TNRG Nets $1 Million from Sale of China Property
Tuesday, March 21, 2000 09:03 AM
NEW YORK, March 21 /PRNewswire/ -- 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.
For further information contact investor relations at 800-324-3464 or visit tnrg.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 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 Building Material Holdings
CONTACT: Tianrong Building Material Holdings Investor Relations, 800-324-3464
Quote for referenced ticker symbols: TNRG
¸ 2000, PR Newswire
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