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Thursday, November 29, 2007 8:48:44 PM
INBG +200%/2days -chart- PR's - INVESTOR INFO
About International Building Technologies Group, Inc.
International Building Technologies Group, Inc. and its wholly owned subsidiary, International Building Technologies, Inc., is a manufacturer and developer of light panel technology to be used for residential and commercial businesses, primarily in regions that are at risk of earthquakes and hurricane-like winds. For more information visit
http://www.ibtgi.com/index.asp
IBT TECHNOLOGY
A Pioneering Technology
The Components of the panel are simple, but effective:
A lightweight high tensile treated galvanized steel wire cage.
A core of expanded polystyrene
Connected and held in place by a logical series of treated galvanized trusses
A coat of Portland cement either gun or manually applied to both sides.
IBT panel technology complies to European and US standard ICBO–ER-3509.
Our panels have passed structural and fire tests as prescribed by building code authorities worldwide. Load tests include transverse, vertical compression, and racking shear load. Fire tests include corner room burn and fire exposure under load.
SUPERIOR STRENGTH & VALUE
ADVANTAGES
APPLICATIONS
BETTER ENVIRONMENT
Sep 27, 2007 9:30:00 AM
ALAMEDA, Calif., Sep 27, 2007 (BUSINESS WIRE) --
International Building Technologies Group, Inc. (OTCBB:INBG) has amended an existing contract to reduce cost on stock purchase by rescinding a $1,000,000 notes payable.
On May 2, 2007, International Building Technologies Group, Inc. entered into a Stock Sales and Purchase Agreement with Axia Group, Inc., for the sum of 20,000,000 restricted common shares in INBG and a $1,000,000 notes payable. INBG and Axia have renegotiated and agreed to amend the terms and conditions to rescind the $1,000,000 note from such Agreement.
"The amendment is mutually agreed, reflecting the interest of both parties and the adjustment is made in order to part fairness to this transaction. By amending the agreement the $1,000,000 debt is reduced from our balance sheet," stated Kenneth Yeung, President of INBG.
International Building Technologies Group, Inc. Announces 3rd Quarter Financials and $350,000 Reduction in Expenses
Thursday November 29, 9:30 am ET
ALAMEDA, Calif.--(BUSINESS WIRE)--International Building Technologies Group, Inc. (OTCBB:INBG - News) announced today that the Company has filed its 3rd quarter financials for 2007.
In the 10QSB for the nine months ended September 30, 2007, the expense labeled "due to the change in fair value of Derivative Liability" was removed from the financials due to the adoption of FAS 150. This accounting change resulted in the removal of approximately $351,817 of expenses that was reflected in the second quarter financials ended June 30, 2007. These expenses were related to new debts the company acquired during the year. We believe that the treatment under FAS 150, among the diversity in accounting treatments that exist, is more appropriate and more accurately reflects the Company's position.
The Company also provided the following updates: IBT Management visited Suijiang, China in November 2007 to meet with Chinese government officials on the planned factory for the production of IBT building panel. A primary purpose of the visit was to negotiate a land deal in Suijiang, China for the factory so that production can begin as soon as possible. IBT signed a Memorandum with Suijiang County Government to build a factory in this area which would supply building materials for the construction of a new town for 50,000 residents of Suijiang. IBT will be to exclusively supply panels to the project which is expected to take five years to complete. Many residents in the Suijiang area are being displaced by the flooding created by the construction of the Xiangjiabar Hydroelectric Power Station, the fourth largest hydroelectric dam in the world.
The Rose Best residential complex project in Suining, Sichuan Province of China has neared completion on the foundations of the 50,000 square meter residential complex. IBT acquired a 51% stake in the Rose Best Project on July 8, 2007. Once the foundation is complete, the project is expected to bring revenue to the company as early as the 1st quarter of 2008. For further information on the Rose-Best Project, please visit http://www.suiningyinfa-ce.com at Rose Best Project II.
About International Building Technologies Group, Inc.
International Building Technologies Group, Inc. and its wholly owned subsidiary, International Building Technologies, Inc., is a manufacturer and developer of light panel technology to be used for residential and commercial businesses, primarily in regions that are at risk of earthquakes and hurricane-like winds. For more information visit 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 INBG 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 INBG 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 INBG has no specific intention to update these statements.
Contact:
International Building Technologies Group, Inc.
Patrick Donahoo, 702-688-9683
ir@ibtgi.com
--------------------------------------------------------------------------------
Source: International Building Technologies Group, Inc.
