Momentum Players

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ugust 13, 2008 - 9:31 AM EDT





INBG 0.0017 0.00

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International Building Technologies Group, Inc. Progresses with Purchase of Wuhan Wufeng Machinery Manufacturing Company and the Set Up of a Multi-Million Dollar Panel Production Factory in China's Sichuan Province
International Building Technologies Group, Inc. (OTCBB:INBG) announced today that the Company has paid a deposit of RMB 1,100,000 (Approximately USD $160,000) for the acquisition of China based Wuhan Wufeng Machinery Manufacturing Company (“Machinery Company”). On June 24, 2008, the China Government granted approval for the Company to acquire 88% of the Machinery Company with registered capital of RMB 26,420,000 (Approximately USD $3,850,000) for a fixed acquisition price of RMB 11,000,000 (Approximately USD $1,600,000).

The Company is finalizing an engagement agreement with a CPA firm to perform the audit of the Machinery Company. The CPA firm is a registered public accounting firm approved by the US Public Company Accounting Oversight Board (PCAOB) and has extensive experience conducting independent audits of public companies traded on the U.S. markets. It is estimated that the audit of the Machinery Company will take approximately sixty (60) days to complete.

The Company has also been working on finalizing a Letter of Intent (“LOI”) with investors for the set up of a multi-million dollar panel production factory in China’s Sichuan Province. The plan to build the factory has been presented to and has been met with great enthusiasm by the Sichuan Construction Bureau. “This is a very exciting time for the Company with lots of events taking place simultaneously and a lot of progress being made towards acquiring the Machinery Company and the building of a production factory in China’s earthquake devastated Sichuan Province. The next few months is going to be a very busy and productive period for the Company. We will keep shareholders and investors informed as new information becomes available,” stated CEO, Mr. Kenneth Yeung.

About International Building Technologies Group, Inc.

International Building Technologies Group, Inc. and its wholly owned subsidiary, International Building Technologies, Inc., are currently transforming the combined business into a worldwide 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.

This news release may include forward-looking statements within the meaning of section 27A of the United States Securities Act of 1933, as amended, and section 21E of the United States Securities and Exchange Act of 1934, as amended, with respect to achieving corporate objectives, developing additional project interests, the company’s analysis of opportunities in the acquisition and development of various project interests and certain other matters. These statements are made under the “Safe Harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements contained herein.

International Building Technologies Group, Inc.
Patrick Donahoo, 702-688-9683
[e-mail]


Source: Business Wire (August 13, 2008 - 9:31 AM EDT)

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