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Axia Group Inc. Signs Letter of Intent to Sell International Building Technologies Inc.
Tuesday April 17, 10:00 am ET
SAN DIEGO, April 17 /PRNewswire-FirstCall/ -- Axia Group, Inc. (OTC: AXGJ - News), announced today that it has furthered its negotiations to sell International Building Technologies, Inc. (IBT) by signing a nonbinding Letter of Intent with Motorsports Emporium, Inc. (OTC Bulletin Board: MSEM - News), the proposed purchaser of the subsidiary. MSEM will take over responsibilities set forth in IBT's Memorandum of Understanding with the Chinese government to build a panel production plant in the city of Suijiang. MSEM will also have the rights to pursue IBT leads in Central America, the United States and the United Arab Emirates. In return, Axia will receive $1 million in cash, 20 million shares of common stock in MSEM, and royalties on gross sales from the China project for the next three years. The sale is pending due diligence and the execution of a Final Agreement between the Parties.
Stated Jeffrey Flannery, "This Letter of Intent with MSEM further clarifies the terms of the proposed sale of IBT, a transaction we now hope to close in the near future. MSEM has assembled a management team that is experienced in the panel production methodology, and is dedicated to furthering the deployment of this building system worldwide. Axia will be able to focus on the critical region of Sri Lanka and Southeast Asia, as well as receive ongoing support from MSEM."
Stated Kenneth Yeung, President of MSEM, "The primary focus of MSEM will be to support and market the building technology that Axia has so successful introduced to many countries. We are obviously very aware of the role Axia has had in establishing the validity and utility of the panel technology, and so IBT, as an integral part of MSEM, will continue that hard work and strive to bring new projects to fruition throughout the world."
More information on Axia Group, Inc. can be found on the company web site at www.axiagroup.info. Information on IBT can be found at www.ibtgi.com.
Investors are cautioned that certain statements contained in this document as well as some statements in periodic press releases and some oral statements of AXGJ officials are "Forward-Looking Statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). Forward-looking statements include statements which are predictive in nature, which depend upon or refer to future events or conditions, which include words such as "believes," "anticipates," "intends," "plans," "expects," and similar expressions. In addition, any statements concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible future AXGJ actions, which may be provided by management, are also forward-looking statements as defined by the Act. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance, or achievements expressed or implied by such forward-looking statements and to vary significantly from reporting period to reporting period. Although management believes that the assumptions made and expectations reflected in the forward-looking statements are reasonable, there is no assurance that the underlying assumptions will, in fact, prove to be correct or that actual future results will not be different from the expectations expressed in this report. These statements are not guarantees of future performance and AXGJ has no specific intention to update these statements.
