TIPS-THINK IT IS TIME FOR IT TO GET SOME
ATTENTION IN THE CHINA HOT FIELD PLAYS..CAOL CAN DO IT WHY NOT TIPS..
PR NEWSWIRE) TIPS Acquires Mainland China Internet Service Provider
TIPS Acquires Mainland China Internet Service Provider
NEW YORK, Oct. 25 /PRNewswire/ -- Tianrong Internet Products and Services,
Inc. (OTC Bulletin Board: TIPS), announced today that it has completed its
acquisition of Chongqing Word Technology Co., Ltd., a mainland China based
internet service provider and e-commerce developer ("Wordtech").
Wordtech's website (http://www.wordtech.com.cn) will be undertaking a
major e-commerce initiative over the next six months and presently has over
forty thousand (40,000) mainland China merchants as customers. Based on
recent information supplied to the Company, Wordtech's website ranks
twenty-fifth among Mainland China based websites in terms of traffic.
TIPS purchased Wordtech from Tiancheng (China) Co., Ltd., a wholly owned
subsidiary of Chinese conglomerate, China International Trust and Investment
Company ("CITIC"). CITIC is a multi-billion dollar corporation and the largest
Chinese business organization in the world. CITIC presently owns 37
companies, including CITIC Hong Kong (Holdings) Ltd. and the Ka Wah Bank
Limited of Hong Kong. In addition, CITIC has investments in Asian satellite
projects, including the successful launch of the AsiaSat II, as well as
investments in Cathay Pacific Airways, Dragon Air, and CITIC Industrial Bank,
the sixth largest Chinese bank.
James Tilton, President of TIPS stated: "I am thrilled that we have been
able to complete the acquisition of Wordtech in a timely manner and avoid the
delays that frequently occur with international transactions of this nature.
We believe this adds tremendous credibility to our Company. I hope our
shareholders welcome Wordtech into our fold which already includes
aweb.com, aaamall.net and chinamalls.com,
with the same enthusiasm and excitement that we do."
Tianrong Internet Products and Services, Inc. is a U.S. holding company
whose strategy is the acquisition of domestic and international internet
service providers and related companies.
For further information contact investor relations at 212-398-7833 or
visit tipsstock.com.
This press release contains certain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, which are intended to be covered
by the safe harbors created thereby. Investors are cautioned that all
forward-looking statements involve risks and uncertainties, including, without
limitation, the ability of Tianrong Building Material Holdings to accomplish
its stated plan of business. Tianrong Building Material Holdings believes
that the assumptions underlying the forward-looking statements contained
herein are reasonable, any of the assumptions could be inaccurate, and,
therefore, there can be no assurance that the forward-looking statements
included in this press release will prove to be accurate. In light of the
significant uncertainties inherent in the forward-looking statements included
herein, the inclusion of such information should not be regarded as a
representation by Tianrong Building Material Holdings or any other person that
the objectives and plans of Tianrong Building Material Holdings will be
achieved.
SOURCE Tianrong Internet Products and Services, Inc.
-0- 10/25/1999
/CONTACT: James Tilton of Tianrong Internet Products and Services, Inc.,
212-398-7833/
/Web site: tnrg.com
(TNRG TIPS)
CO: Tianrong Internet Products and Services, Inc.; Tianrong Building Material
Holdings, Ltd.; China International Trust and Investment Company;
Chongqing Word Technology Co., Ltd
ST: New York
IN: CPR MLM
SU: TNM
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