TNRG NEWS.....SPIN-OFF 4 shares for every 1 TNRG share....
members.xoom.com Join Free!
Tianrong Announces Board Approval of Internet Spin-Off
SAN FRANCISCO, Calif., Feb. 10 /PRNewswire/ -- Tianrong Building Material Holdings, Ltd. (OTC Bulletin Board: TNRG) announced today that its Board of Directors on Tuesday approved the spin-off of its internet division, Tianrong Internet Products and Services Inc., into a separate publicly traded company. The Board of Directors also approved the distribution of a portion of the new internet company shares in the form of a stock dividend to Tianrong Building Material Holdings shareholders. For every four shares of TNRG common stock held, shareholders will receive 1 share of Tianrong Internet Products and Services stock.
TNRG anticipates filing its registration statement for Tianrong Internet Products and Services on or about March 15. Upon clearance of the SEC registration the record date for payment of Tianrong Internet Product and Services stock dividend will be set. It is anticipated that SEC clearance will take approximately 30 days after filing and that the stock distribution will take place before the end of April.
Tianrong Internet Products and Services will own and operate the internet site for the shopping mall owned by TNRG and located in the People's Republic of China. The mall has reported unaudited sales numbers for the first ten months of 1998 of $135 million. The internet site will provide the opportunity for shoppers around the world to purchase merchandise from the mall. The internet site will be written in both English and Chinese.
Tianrong Internet Products and Services is also currently evaluating the acquisition of certain other internet sites.
James Tilton, President of TNRG, stated, "I am extremely pleased that the Board of Directors has approved the spin-off of Tianrong Internet Products and Services. Although our original plan called for the Sports Division to be the first spin-off, the Board made a wise decision in approving the internet division as the first spin-off given the current market environment for internet related companies. It is certainly the right spin-off at the right time to prove our concept of spinning-off divisions and rewarding shareholders. The nurturing and spin-off of TNRG divisions is an integral part of our business plan and will continue. We have many spin-offs in the planning stages."
For further information on Tianrong Building Material Holdings, contact James Tilton at 212-398-7833 or visit the website www.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 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.
SOURCE Tianrong Building Material Holdings, Ltd.
CO: Tianrong Building Material Holdings, Ltd.; Tianrong Internet Products and Services Inc.
|
