Ripping sprites and textures from the mobile version of Sonic the Hedgehog 4: Episode I is quite easy. However, you'll need to fix them before extracting them.
First, import your sprite or texture into PVRTexTool by dragging and dropping it onto the program. Next, right-click the box circled in the image below:
Then select "sRGB".
Not every sprite and texture has an alpha channel, but some do. To fix them, you'll need to click on the "A" button near the bottom-right corner of the window:
The end result should look something like this:
To export a sprite or texture, go to "File > Save Image..." and save it wherever you want.
The Sonic 4 Bonus Site is not associated with SEGA, Sonic Team, or Dimps.