INFO from the 10Q SEC filing of interest...
Company is a developer and provider of a superior panel based building technology which allows for the rapid, cost effective construction of residential, commercial, and high-rise buildings utilizing materials that are superior in strength and appearance, economical and eco-friendly. The Company provides customers with architectural design, panel supply, supervision of installation, engineering, training, and technical support.
We currently have signed Memorandums of Understanding and are negotiating contracts for various projects throughout China. Our endeavors include an entire new town, a university campus, luxury condominiums, resorts, social interest homes, and standard industrial buildings. We strive to establish fully operational panel facilities throughout China, where they are building more square feet of new housing, commercial, and industrial buildings than any other country.
In July 2007, our wholly owned subsidiary, International Building Technologies, Co., Ltd. ("IBT LTD"), a Hong Kong corporation, entered into an asset and purchase agreement with China based Suining Yinfa Construction & Engineering Co, Ltd. for 51% interest in a Chinese building project named Rose Top Grade (Rose Best) Project. The Rose Top Grade (Rose Best) Project, already underway, is located in the Sichuan Province of China and consists of four upscale residential apartment buildings with a total building area of approximately 49,500 square meters (537,000 sq feet). The project is anticipated to generate revenue from the 50,000,000 RMB (approximately $6,700,000 USD) contract over the next 17 months, 51% of which will be allocated to our subsidiary International Business Technologies. We purchased 51% of the Rose Top Grade (Rose Best) Project from Suining Yinfa for $350,000 USD, payable July 2009.
The number of shares outstanding of the issuer's common stock, $0.001 par value, as of November 19, 2007 was 41,549,659 shares.
CHANGE IN DIRECTORS
On April 13, 2007, the Company elected Mr. Kenneth Yeung to the Board of Directors who is also the President and major shareholder of the Company.
Effective on April 16, 2007, David W. Keaveney resigned from his positions as Chief Executive Officer, Chief Financial Officer and Director of the Company.
Effective on April 16, 2007, Rhonda Keaveney resigned from her positions as Chief Operating Officer, Secretary and Director of the Company.
On April 16, 2007 Mr. Kenneth Yeung was elected as the interim principal Executive and Financial Officer of the company.
On May 30, 2007, the Company elected Mr. Peter Chin to the Board of Directors and to the office of Corporate Secretary.
SHORT TERM NOTES PAYABLE
On May 21, 2007 the Company entered into a $122,500 Secured Promissory Note at the rate of 11% per annum due March 20, 2008. Initially, the Company's President, Kenneth Yeung, personally borrowed the money and invested the amount into the Company. Due to a change in the business, the Company decided on May
10
--------------------------------------------------------------------------------
INTERNATIONAL BUILDING TECHNOLOGIES GROUP, INC.
FORMERLY MOTORSPORTS EMPORIUM, INC.
(A DEVELOPMENT STAGE COMPANY)
Notes to the Condensed Consolidated Financial Statements September 30, 2007 and December 31, 2006
21, 2007 to assume the note and entered into a promissory note with the lender. The Note is secured with the Preferred Series C shares owned by the President. In connection with this transaction, 490,000 warrants to purchase shares of the common stock of the Company at $0.25 were issued with an expiration date of May 20, 2012. The warrants issued to the investors in this transaction are exercisable for a period of five years commencing immediately after the date of issuance at an exercise price of $.25 per share. Utilizing the Black-Scholes valuation model and the following assumptions: estimated volatility of 211.36%, a contractual life of five years, a zero dividend rate, 4.79% risk free interest rate, and the fair value of common stock of $0.10 per share at date of grant, the Company determined the allocated fair value of the warrant to be $47,759. The Company has recorded this amount as a debt discount and is amortizing the debt discount over the term of this Note. The amortization is being recorded as interest expense and totaled $20,696 for the nine months ended September 30, 2007, $14,328 for the three months ended September 30, 2007, and $20,696 for the period from inception to September 30, 2007. As an incentive to the payee, the Company will make additional payments of $122,500 on or by the due date unless
(a) the principal is paid in full on or before September 20, 2007, in which case the additional payment incentive shall be reduced to $30,625 or (b) the principal is paid in full on or before December 20, 2007, in which case the additional payment incentive shall be reduced to $61,250. No payments were made during the third quarter.
link to SEC filings:
http://www.nasdaq.com/asp/quotes_sec.asp?symbol=INBG&selected=INBG&page=filings
About International Building Technologies Group, Inc.
