For example: I may want to select a subset of features to move them to a new sub-project that I have created to encapsulate what has turned out to be a standalone component of a product.
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This can be achieved through the Features List page.
Click the checkboxes for the features that you would like to move and click the Bulk Edit button.
From here, you can select any existing Release (of the same or different products) which you would like to move the features to.