Rescission Agreement to Asset Sale and Purchase Agreement between Suining Yinfa Construction and International Building Technologies

Summary

Suining Yinfa Construction and Engineering Co., Ltd. and International Building Technologies, Co., Ltd. agree to cancel their previous Asset Sale and Purchase Agreement, effective March 31, 2008. Both parties release each other from any future claims related to the agreement. The seller will return 350,000 shares of Series E Preferred Stock, and the company will compensate the seller with 35,000 shares for their work. This agreement fully terminates all prior related agreements between the parties.

EX-10.1 2 ex10-1.txt RECISSION AGREEMENT 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/ Kenneth Yeung By /s/ Mr. Wang Hao --------------------------------- --------------------------------- By: Kenneth Yeung, By: Mr. Wang Hao President/CEO General Manager