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Microcap & Penny Stocks : TNRG Tianrong Building Materials -- Ignore unavailable to you. Want to Upgrade?

To: Awiseone who wrote (3118)	8/17/1998 10:25:00 AM
From: O'Brien	Read Replies (2) \| Respond to of 9824

yup, NEWS (BSNS WIRE) Tianrong Building Material Holdings Receives Notice in Plann Tianrong Building Material Holdings Receives Notice in Planned Audit of Szechuan Shopping Mall Business Editors NEW YORK--(BUSINESS WIRE)--Aug. 17, 1998--Tianrong Building Material Holdings, Ltd. (OTC BB:TNRG) announced today that the Chinese government has notified TNRG that it has approved the use of the international accounting firm KPMG Peat Marwick LLP to conduct a complete audit of Chongquing Dazheng Emporium Co., Ltd. Chongquing's major asset is a shopping center located in the Chinese province of Szechuan. TNRG holds an 80% interest in Chongquing. James Tilton, president of TNRG, stated, "One of our goals when acquiring an 80% stake in Chongquing was to see that accounting standards for Chongquing would fall in line with United States Generally Accepted Accounting Principles. Therefore, we are extremely pleased that Peat Marwick will be allowed to conduct a full two year audit of Chongquing." Chongquing's shopping center currently generates revenues of approximately $144 million and annual profits of $5 million. TNRG is a business development company that has set as its goal the acquisition of businesses in numerous industries and plans to apply TNRG's management expertise to quickly grow value in the acquired businesses. TNRG has announced future stock dividends in three subsidiaries and on a long-term basis may elect to issue stock dividends in other subsidiaries. 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. Although 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. For further information on Tianrong, contact James Tilton at 212/398-7833 or visit the website www.tnrg.com. --30--ari/sf* lmm/sf CONTACT: Tianrong Building Material Holdings, Ltd. James Tilton, 212/398-7833 www.tnrg.com KEYWORD: NEW YORK INDUSTRY KEYWORD: BUILDING/CONSTRUCTION REAL ESTATE Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. URL: businesswire.com * end of story *