ComCentral signs letter of intent to merge with Tianrong Group.TAMPA, Fla.--(BUSINESS WIRE)--July 19, 1995--ComCentral Corp. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:COMC COMC Count of Monte Cristo COMC Canadian Open Mathematics Challenge COMC Care of Magical Creatures Class (Harry Potter) COMC Communications Controller ) announced Wednesday the signed letter of intent to merge with Tianrong Building Material Holdings Ltd., an Irish company with its U.S. branch office located in Kew Gardens Kew Gardens (ky  ), Kew, Surrey, S England, on the Thames just W of London; Royal Botanic Gardens is the official name. , N.Y. Under the terms of the agreement, ComCentral and Tianrong Building will execute a stock for stock exchange in a tax-free reorganization. The group of partners controlling Tianrong Building will transfer 100% of the issued and outstanding capital stock of Tianrong Building to ComCentral. In exchange, ComCentral will issue a sufficient number of shares of ComCentral common stock to the partners so that the partners will own 75% of the common stock of ComCentral. At the time of the exchange, Tianrong Building will have a 16% interest in the capital stock and the option to purchase for $3 million an additional 60% of the capital stock of Tianrong Building Elements Company Ltd., a company located in Tianjin, China. The additional capital will be used for expansion into the Shanghai and Guangzhou markets. Tianrong Building Elements is a Swiss-China joint venture, established in 1986, who manufactures high-tech metal faced, rigid insulated panels for roofs and walls. The panels are used for industrial buildings, shopping centers, and residential homes. The Chinese pavilion Chinese Pavilions (Chinese 亭, pinyin tíng) are covered structures without surrounding walls and are a traditional part of Chinese architecture. Pavilions are often found within temples, but are not exclusively religious structures. at the World Exhibition in Sevilla, Spain was built with the Tianrong Building Elements panels. In addition, companies such as Coca-Cola and Otis Elevators have used the company's panels. In 1994 Tianrong Building Elements recorded sales of $8.2 million (USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) and a net profit after tax of approximately $1.5 million (USD). Earnings growth is expected to exceed 15% per year over the next five years. Tianrong Building Elements has approximately $14 million in assets and is carrying an approximate net worth of $4.2 million. The completed merger will provide ComCentral with the necessary financial requirements to re-qualify for NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on listing. CONTACT: ComCentral Corp., Tampa Matthew Veal veal, flesh of a calf from two to three months old weighing usually less than 300 lb (135 kg). The locomotion of the veal calves is often restricted, and they are fed a real or synthetic milk that is high in protein and low in iron; this produces the desired , 813/282-9474 or 813/286-9674 (fax) |
|
Printer friendly
Cite/link
Email
Feedback
Reader Opinion