TNRG / TIPS NEWS !!
TNRG Clarifies Its Rights Offering
NEW YORK, July 30 /PRNewswire/ -- Tianrong Building Material Holdings, Ltd. (0TC Bulletin Board: TNRG) today clarified the procedures which TNRG intends to put into effect for its rights offering (see TNRG press release dated July 29, 1999 announcing the rights offering).
Each TNRG shareholder who is the record owner of four TNRG shares on the record date of August 19, 1999 will receive, thereafter, documents from the Company granting such shareholder the right to purchase one share of common stock of the Company's subsidiary Tianrong Internet Products and Services, Inc. (OTC Bulletin Board: TIPS) for $.01 (one cent). The right so granted will be exempt from registration as will the shares of TIPS if ever purchased. Shareholders who purchase the TIPS shares will receive certificates bearing restrictive legend and such shares will be subject to, among other things, SEC Rule 144 for resale into the public market.
The rights granted to shareholders of record will not be assignable and will expire if not exercised within 60 days of the distribution of the material.
James Tilton, President of TNRG, stated, "The Company decided to cancel the previously announced TIPS stock dividend replacing it with this rights offering in order to 'get the shares' into our shareholders' hands as quickly as possible. This decision was occasioned by the Company's realization that the dividend, and the inherent registration process thereof, might take many months until completed." Mr. Tilton added, "No Company can afford to lose the confidence of its shareholders. Our Board promised a dividend -- timing preempts that possibility -- and this is the most efficacious and expeditious method available."
TNRG is a business development company that has set as its goal the acquisition of businesses in numerous industries and plans to apply Tianrong's management expertise to quickly grow value in the acquired businesses. Tianrong has announced future stock dividends in three subsidiaries and on a long-term basis may elect to issue stock dividends in other subsidiaries.
For further information contact investor relations at 212-398-7833 or visit: tnrg.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 Building Material Holdings, Ltd.
CO: Tianrong Building Material Holdings, Ltd.; Tianrong Internet Products and Services, Inc.
ST: New York
T A P has received 700K shares of TNRG and 1 mil shares of TIPS from the company for services provided for a period of 1 year. For a complete write-up on TNRG/TIPS and other Turn Around Picks and free membership go to T A P profile for url
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