International Building Technologies Group, Inc. (OTCBB:INBG) announced today that it has recently entered into a Memorandum of Understanding (MOU) to build two structures, approximately 5,500 m2 (59,000 ft2), with IBT’s panel technologies and products in the city of Changchun, Jilin Province of China.
The signed MOU specifies the basic terms of a Final Agreement with the main contractor of the Jilin University New Campus for two structures to be built with IBT’s panels including architectural design up to the completion of structural construction. The total subcontracted sum for IBT is estimated at approximately RMB 5,500,000 (US$800,000).
Stated Kenneth Yeung, CEO of International Building Technologies Group, Inc., “Our participation of the Jilin University New Campus Project will provide us with a great chance to build a model project with our panels and technologies in the China market, strategically establish the images of Eco-Friendly products for IBT, and strongly support IBT’s planning and ability to supply the market with panel products in China and throughout the world.” The Jilin University New Campus is a project with a building area of 140,000 m2 (1,500,000 ft2) and is located in the city of Changchun, one of the biggest cities in the northern region of Jilin Province, China. The total building area includes classroom buildings, activities center, faculties’ residences, office & commercial buildings, etc. The two structures that IBT will participate in are the activities center for the new campus.
The main contractor of this project is Hangzhou Construction Engineering Group Co., Ltd., (a subsidiary of China Guangsha Group Co., Ltd., a China publicly traded company). For more information on the main contractor, please visit www.hz-jg.com.
For more information on International Building Technologies Group, Inc. please 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.