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Tianrong Building Material Holdings, Ltd. Announces
Cancellation of 9 Million Shares of Outstanding Stock
Business Wire - March 25, 1998 16:26
%TIANRONG-BUILDING TNRG %CALIFORNIA %BUILDING %CONSTRUCTION V%BW P%BW
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NEW YORK--(BUSINESS WIRE)--March 25, 1998--Tianrong Building Material
Holdings, Ltd. (OTC BB:TNRG) announced today that it has cancelled 9,186,814 shares of
previously issued Tianrong stock.
This stock cancellation is in addition to the 2.5 million shares of Tianrong stock cancelled last
week. In total 11,686,814 shares of Tianrong stock has been cancelled in the last 10 days.
According to Tianrong the cancellation of this stock will reduce the total number of Tianrong
shares outstanding to approximately 35 million. The 9,186,814 shares cancelled today had
previously been held by parties who were owners of the stock for more than 2 years. Thus,
the cancellation of this stock prevents the stock from entering the float.
Tianrong is a business development company that has set as its goal the acquisition of
businesses in numerous industries and plans to apply Tianrong's management expertise to
quickly grow value in the acquired businesses. It is anticipated that on a long-term basis some
of its acquisitions may be spun-off to Tianrong shareholders via stock dividends.
For further information on Tianrong, please contact James Tilton at 212/398-7833.
CONTACT: Tianrong Building Material Holdings Ltd.
James Tilton, 212/398-7833 |
