TIPS to Spinoff One Chinese Internet Company Before Years End
NEW YORK, Nov. 22 /PRNewswire/ -- Tianrong Internet Products and Services, Inc. (OTC Bulletin Board: TIPS), announced today that it will spinoff one of its four Internet companies before the end of 1999. The spinoff will be accomplished by means of a Rights Offering to existing TIPS shareholders. Further details, such as which Internet company will be spun-off and other offerings information will be disclosed in the first week of December.
TIPS presently owns four Internet related companies. A-Web Internet Services (http://www.aweb.com). Established in 1995, A-Web Internet Services is one of the leading Internet Service Providers in New York City. A-Web provides a whole range of Internet access and services, including dedicated ISDN lines and even higher speed digital T1 lines. AAAMALL.net, Inc (http://www.aaamall.net) an online shopping site, featuring the nation's leading retailers and thousands of products. Chinamalls.com, Inc (http://www.chinamalls.com). The site has over 2,700 items for sale in 16 different categories. Shoppers can view the site in either English or Chinese. Chongqing Word Technologies Co., Ltd., (http://www.wordtech.com.cn). A mainland China based Internet service provider and e-commerce developer. Chongqing Word Technology Co., Ltd. presently has over forty thousand (40,000) mainland China merchants as customers.
James Tilton, President of TIPS stated, "I am thrilled that we have been able to complete our acquisitions this year in a timely manner and increase shareholder value. With this spinoff, shareholder value should again increase, while the rights offering will allow TIPS shareholders to participate to an even greater extent."
For further information contact investor relations at 800-324-3464 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 Exchanges 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 an uncertainties, including, without limitation, the ability of Tianrong Internet Products and Services, Inc. to accomplish its stated plan of business. Tianrong Internet Products and Services, Inc. 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 Internet Products and Services, Inc. or any other person that the objectives and plans of Tianrong Internet Products and Services, Inc. will be achieved.
SOURCE Tianrong Internet Products and Services, Inc.
CO: Tianrong Internet Products and Services, Inc.
T A P has received 1 mil shares of TIPS for services provided for a period of 1 year. For a complete write-up on TIPS and other Turn Around Picks and free membership go to T A P profile for url. |