International Building Technologies Group, Inc. and its wholly owned subsidiary, International Building Technologies, Inc., is a manufacturer and developer of light panel technology to be used for residential and commercial businesses, primarily in regions that are at risk of earthquakes and hurricane-like winds. For more information visit
http://www.ibtgi.com/index.asp
IBT TECHNOLOGY
A Pioneering Technology
The Components of the panel are simple, but effective:
A lightweight high tensile treated galvanized steel wire cage.
A core of expanded polystyrene
Connected and held in place by a logical series of treated galvanized trusses
A coat of Portland cement either gun or manually applied to both sides.
IBT panel technology complies to European and US standard ICBO–ER-3509.
Our panels have passed structural and fire tests as prescribed by building code authorities worldwide. Load tests include transverse, vertical compression, and racking shear load. Fire tests include corner room burn and fire exposure under load.
SUPERIOR STRENGTH & VALUE
ADVANTAGES
APPLICATIONS
BETTER ENVIRONMENT
Sep 27, 2007 9:30:00 AM
ALAMEDA, Calif., Sep 27, 2007 (BUSINESS WIRE) --
International Building Technologies Group, Inc. (OTCBB:INBG) has amended an existing contract to reduce cost on stock purchase by rescinding a $1,000,000 notes payable.
On May 2, 2007, International Building Technologies Group, Inc. entered into a Stock Sales and Purchase Agreement with Axia Group, Inc., for the sum of 20,000,000 restricted common shares in INBG and a $1,000,000 notes payable. INBG and Axia have renegotiated and agreed to amend the terms and conditions to rescind the $1,000,000 note from such Agreement.
"The amendment is mutually agreed, reflecting the interest of both parties and the adjustment is made in order to part fairness to this transaction. By amending the agreement the $1,000,000 debt is reduced from our balance sheet," stated Kenneth Yeung, President of INBG.
International Building Technologies Group, Inc. Announces 3rd Quarter Financials and $350,000 Reduction in Expenses
Thursday November 29, 9:30 am ET
ALAMEDA, Calif.--(BUSINESS WIRE)--International Building Technologies Group, Inc. (OTCBB:INBG - News) announced today that the Company has filed its 3rd quarter financials for 2007.
In the 10QSB for the nine months ended September 30, 2007, the expense labeled "due to the change in fair value of Derivative Liability" was removed from the financials due to the adoption of FAS 150. This accounting change resulted in the removal of approximately $351,817 of expenses that was reflected in the second quarter financials ended June 30, 2007. These expenses were related to new debts the company acquired during the year. We believe that the treatment under FAS 150, among the diversity in accounting treatments that exist, is more appropriate and more accurately reflects the Company's position.
The Company also provided the following updates: IBT Management visited Suijiang, China in November 2007 to meet with Chinese government officials on the planned factory for the production of IBT building panel. A primary purpose of the visit was to negotiate a land deal in Suijiang, China for the factory so that production can begin as soon as possible. IBT signed a Memorandum with Suijiang County Government to build a factory in this area which would supply building materials for the construction of a new town for 50,000 residents of Suijiang. IBT will be to exclusively supply panels to the project which is expected to take five years to complete. Many residents in the Suijiang area are being displaced by the flooding created by the construction of the Xiangjiabar Hydroelectric Power Station, the fourth largest hydroelectric dam in the world.
The Rose Best residential complex project in Suining, Sichuan Province of China has neared completion on the foundations of the 50,000 square meter residential complex. IBT acquired a 51% stake in the Rose Best Project on July 8, 2007. Once the foundation is complete, the project is expected to bring revenue to the company as early as the 1st quarter of 2008. For further information on the Rose-Best Project, please visit http://www.suiningyinfa-ce.com at Rose Best Project II.
About International Building Technologies Group, Inc.
International Building Technologies Group, Inc. and its wholly owned subsidiary, International Building Technologies, Inc., is a manufacturer and developer of light panel technology to be used for residential and commercial businesses, primarily in regions that are at risk of earthquakes and hurricane-like winds. For more information visit 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 INBG 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 INBG 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 INBG has no specific intention to update these statements.
Contact:
International Building Technologies Group, Inc.
Patrick Donahoo, 702-688-9683
ir@ibtgi.com
--------------------------------------------------------------------------------
Source: International Building Technologies Group, Inc.
