International Building Technologies Group, Inc. (INBG.OB) Granted Acquisition Approval by Chinese Government
International Building Technologies Group ("IBTG") is a building supply corporation based out of Alameda, California, with a field office in Shanghai, China. The company primarily manufactures lightweight building panels used in building construction around the world. For the last three months, the company has been awaiting a stamp of approval from the Chinese government on an agreement to purchase the China-based Wufeng Machinery Manufacturing Company ("WMMC"). WMMC currently produces machinery required for rice and grain processing, as well as mineral refining. It is IBTG's intent to re-tool the company's existing production lines to facilitate production of its own building panels.…