Roy, TNRG also has a sports division. Check their website.
NEW YORK--(BUSINESS WIRE)--April 15, 1998--Tianrong Building Material Holdings Ltd. (OTC BB:TNRG) announced today that it has acquired a 90% stake in a franchise of the United States Basketball League (OTCBB:USBL).
TNRG President James Tilton stated, "The acquisition of a majority
stake in a USBL basketball franchise follows our philosophy of making
acquisitions in areas where we perceive potential for significant
increases in value. Our research indicates that USBL minor league
basketball franchises at prevailing prices are significantly undervalued
in comparison to minor league baseball teams which currently change
hands in the $1 million to $10 million range."
USBL President Daniel T. Meisenheimer III stated, "We are pleased
with TNRG's franchise acquisition. Obviously, a company such as TNRG,
which analyzes acquisitions from a growth perspective, is a strong vote
of confidence in the future growth prospects of the USBL."
The USBL is the first and only publicly traded Sports League allowing
fans to become owners. The USBL is economical entertainment as a family
of four can attend a USBL game for practically the same price as one NBA
ticket. Over the course of the last 12 seasons the USBL has sent 113
players on to the NBA. Among the 113 are Muggsy Bogues, Anthony Mason,
Chris Childs, Mario Elie, Avery Johnson and Charlie Ward.
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 maybe spun-off to Tianrong shareholders via stock
dividends.
For further information contact Ray Bary at 415/439-4857. Additional
information can also be obtained at www.stockwire.com.
CONTACT: Tianrong Building Material Holdings Ltd.
Ray Bary, 415/439-4857
KEYWORD: NEW YORK CALIFORNIA
INDUSTRY KEYWORD: SPORTS ENTERTAINMENT MERGERS/ACQ
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