TIPS SPIN-OFF NEWS!!
Tianrong Sets Record Date for Stock Dividend
SAN FRANCISCO, April 14 /PRNewswire/ -- Tianrong Building Material Holdings, Ltd. (OTC Bulletin Board: TNRG) announced today that its Board of Directors has set the record date of April 30, 1999 for a stock dividend in its subsidiary Tianrong Internet Products and Services, Inc. (OTC Bulletin Board: TIPS). Shareholders will receive one share of TIPS stock for every four shares of TNRG stock they own.
James Tilton, president of TNRG, stated "I am extremely pleased this stock dividend is being declared during the time period we initially set as the goal for this event to occur. It was important that this record date be set on time to establish credibility with regard to this stock dividend and stock dividends we hope to make in the future in other subsidiaries. Early on TNRG announced a policy of paying dividends in various subsidiaries as we deem them to be mature enough to stand, to some degree, on their own. TIPS is only the first of what we believe to be a series of stock dividends. As long-term shareholders know, we also have technology, medical and sports divisions that we believe will be suitable for possible stock dividends in the near future. The TNRG team continues to work diligently to make these future dividends possible."
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.
CO: Tianrong Building Material Holdings, Ltd.; Tianrong Internet Products and Services, Inc.
ST: New York
T A P has received 700K shares of TNRG and 1 mil shares of TIPS from the company for services provided for a period of 1 year. For a complete write-up on TNRG/TIPS and other Turn Around Picks and free membership go to T A P profile for url.
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