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

To: cabernetfranck who wrote (6974)	4/9/1999 3:17:00 PM
From: CUBBY	Read Replies (2) \| Respond to of 9824

Tianrong Completes Spin-Off of E-Commerce Division April 9, 1999 09:00 AM SAN FRANCISCO, April 9 /PRNewswire/ -- Tianrong Building Material Holdings, Ltd. 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. 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.