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Press Release Source: International Building Technologies Group, Inc.
International Building Technologies Group, Inc. Signed a MOU to Acquire a Machinery Manufacturing Co. With USD 3.9 Million Worth of Assets
Friday January 4, 9:30 am ET
ALAMEDA, Calif.--(BUSINESS WIRE)--International Building Technologies Group, Inc. (OTCBB:INBG - News) announced today that it has recently entered into a Memorandum of Understanding (MOU) to acquire a machinery manufacturing company in Wuhan, Hubei Province of China. The Hubei InteWufeng Machinery Co., Ltd. currently offers several lines of equipment, but its machining capabilities can be retooled to manufacture the panel production manufacturing systems that IBT will utilize in several planned projects in China and other countries.
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The signed MOU has specified the basic terms of a Final Agreement to acquire the machinery manufacturing company following due diligence and financial review by both companies. Financial information provided by the Hubei InteWufeng Machinery Co., Ltd. states the company currently has assets worth RMB 28.5 million (US Dollar 3.9 million approx.) and generated revenue of RMB 30 million (US Dollar 4.1 million approx.) in the year of 2007.
Stated Kenneth Yeung, CEO of International Building Technologies Group, Inc., “This potential acquisition would give IBT the ability to manufacture its proprietary equipments of panel production machinery. The Hubei InteWufeng Machinery Co., Ltd. currently has state of the art tool and machining systems, experienced engineers, design capabilities for new lines of equipment as well as strong service and after-sales support. Strategically, this acquisition would strongly support IBT’s ability to supply the market for building panels in China and throughout the world.”
The acquired company is located in Wuhan, Hubei Province of China. It is a machinery factory that manufactures equipment, production lines and heavy equipments for mineral refinery in China. It has been one of the key players in the same type of equipment manufacturing industries for the last decade. For further information of The Hubei InteWufeng Machinery Co., Ltd., please visit http://www.ytwf.com.
For more information on International Building Technologies Group, Inc. please 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.
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International Building Technologies Group, Inc. Signed a MOU to Acquire a Machinery Manufacturing Co. With USD 3.9 Million Worth of Assets
Friday January 4, 9:30 am ET
ALAMEDA, Calif.--(BUSINESS WIRE)--International Building Technologies Group, Inc. (OTCBB:INBG - News) announced today that it has recently entered into a Memorandum of Understanding (MOU) to acquire a machinery manufacturing company in Wuhan, Hubei Province of China. The Hubei InteWufeng Machinery Co., Ltd. currently offers several lines of equipment, but its machining capabilities can be retooled to manufacture the panel production manufacturing systems that IBT will utilize in several planned projects in China and other countries.
ADVERTISEMENT
The signed MOU has specified the basic terms of a Final Agreement to acquire the machinery manufacturing company following due diligence and financial review by both companies. Financial information provided by the Hubei InteWufeng Machinery Co., Ltd. states the company currently has assets worth RMB 28.5 million (US Dollar 3.9 million approx.) and generated revenue of RMB 30 million (US Dollar 4.1 million approx.) in the year of 2007.
Stated Kenneth Yeung, CEO of International Building Technologies Group, Inc., “This potential acquisition would give IBT the ability to manufacture its proprietary equipments of panel production machinery. The Hubei InteWufeng Machinery Co., Ltd. currently has state of the art tool and machining systems, experienced engineers, design capabilities for new lines of equipment as well as strong service and after-sales support. Strategically, this acquisition would strongly support IBT’s ability to supply the market for building panels in China and throughout the world.”
The acquired company is located in Wuhan, Hubei Province of China. It is a machinery factory that manufactures equipment, production lines and heavy equipments for mineral refinery in China. It has been one of the key players in the same type of equipment manufacturing industries for the last decade. For further information of The Hubei InteWufeng Machinery Co., Ltd., please visit http://www.ytwf.com.
For more information on International Building Technologies Group, Inc. please 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.
Contact: