Shares of American Metal & Technology Inc. (OTCBB: AMMY) were trading up 1 cent (33 percent) to 4 cents per share on volume of 144,660. The company had a big announcement today involving a name and ticker change.
In a press release, Murray United Development Corp. (OTCBB: MRAY), which recently completed a stock purchase agreement with American Metal Technology Group (AMTG), announced that it has effectively changed its name to “American Metal & Technology Inc.” and began trading on the over-the-counter bulletin board under its new symbol “AMMY.”
The company’s fiscal year end has also changed from July 31 to December 31. Both actions were approved by the board of directors and the majority shareholders of the company.
AMTG, via its subsidiaries, is a leading developer and manufacturer of high precision investment casting/metal casting fabrication products and electronic circuit boards for home appliances and motion controllers in the People’s Republic of China.
The revenue for American Metal Technology and its subsidiaries for the fiscal year ended December 31, 2006 was $7,945,871, a 45 percent increase, compared to $5,479,538 for the fiscal year ended December 31, 2005. Net income for fiscal 2006 was $1,566,535 compared to $1,441,825 for fiscal 2005.
“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,” said Chen Gao – CEO of AMMY – in a press release. “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 percent and an average net profit margin of 21 percent. Our management team is dedicated to strong execution of our business model. We are prepared to continue delivering results moving the company forward.”
