Press Release Source: Axia Group, Inc.
Axia Group, Inc. Completes Agreement to Sell International Building Technologies Inc. Subsidiary
Thursday May 3, 9:00 am ET
SAN DIEGO, May 3 /PRNewswire-FirstCall/ -- Axia Group, Inc. (Pinksheets: AXGJ - News), announced today that it has finalized the agreement to sell its subsidiary, International Building Technologies, Inc. (IBT) to Motorsports Emporium, Inc. (OTC Bulletin Board: MSEM - News). MSEM has reorganized as a company dedicated to the manufacture and deployment of the panel technology that Axia has used in its projects worldwide. Comprised of professionals who have been at the forefront of the development of the panel system, MSEM will assume the responsibilities set forth in IBT's Memorandum of Understanding with the Chinese government to build a panel production plant in the city of Suijiang. In return, Axia will receive $1 million in cash, 20 million shares of common stock in MSEM, and royalties on gross sales from the China project for the next three years.
ADVERTISEMENT
Stated Jeffrey Flannery, "We appreciate the time and effort the management of MSEM has dedicated to completing this transaction, a deal that we believe benefits both parties significantly. AXGJ shareholders receive stock in MSEM, a company dedicated to the development of the panel system worldwide. AXGJ is now able to focus on the projects that exist in Sri Lanka, Pakistan and other parts of Southeast Asia. MSEM gains an important contract in China that when completed will surely stand as a testament to the strength and versatility of this building method."
The cash portion of the deal will be paid out over the next three years, while the MSEM stock will be distributed to AXGJ shareholders in the form of a dividend. The 20 million shares represent nearly 80% of the current issued and outstanding of MSEM. The agreement also states that AXGJ will receive additional training and support from MSEM in the panel technology and will receive assistance in establishing a panel production plant in Sri Lanka. AXGJ will be recognized as a licensed producer and distributor of the panel systems in the Territory of Sri Lanka and Pakistan.
Stated Kenneth Yeung, President of MSEM, "At MSEM, we are pleased to have reached agreement and to now be in a position to fully carry out the projects in China. We have a dedicated team which we feel will be able to take this technology to a new level on a world wide scale. At the same time, we look forward to continuing to support AXGJ as it takes on significant projects in Sri Lanka and other territories."
Management at AXGJ stated that AXGJ shareholders will soon receive a communication from the company indicating how the distribution of MSEM shares will take place.
More information on Axia Group, Inc. can be found on the company web site at www.axiagroup.info. Information on IBT can be found at www.ibtgi.com.
Investors are cautioned that certain statements contained in this document as well as some statements in periodic press releases and some oral statements of AXGJ officials are "Forward-Looking Statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). Forward-looking statements include statements which are predictive in nature, which depend upon or refer to future events or conditions, which include words such as "believes," "anticipates," "intends," "plans," "expects," and similar expressions. In addition, any statements concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible future AXGJ actions, which may be provided by management, are also forward-looking statements as defined by the Act. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance, or achievements expressed or implied by such forward-looking statements and to vary significantly from reporting period to reporting period. Although management believes that the assumptions made and expectations reflected in the forward-looking statements are reasonable, there is no assurance that the underlying assumptions will, in fact, prove to be correct or that actual future results will not be different from the expectations expressed in this report. These statements are not guarantees of future performance and AXGJ has no specific intention to update these statements.
Source: Axia Group, Inc.
Mail to Friend Email Story
Alerts Set News Alert
Printer Version Print Story
Related Quotes
chart
AXGJ.PK
MSEM.OB 0.00
0.07 0.00
0.00 News
News
View Detailed Quotes
Delayed 20 mins
Providers - Disclaimer
Related News Stories
· Axia Group Inc. Is Invited to Bid on Major Redevelopment Projects in Sri Lanka - PR Newswire (Wed May 2)
· MOTORSPORTS EMPORIUM, INC. Financials - EDGAR Online Financials (Sat Apr 21)
· Axia Group Inc. Receives New Order for Equipment Shelters From Major Radio Station in Sri Lanka - PR Newswire (Fri Apr 20)
· Axia Group Inc. Signs Letter of Intent to Sell International Building Technologies Inc. - PR Newswire (Tue Apr 17)
More...
· By industry: Sporting Activities
ADVERTISEMENT
click here