TNRG Nets $1 Million from Sale of China Property
Smallcap has this as a $6.00 short term target.
NEW YORK, Mar 21, 2000 /PRNewswire via COMTEX/ -- Tianrong Building Material
Holdings, Ltd. (OTC Bulletin Board: TNRG) announced today that it has earned a
net profit of $1 million US dollars from the sale of its real estate property in
China, Chongqing Dazheng Market Co. LTD. In addition, the Company was able to
relieve itself of the $21 million US dollar debt that it carried since the time
of the acquisition of the China Property.
TNRG will use the proceeds from the sale of the China Property to develop its
recently launched Health and Medical E-Commerce website, Healthysite.com
(http://www.healthysite.com) and market its recently FDA approved personal
computer based electrocardiogram monitor, known as "The Tracker." In addition,
by relieving itself of the $21 million debt, the Company will have more freedom
and resources available to pursue additional acquisitions.
In other news, the Company announced that it is working around the clock to
develop and upgrade Healthysite.com and it has made major progress since its
launching less than one week ago. The preliminary response to the site has been
impressive and promising.
TNRG would like to remind its shareholders that all shareholders as of the
record date of March 31, 2000 will receive one (1) right to purchase one (1)
share of the common stock of Tianrong Medical Group, Inc. for every four (4)
shares of TNRG that they own for $0.05.
James Tilton, President of TNRG, stated, "I hope that all of our shareholders
join me in the excitement of the recent developments and realize that all of our
efforts over the past twelve months are finally starting to pay off. It is hard
to believe that we are only in March and we will do everything we can to make
the rest of the year filled with accomplishments and achievements."
Tianrong is a business development company that intends to engage in the
acquisition of businesses across several sectors and, through the application of
its management expertise, to enhance shareholder value. |
