Stockguru.com: International Building Technologies Group Inc. is in the StockGuru Spotlight for July 15, 2009

Jul 15, 2009 (M2 PRESSWIRE via COMTEX) --
INBG | Quote | Chart | News | PowerRating -- DALLAS, TEXAS : StockGuru announces that International Building Technologies Group Inc. (OTCBB: INBG | Quote | Chart | News | PowerRating) is in the StockGuru Spotlight. International Building Technologies Group, Inc. and its subsidiaries 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.

On Tuesday, the company put out news announcing that they have rescinded the Stock Sale and Purchase Agreement ("SPA") that the Company entered into with Wuhan Intepower Co., Ltd., on April 17, 2008, because Wuhan Intepower Co., Ltd. has breached the agreement. On April 17, 2008, the Company signed a definitive agreement to purchase the Wuhan Wufeng Machinery Manufacturing Co., Ltd. ("Machinery Company"), a subsidiary of Wuhan Intepower Co., Ltd. ("Wuhan Intepower"), located in Wuhan, Hubei Province of China. On August 13, 2008, the Company deposited RMB 1,100,000 (approximately US$166,000 or 10% of the purchase price) in the original capital account of Wuhan Intepower that opened for the purpose of the acquisition in accordance with Chinese law and regulation. The deposit should have remained in the original capital account until the final inspection by the Chinese governmental authority prior to the closing of this acquisition. However, we recently discovered that the US$166,000 deposit was transferred out from the original capital account to another Wuhan Intepower account in violation of our agreement and in violation of Chinese regulation, without our approval and without the approval of the Chinese governmental authority. In addition, during the inspection of the books and records of the Machinery Company for the year of 2008 presented to us by Wuhan Intepower, we discovered that the figures of net profits (unaudited) presented to us by Wuhan Intepower were materially less than the net profit figure of 2006-2007 in according to the final version of the 2006-2007 audit report presented to us by the appointed audit company for this acquisition. For the above reasons, on July 10, 2009, we sent an official letter to Wuhan

Shares for International Building Technologies Group Inc. (OTCBB: INBG | Quote | Chart | News | PowerRating) were steady during the day of trading on Tuesday and closed with no change at closing.

To view our StockGuru Spotlight on International Building Technologies Group Inc. (OTCBB: INBG | Quote | Chart | News | PowerRating) , please visit:

http://www.stockguru.com

What is the StockGuru Spotlight?

The StockGuru Spotlight features stocks that we expect some action in. Generally speaking we expect a strong showing in the market based on the market, our knowledge of the stock and the buzz in the markets. Many times these will be stocks that have big news out recently, there is fresh interest in getting the word out on these stocks or we hear a buzz in our day to day contacts on these stocks. If we think it is going to move or see action, we put it in the StockGuru Spotlight. If we are compensated for a stock in the Spotlight, it will be clearly disclosed within this Spotlight Announcement.

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