inbg
ALAMEDA, Calif.--(BUSINESS WIRE)--International Building Technologies Group, Inc. (OTCBB:INBG - News) 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).
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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.
