential risks and uncertainties include but are not limited to the ability to procure, properly price, retain and successfully complete projects, and changes in products and competition. Unless otherwise required by law, the Company also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made here. Readers should review carefully reports or documents the Company files periodically with the Securities and Exchange Commission.
SOURCE Subaye, Inc.