I Always wonder why Bruce states that KY pulled out of merger deals to line his pocket with money. Correct me if i wrong here but The reason he pulled outta the merger with
International Building Technologies Group, Inc. Rescinds the Stock Sale and Purchase Agreement (SPA) with Wuhan Intepower Co., Ltd.
On April 17, 2008, the Company signed a definitive agreement to purchase the Wuhan Wufeng Machinery Manufacturing Co., Ltd. ("Machinery Company"), a subsidiary of Wuhan Intepower Co., Ltd. ("Wuhan Intepower"), located in Wuhan, Hubei Province of China. On August 13, 2008, the Company deposited RMB 1,100,000 (approximately US$166,000 or 10% of the purchase price) in the original capital account of Wuhan Intepower that opened for the purpose of the acquisition in accordance with Chinese law and regulation. The deposit should have remained in the original capital account until the final inspection by the Chinese governmental authority prior to the closing of this acquisition.
However, we recently discovered that the US$166,000 deposit was transferred out from the original capital account to another Wuhan Intepower account in violation of our agreement and in violation of Chinese regulation, without our approval and without the approval of the Chinese governmental authority. In addition, during the inspection of the books and records of the Machinery Company for the year of 2008 presented to us by Wuhan Intepower, we discovered that the figures of net profits (unaudited) presented to us by Wuhan Intepower were materially less than the net profit figure of 2006-2007 in according to the final version of the 2006-2007 audit report presented to us by the appointed audit company for this acquisition.
so if i was wanting to merge with a company i wouldnt go with a company thats doing stuff in violation with the China Gov. its just bad buisness. But i might be off the subject of whats he was talking about but thats what i get outta it when he says he didnt do it on the past 2 mergers and blames KY for pulling out. Honestly i dont blame KY he did the right thing. ill see if i can find the other one. To see whats the deal with that merger and see why he pulled out on it.
IMHO Ky Wasnt tring to just line his pockets by dulution and getting peoples hopes of a merger that wasnt going to happpen, Cause it was going to happen just the violations made him pull out. I dont know Like i said tell me if i am misunderstanding what hes talking about when he said he does it over and over agian to line his pockets.. thanks alot Danterian
