MSEM giong a new direction under new ownership:
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.
