Exhibit 10.1
RECISSION TO THE ASSET SALE PURCHASE AGREEMENT
The undersigned parties, Suining Yinfa Construction and Engineering Co.,
Ltd., ("Seller") and International Building Technologies, Co., Ltd. ("Company")
a Hong Kong Corporation and a subsidiary of International Building Technologies
Group, Inc., a US publicly traded company (OTCBB:INBG), having previously
entered into a certain Asset Sale and Purchase Agreement (the "ASPA") on July 8,
2007, and subsequently amended on September 28, 2007 and December 5, 2007;
herein mutually agree to the following:
WHEREAS the Parties agree that the sellers transactions are not recorded as
necessary to permit preparation of financial statements in conformity with U.S.
generally accepted accounting principles and to maintain asset accountability,
as stipulated in section 9(g) of the ASPA signed December 5, 2007 and
WHEREAS the Parties agree that the assets sold and purchased are performing
below projected expectations and
WHEREAS, a convertible promissory note for $350,000 was issued in
connection with the ASPA as compensation for the purchase of the assets and
WHEREAS the convertible promissory note was converted and paid in full on
December 12, 2007 with 350,000 shares of INBG's Series E preferred Shares
NOW THEREFORE, effective March 31, 2008 the Parties mutually agree that it
is in the best interest of both parties to rescind the ASPA and all terms and
conditions contained therein. Furthermore, both parties mutually agree to fully
release each other from any future claims of all verbal and or written
agreements shall now be terminated without recourse. The Seller agrees to return
all 350,000 shares of INBG's Series E Preferred Stock issued on December 12,
2007. The Company agrees to compensate the Seller for their work and time in
connection with this ASPA with 35,000 shares of INBG's Series E Preferred stock.
Agreed this 23rd day of April, 2008.
International Building Technologies Suining Yinfa Construction and
Group, Inc. Engineering, Co.
By /s/ Xxxxxxx Xxxxx By /s/ Mr. Xxxx Xxx
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By: Xxxxxxx Xxxxx, By: Mr. Xxxx Xxx
President/CEO General Manager
