TIPS December 31 AAAMALL.NET Spin Off to be One for One Ratio
NEW YORK, Dec. 7 /PRNewswire/ -- Tianrong Internet Products and Services, Inc. (OTC Bulletin Board: TIPS) announced today that all TIPS shareholders of record as of December 31, 1999 will receive one right to purchase one share of AAAMALL.NET, Inc. (http://www.aaamall.net) for every one share of TIPS that they own. The purchase price for each AAAMALL.NET share will be $.05. Additionally, the company announced that affiliates or controlling shareholders which include management will not be eligible to participate in the Rights Offering. This was done in order to allow the public shareholders to receive a one for one share ratio.
AAAMALL.NET is an online shopping site, featuring the nation's leading retailers and thousands of products. The site is intended to offer one stop shopping for its online consumers. The company further announced that AAAMALL.NET is undergoing a major upgrade and expansion program.
TIPS presently owns three Internet related companies:
A-Web Internet Services
A-Web Internet Services (http://www.aweb.com). Established in 1995, A-Web Internet Services is one of the leading Service Providers in New York City. A-Web provides a whole range of Internet access and services, including dedicated lines and even higher speed digital T1 lines.
Chinamalls.com, Inc.
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 proud that we are able to offer our shareholders the rare opportunity of purchasing a share of an internet shopping mall for .05 and additionally needing only to own one share of TIPS to participate."
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 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 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 China Food and Beverage Co. to accomplish its stated plan of business. Although China Food and Beverage Co. 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 China Food and Beverage Co. or any other person that the objectives and plans of China Food and Beverage Co. will be achieved.
SOURCE Tianrong Internet Products and Services, Inc.
CO: Tianrong Internet Products and Services, Inc.; AAAMALL.NET, Inc.
ST: New York
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