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[QUOTE]Originally posted by IMAKEMONEY: [QB] Axia Group Inc. Agrees To Sell Intl Building Technologies Inc. Unit For Cash, Stk And Royalties On China Pact>AXGJ Mar 20, 2007 06:00:29 (ET) (MORE TO FOLLOW) Dow Jones Newswires March 20, 2007 06:00 ET (10:00 GMT) Axia Group Inc. Agrees to Sell International Building Technologies Inc. Subsidiary for Cash, Stock and Royalties on China Contract Mar 20, 2007 06:00:00 (ET) SAN DIEGO, March 20, 2007 /PRNewswire-FirstCall via COMTEX/ -- Axia Group, Inc. (AXGJ, Trade ), announced today that it has signed a term sheet with a developer of the panel production system to sell the company's subsidiary, International Building Technologies, Inc. (IBT), in exchange for cash, common stock in the Buyer' public company, and a royalty on future revenues. The name of the Buyer is being withheld until the Final Agreement between the Parties is reached, which is expected next week. Axia is a provider of a panel-based building technology for the rapid construction of homes and commercial buildings. Its subsidiary, IBT, recently signed a Memorandum of Understanding with the Chinese government to install and operate a panel factory to support the rebuilding of the city of Suijiang in the Yunnan Province in China. IBT was also involved in Letters Of Intent to establish operations in Central America and Dubai. Under the proposed term sheet with Axia, the Buyer will be free to pursue those business opportunities as well as freely use and exploit the IBT name. Stated Jeffrey Flannery, "We have come to the realization that the project in China and our global expansion plans were simply too large in scope and too aggressive for Axia at this stage in its development. The China contract alone required us to come up with 20 million RMB (approximately $2.5 million USD). The Suijiang plant would cost another $4 million USD to build and operate. We cannot offer the type and level of financing that these projects require. At the same time, new and very profitable projects in Sri Lanka and nearby areas were not being developed aggressively enough. Our focus will be to take advantage of the opportunities we have earned in these areas, representing millions of dollars in business for Axia." Added Flannery, "The exciting news is we have found a partner who is willing and able to finance these projects as well as allow us to benefit from all the work we have done. I feel we have negotiated a very fair deal with the Buyer of IBT which allows us, and particularly the shareholders of Axia, to benefit for the long term. The following are the basic terms of the proposed agreement, some of which are still being finalized: * Up to $1,000,000 in cash, while payable over 5 years, will greatly reduce our need to raise money in the market for our operations. * Common Stock in the Buyer's public company. We plan to dividend out 100% of the stock Axia receives from the Buyer to the Axia Shareholders. In this way, Axia shareholders will have a chance to benefit from the Chinese developments. * Royalty payments from the gross profits from the Project in China for three years. * The Buyer is a developer and manufacturer of the panel system Axia uses and has agreed to supply Axia with the machinery, equipment and support to establish a panel factory in Sri Lanka, which will greatly improve Axia's profit margins and competitiveness in the local market place as well as be an exporter of panels to the region. * Finally, the Buyer has agreed to extend a license agreement to Axia for five years, with the first two years of license payments waived. "We expect the transaction to be completed within 10 days, and final terms will be published at that time. In the meantime, we wanted the shareholders to be informed of this developing and, we believe, promising transaction." More information on Axia Group, Inc. can be found on the company web site at [URL=http://www.axiagroup.info]www.axiagroup.info[/URL] . 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. Janet Whitehead of Axia Group, Inc., +1-619-466-4701, jwhitehead*axiagroup.info http://www.axiagroup.info [/QB][/QUOTE]
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