June 12, 2007 — Los Angeles-based Murray United Development Corp. has completed a stock purchase agreement with American Metal Technology Group, and reports it has changed its name to American Metal & Technology Inc. The group is trading now under its new symbol, AMMY.
American Metal & Technology produces and machines high-precision castings in China, operating through subsidiaries, Beijing Tong Yuan Heng Feng Technology Co., Ltd., and American Metal Technology (Lang Fang) Co. Ltd. The Chinese operations produce and machine 1 million parts/month.
Last year, AMTG expanded into designing and manufacturing electric circuit boards for home appliances and motion controllers, which are supplied to appliance manufacturers in China.
"After working closely with the prior management in the past seven months, we are pleased to see the name change. This reflects a conclusion of the stock purchase transaction," states Chen Gao. "Trading on the public markets brings added visibility to our company and subsidiaries. It raises our awareness among the investment community. We have been net positive since 2002 with an average year-to-year revenue growth rate of 41% and an average net-profit margin of 21%. Our management team is dedicated to strong execution of our business model. We are prepared to continue delivering results moving the company forward."