TIPS Sets December 31 Record Date for Chinese Internet Company Spinoff
NEW YORK, Nov. 29 /PRNewswire/ -- Tianrong Internet Products and Services, Inc. (OTC Bulletin Board: TIPS) announced today that it has set a record date of December 31, 1999 for the spinoff of one of its four Internet companies. The spinoff will be accomplished by means of a Rights Offering to existing TIPS shareholders. All TIPS shareholders of record on December 31, 1999 will be eligible to participate in the rights offering. Further details, such as which Internet company will be spunoff and other offering information will be disclosed in the first week of December.
TIPS presently owns four Internet related companies. A-Web Internet Services (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. (aaamall.net), an online shopping site, featuring the nation's leading retailers and thousands of products. Chinamalls.com, Inc. (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. (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 ecstatic that we have been able to complete the first spinoff of one of our Internet companies before the end of the year. We believe the new millennium holds great potential for Internet companies, China Commerce and most importantly Tianrong Internet Products and Services."
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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 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.
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