International Building Technologies Group Inc. (INBG.OB) to Acquire 92% Stake in Machinery Company
International Building Technologies Group Inc. (OTCBB: INBG) announced it has signed a definitive agreement, via a Stock Sale and Purchase Agreement (SPA), with Wuhan Intepower Co., Ltd., in which INBG will acquire a majority of Intepower’s subsidiary, Wuhan Wufeng Machinery Manufacturing Co. Ltd. in Wuhan, China. “INBG purchased 92 percent of the Machinery Company from Intepower for approximately USD 1.5 million. This acquisition gives INBG the ability to manufacture our panel machineries and building panels. It will also prove to be a valuable asset and provide stable revenue and income for INBG in the coming years. The Machinery Company currently…