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Tianrong Building Material Holdings, Ltd. Plans Stock Dividends
Business Wire - April 17, 1998 16:17
%TIANRONG %DIVIDENDS TNRG %NEW-YORK %MEDICINE %AEROSPACE %DEFENSE %SPORTS %MERGERS %ACQ %DIVIDEND V%BW P%BW
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NEW YORK--(BUSINESS WIRE)--April 17, 1998--Tianrong Building Material Holdings, Ltd. (OTC BB:TNRG) announced today that it plans to issue Tianrong shareholders, via stock dividends, interests in three subsidiaries.
It is contemplated that the dividends to Tianrong shareholders will be three separate dividends -- one for each subsidiary -- and that the interest received by shareholders will in each case equal to 10% of the outstanding shares of the subsidiaries.
The subsidiaries will be renamed: Tianrong Sports, Tianrong Medical Technologies and Tianrong Defense Technologies to better reflect the specific industry orientation of the subsidiaries. The issuance of the stock dividends is subject to completion of proper filings with the Securities and Exchange Commission. Shareholder record dates for each of the dividends is expected to be announced shortly.
James Tilton, president of Tianrong stated, "We at Tianrong continue to believe that we have a unique operating philosophy and that these stock dividends are a first step in providing to shareholders direct participation in some of the acquisitions we have recently made. We have consistently stated in our press releases that stock dividends were a part of our business plan and I am pleased that we are now able to execute this part of our plan."
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.
For further information on Tianrong, contact James Tilton at 212/398-7833.
CONTACT: Tianrong Building Material Holdings, Ltd., New York
James Tilton, 212/398-7833 |
