Rochester, NY 7/15/2009 4:19:45 AM
INBG - International Building Technologies Announces Audit of Machinery Company
International Building Technologies Group, Inc.
INTL BLDG TECH GRP, INBG
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International Building Technologies Group, Inc. announced today that based on the current ongoing audit of Wuhan Wufeng Machinery Manufacturing Company (Machinery Company), preliminary audited figures show that the Machinery Company’s assets are worth significantly more than anticipated and previously announced. Based on preliminary audited figures provided by our Auditors, the Machinery Company’s assets are worth approximately RMB 38,500,000 (approximately USD $5,636,000) compared to the original figure of RMB 26,420,000 (approximately USD $3,868,000) that is stated in the definitive agreement and previously announced. The increase of RMB 12,080,000 approximately represents a 46% increase in the value of the assets (approximately USD $1,768,000)
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