2008-07-09 19:44:09 -
www.ibtgi.com - International Building Technologies Group, Inc. (OTCBB:INBG) announced today that the China Government has granted approval for the Company to acquire 88% of China based Wuhan Wufeng Machinery Manufacturing Company ("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).
On April 17,
2008, the Company signed a definitive agreement to purchase the Machinery Company located in Wuhan, Hubei Province of China. Since then, the Company has been waiting for approval from the China government and has been preparing for the audit process of the Machinery Company as scheduled in the definitive agreement.
Stated Ken Yeung, CEO of INBG, "We are very excited by the China Government's approval. Today's news brings us significantly closer to complete the acquisition of the Machinery Company. We have been working diligently over the past few months to prepare for the audit and will start the process shortly. The acquisition will be finalized upon completion of the audit in acceptance with SEC regulations. After which we can then retool the existing machineries and equipments so that they will be able to manufacture the panel machineries that INBG will utilize in its panel production factory projects, while the existing current revenue of the Wuhan Machinery Company can bring in a reasonable return for the Company."
The Company has also been working with local investors to set up a multi-million dollar panel production factory in earthquake devastated Sichuan Province to facilitate the rebuilding process. The plan to build a factory in this region has been discussed with the Sichuan Construction Bureau and has been met with great enthusiasm. "The Sichuan Construction Bureau has reviewed our products and plans for a factory and is eager for us to proceed. We have been working with several investors on this project and it is very promising. We are very optimistic and will keep shareholders and investors informed as new information becomes available," stated Ken Yeung.
About the Machinery Company:
The Machinery Factory manufactures machinery equipment and production lines for rice and grain processing as well as mineral refining and processing. It also provides turn-key services from designing to the assembly of equipments and production lines. It has been one of the key players in its respective industries for decades in China. For further information on the Machinery Company, please visit
www.ytwf.com and www.intepower.com.
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
ir@ibtgi.com 
