I think this now qualifies for posting here. IMO
Monday August 17, 10:08 am Eastern Time
Company Press Release
Tianrong Building Material Holdings
Receives Notice in Planned Audit of
Szechuan Shopping Mall
NEW YORK--(BUSINESS WIRE)--Aug. 17, 1998--Tianrong Building Material Holdings, Ltd. (OTC
BB:TNRG) announced today that the Chinese government has notified TNRG that it has approved the
use of the international accounting firm KPMG Peat Marwick LLP to conduct a complete audit of
Chongquing Dazheng Emporium Co., Ltd. Chongquing's major asset is a shopping center located in the
Chinese province of Szechuan. TNRG holds an 80% interest in Chongquing.
James Tilton, president of TNRG, stated, ''One of our goals when acquiring an 80% stake in
Chongquing was to see that accounting standards for Chongquing would fall in line with United States
Generally Accepted Accounting Principles. Therefore, we are extremely pleased that Peat Marwick
will be allowed to conduct a full two year audit of Chongquing.''
Chongquing's shopping center currently generates revenues of approximately $144 million and annual
profits of $5 million.
TNRG is a business development company that has set as its goal the acquisition of businesses in
numerous industries and plans to apply TNRG's management expertise to quickly grow value in the
acquired businesses. TNRG has announced future stock dividends in three subsidiaries and on a
long-term basis may elect to issue stock dividends in other subsidiaries.
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. Although Tianrong
Building Material Holdings 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.
For further information on Tianrong, contact James Tilton at 212/398-7833 or visit the website
www.tnrg.com.
Contact:
Tianrong Building Material Holdings, Ltd.
James Tilton, 212/398-7833
www.tnrg.com
Happy investing!
KZAP
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