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TIPS Announces Update on SEC Administrative Proceedings
March 26, 2012. Tianrong Internet Products and Services, Inc (OTC: TIPS) today announce that the SEC Division of Enforcement are proposing a motion to strike TIPS from the Administrative Proceeding issued against it on the February 6, 2012 on the grounds that the SEC Division of Corporation Finance accepts that TIPS is a non-reporting company.
It was announced in the Initial Company Information and Disclosure Statement for TIPS and in the supporting Attorney Opinion Letter with Respect to Current Information that TIPS was subject to an SEC Administrative Proceeding.
Subject to the Judge’s approval of the SEC’s motion to end the proceedings against TIPS this matter shall be resolved. The Directors of TIPS are pleased with the outcome which brings to an end the immediate risk that trading in the company’s shares could be suspended as previously identified.
Background
On February 6, 2012 the SEC issued an Order Instituting Administrative Proceedings against a number of respondents including TIPS for delinquency in their periodic filings.
The Order was issued against TIPS as it was considered by the Commission to be a reporting company having inherited the reporting status of a company it intended to acquire called MAS Acquisition XVIII Corp.(“MAS”).
The acquisition of MAS was conditional on certain contingent events which did not occur and the transaction was therefore never consummated.
On March 21, 2012 the SEC Division of Enforcement put forward a proposal to Administrative Law Judge, The Honorable Carol Fox Foelak, to file a motion to strike TIPS from the proceedings having received confirmation from the SEC Division of Corporation Finance that TIPS was not a successor to MAS.
For further information please contact our Investor Relations team:
investorrelations@tipstechnologies.com
+44 (0)207 355 3525
