(PR NEWSWIRE) Tianrong Completes Spin-Off of E-Commerce Division
Tianrong Completes Spin-Off of E-Commerce Division
SAN FRANCISCO, April 9 /PRNewswire/ -- Tianrong Building Material
Holdings, Ltd. (OTC Bulletin Board: TNRG) announced today that it has
completed the spin-off of its e-commerce internet division into a separate
publicly traded subsidiary, Tianrong Internet Products and Services, Inc.
(OTC Bulletin Board: TIPS). TNRG will continue to own approximately 70% of
TIPS and will pay a stock dividend of approximately 30% of TIPS to the
shareholders of TNRG. The board of directors of TNRG will set the record date
for the dividend early next week and make a public announcement immediately
thereafter. The Company also announced that it is on schedule for the record
date to be before the end of April.
James Tilton, president of TNRG, stated, "I am pleased that we have been
able to complete the spin-off of our e-commerce division. This is an
extremely exciting moment for TNRG as it marks an important milestone for TNRG
in that the e-commerce division is our first spin-off in the projected spin-
off of a number of different divisions. As shareholders begin to grasp how
these spin-offs work and the value of the dividends paid out, the value of
these spin-offs should start to begin to be reflected in the price of TNRG
stock itself. We believe our various divisions have many exciting projects
that are not yet reflected in the price of the TNRG stock. TIPS is just the
first indication of how much value is packed into TNRG."
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.
Tianrong has announced future stock dividends in three subsidiaries and on a
long-term basis may elect to issue stock dividends in other subsidiaries.
For further information contact investor relations at (800) 641-5844 or
visit 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.
-0- 04/09/99
/CONTACT: Investor Relations of Tianrong Building Material Holdings,
Ltd., 800-641-5844/
/Web site: tnrg.com
(TNRG TIPS)
CO: Tianrong Building Material Holdings, Ltd.; Tianrong Internet Products and
Services, Inc.
ST: California
IN: CST MLM
SU: |