INFO from the 10Q SEC filing of interest...
Company is a developer and provider of a superior panel based building technology which allows for the rapid, cost effective construction of residential, commercial, and high-rise buildings utilizing materials that are superior in strength and appearance, economical and eco-friendly. The Company provides customers with architectural design, panel supply, supervision of installation, engineering, training, and technical support.
We currently have signed Memorandums of Understanding and are negotiating contracts for various projects throughout China. Our endeavors include an entire new town, a university campus, luxury condominiums, resorts, social interest homes, and standard industrial buildings. We strive to establish fully operational panel facilities throughout China, where they are building more square feet of new housing, commercial, and industrial buildings than any other country.
In July 2007, our wholly owned subsidiary, International Building Technologies, Co., Ltd. ("IBT LTD"), a Hong Kong corporation, entered into an asset and purchase agreement with China based Suining Yinfa Construction & Engineering Co, Ltd. for 51% interest in a Chinese building project named Rose Top Grade (Rose Best) Project. The Rose Top Grade (Rose Best) Project, already underway, is located in the Sichuan Province of China and consists of four upscale residential apartment buildings with a total building area of approximately 49,500 square meters (537,000 sq feet). The project is anticipated to generate revenue from the 50,000,000 RMB (approximately $6,700,000 USD) contract over the next 17 months, 51% of which will be allocated to our subsidiary International Business Technologies. We purchased 51% of the Rose Top Grade (Rose Best) Project from Suining Yinfa for $350,000 USD, payable July 2009.
The number of shares outstanding of the issuer's common stock, $0.001 par value, as of November 19, 2007 was 41,549,659 shares.
CHANGE IN DIRECTORS
On April 13, 2007, the Company elected Mr. Kenneth Yeung to the Board of Directors who is also the President and major shareholder of the Company.
Effective on April 16, 2007, David W. Keaveney resigned from his positions as Chief Executive Officer, Chief Financial Officer and Director of the Company.
Effective on April 16, 2007, Rhonda Keaveney resigned from her positions as Chief Operating Officer, Secretary and Director of the Company.
On April 16, 2007 Mr. Kenneth Yeung was elected as the interim principal Executive and Financial Officer of the company.
On May 30, 2007, the Company elected Mr. Peter Chin to the Board of Directors and to the office of Corporate Secretary.
SHORT TERM NOTES PAYABLE
On May 21, 2007 the Company entered into a $122,500 Secured Promissory Note at the rate of 11% per annum due March 20, 2008. Initially, the Company's President, Kenneth Yeung, personally borrowed the money and invested the amount into the Company. Due to a change in the business, the Company decided on May
10
--------------------------------------------------------------------------------
INTERNATIONAL BUILDING TECHNOLOGIES GROUP, INC.
FORMERLY MOTORSPORTS EMPORIUM, INC.
(A DEVELOPMENT STAGE COMPANY)
Notes to the Condensed Consolidated Financial Statements September 30, 2007 and December 31, 2006
21, 2007 to assume the note and entered into a promissory note with the lender. The Note is secured with the Preferred Series C shares owned by the President. In connection with this transaction, 490,000 warrants to purchase shares of the common stock of the Company at $0.25 were issued with an expiration date of May 20, 2012. The warrants issued to the investors in this transaction are exercisable for a period of five years commencing immediately after the date of issuance at an exercise price of $.25 per share. Utilizing the Black-Scholes valuation model and the following assumptions: estimated volatility of 211.36%, a contractual life of five years, a zero dividend rate, 4.79% risk free interest rate, and the fair value of common stock of $0.10 per share at date of grant, the Company determined the allocated fair value of the warrant to be $47,759. The Company has recorded this amount as a debt discount and is amortizing the debt discount over the term of this Note. The amortization is being recorded as interest expense and totaled $20,696 for the nine months ended September 30, 2007, $14,328 for the three months ended September 30, 2007, and $20,696 for the period from inception to September 30, 2007. As an incentive to the payee, the Company will make additional payments of $122,500 on or by the due date unless
(a) the principal is paid in full on or before September 20, 2007, in which case the additional payment incentive shall be reduced to $30,625 or (b) the principal is paid in full on or before December 20, 2007, in which case the additional payment incentive shall be reduced to $61,250. No payments were made during the third quarter.
link to SEC filings:
http://www.nasdaq.com/asp/quotes_sec.asp?symbol=INBG&selected=INBG&page=filings
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