Tianrong Internet Products and Services, Inc. (TIPS: Grey Market) | TIPS Announces Resolution of SEC Administrative Proceeding

TIPS Announces Resolution of SEC Administrative Proceeding

May 09, 2012

OTC Disclosure News Service

Salt Lake City, UT –

TIPS Announces Resolution of SEC Administrative Proceeding

May 9, 2012.  Tianrong Internet Products and Services, Inc (OTC: TIPS) today announce that the SEC Division of Enforcement’s motion to strike TIPS from the Administrative Proceeding issued against it on the February 6, 2012 has been accepted by the Commission.

The Directors of TIPS are pleased with the outcome which brings to an end the risk that trading in the company’s shares could be suspended as a result of the Administrative Proceeding.

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. TIPS was not, therefore, a successor issuer to MAS and had no obligation to make periodic filings to the SEC as a non-reporting company.

The full “Order Amending Order Instituting Proceedings to Dismiss Tianrong Internet Products and Services, Inc.” is available here:

 http://www.sec.gov/litigation/admin/2012/34-66933.pdf

For further information please contact our Investor Relations team:

investorrelations@tipstechnologies.com

tony@wiltongroup.com

adamt@wiltongroup.com

+44 (0)207 355 3525

 

 

 

 

The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.

Article source: http://www.otcmarkets.com/stock/TIPS/news?id=46944

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