TIPS Set to Acquire Mainland China Internet Service Provider
PR Newswire, Tuesday, October 12, 1999 at 14:58
NEW YORK, Oct. 12 /PRNewswire/ -- Tianrong Internet Products and Services,
Inc. (BB: TIPS) announced today that it is in the final stages
of negotiations to acquire Chongqing Wordtech Technology Co., Ltd., a mainland
China based internet service provider ("Wordtech"). Presently, Wordtech's
subscriber base accounts for approximately five percent (5%) of mainland
China's internet users, with sixty percent (60%) being residential users and
forty percent (40%) business users.
Wordtech's website ( wordtech.com.cn ) has undergone a rapid
expansion over the past several months and expects major developments by the
end of the year. Wordtech anticipates the completion of a major e-commerce
project involving tens of thousands of mainland China merchants by March 2000.
Wordtech's goal is to be in the top twenty among mainland China internet
sites, in terms of traffic by early next year.
James Tilton, President of TIPS, stated that "the acquisition of Wordtech
will be a wonderful compliment to our already existing internet companies and
websites such as ( aweb.com ), ( aaamall.net ) and
( chinamalls.com ). The fact that Wordtech is a mainland China
based internet company and website will be a first for TIPS and a major
feather in the company's cap."
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- 10/12/1999
/CONTACT: James Tilton of Tianrong Internet Products and Services, Inc.,
212-398-7833/
/Web site: wordtech.com.cn
Companies or Securities discussed in this article:
Symbol Name
BB:TIPS Tianrong Internet Prods & Svcs
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