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To: Joe Copia who wrote (6788)	3/30/1998 4:48:00 PM
From: rharris	Read Replies (1) \| Respond to of 120523

TNRG - Major News! It seems that Tilton now has the asset base for NASDAQ....now all we need is the price @$3... Monday March 30, 4:16 pm Eastern Time Company Press Release Tianrong Building Material Holdings Ltd. Enters Into Letter of Intent to Purchase 80% of Shopping Center Located in the Peoples' Republic of China NEW YORK--(BUSINESS WIRE)--March 30, 1998--Tianrong Building Material Holdings Ltd. (OTC BB:TNRG - news) announced today that it has entered into a letter of intent to acquire an 80% interest in Chongquing Dazheng Emporium Co. Ltd. Chongquing's major asset is a shopping center located in the Chinese province of Szechuan. The shopping center currently generates annual revenues of approximately $144 million and annual profits of approximately $5 million. The acquisition is to be financed via a $48 million convertible debenture. The conversion price of the debentures will be $3 per share. James Tilton, president of Tianrong, stated: ''Tianrong's philosophy continues to be the acquisition of any business entity where the potential for a significant increase in the value of the acquisition target exists. The Chongquing acquisition with its shopping center in the province of Szechuan meets this criteria.'' 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 may be spun-off to Tianrong shareholders via stock dividends. For further information on Tianrong, please contact James Tilton, 212/398-7833. Contact: Tianrong Building Material Holdings Ltd. James Tilton, 212/398-7833 More Quotes and News: Tianrong Building Material Holdings Ltd (OTC BB:TNRG - news) Related News Categories: telecom Richard