TNRG / TIPS RIGHTS OFFERING NEWS!
Company Press Release
SOURCE: Tianrong Building Material Holdings, Ltd.
TNRG Commences Distribution of Rights Offering Documents
NEW YORK, Sept. 23 /PRNewswire/ -- Tianrong Building Material Holdings, Ltd. (OTC Bulletin Board: TNRG - news) announced today that its transfer agent commenced distribution of TNRG's rights offering documents.
Under the offering each TNRG shareholder who was the record owner of four TNRG shares on August 19, 1999 will receive the right to purchase one share of common stock of the Company's subsidiary Tianrong Internet Products and Services, Inc. (OTC Bulletin Board: TIPS - news) for one cent ($.01). The right so granted is exempt from registration as is the share(s) of TIPS purchased. Shareholders who purchase the TIPS share(s) will receive certificates bearing restrictive legend and such share(s) will be subject to, among other things, SEC Rule 144 for resale into the public market.
James Tilton, President of TNRG, said ``I believe our shareholders will receive the rights offering documents with enthusiasm. This rights offering is TNRG's first step in 'spin-offs' of TNRG's viable subsidiaries which will enhance and increase TNRG shareholder value.'
Tianrong 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 800-324-3464 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.
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