Second Quarter 2008 Highlights

    -- Net sales increased 111.0% year-over-year to $5.1 million
    -- Gross profit increased 129.0% year-over-year to $1.8 million
    -- Gross margin improved to 35.0% from 32.2% a year ago
    -- Net income increased 188.2% year-over-year to $1.4 million, or $0.13
       per diluted share


    First Half 2008 Highlights

    -- Net sales increased 123.2% year-over-year to $10.0 million
    -- Gross profit increased 125.6% year-over-year to $3.2 million
    -- Gross margin improved to 32.4% from 32.1% a year ago
    -- Net income increased 176.3% year-over-year to $2.4 million, or $0.23
       per diluted share

Second Quarter 2008 Results

For the second quarter of 2008, net sales increased 111.0% to $5.1 million from $2.4 million a year ago. The increase resulted from increased fulfillment of customer orders related to greater capacity and higher raw materials costs, which were passed on to customers.

'We continued to make excellent progress in the second quarter, as demand outpaced our production capacity. This allowed us to selectively fill more orders with high gross margins,' said Mr. Chen Gao, Chairman and Chief Executive Officer of American Metal. 'In the first full quarter in which all 60 of our high-precision lathe machines were installed and operational, we were able to fill additional orders from our existing customers.'

Gross profit during the quarter increased 129.0% to $1.8 million from $0.8 million the prior year because of the increased production levels. Gross margin improved to 35.0% from 32.2% in the same quarter a year ago, as the Company produced a greater number of high-margin orders. The mix of cast parts and machining-only orders varies from quarter to quarter, resulting in variations in gross margin but overall increases in gross profit.

Operating expenses for the quarter declined as a percentage of sales to $0.3 million, or 7.4% of sales, from $0.3 million, or 11.9% of sales, in the second quarter of 2007.

Operating income increased 186.0% to $1.4 million, or 27.6% of sales, from $0.5 million, or 20.4% of sales, a year ago.

In the second quarter of 2008, net income was $1.4 million, or $0.13 per diluted share, an increase of 188.2% from $0.5 million, or $0.06 per diluted share, in the same quarter of 2007. Earnings per share for the second quarter of 2007 have been adjusted for a 1-for-150 reverse stock split, which was effective December 3, 2007.

First Half 2008 Results

Net sales for the first six months of 2008 increased 123.2% to $10.0 million from $4.5 million in 2007. Gross profit was $3.2 million, or 32.4% of sales, up 125.60% from gross profit of $1.4 million, or 32.1% of sales, a year ago. Operating income rose 168.5% to $2.4 million, or 23.7% of sales, from $0.9 million, or 19.7% of sales, in the same period the prior year. Net income for the first six months of 2008 was $2.4 million, or $0.23 per diluted share, an increase of 176.3% from net income of $0.9 million, or $0.11 per diluted share, in 2007. Earnings per share for the first half of 2007 have been adjusted for a 1-for-150 reverse stock split, which was effective December 3, 2007.

Financial Condition

As of June 30, 2008, American Metal had cash and cash equivalents of $6.3 million, working capital of $10.0 million, no long-term debt and shareholders' equity of $15.0 million. During the first six months of 2008, the Company generated $0.8 million in cash from operations, and invested $1.0 million in the purchase of equipment and leasehold improvements.

Business Outlook

For the 2008 fiscal year, the Company continues to expect demand for its products from both new and existing customers to remain strong. Given the favorable results through first half of the fiscal year, the Company is affirming its expectation for full-year 2008 net income in the range of $3.7 million to $4.0 million. Full-year guidance assumes a mix of multiple products at varying price points and increased efficiencies as it gains additional experience with its customer base; an allowance for additional costs associated with listing on a major exchange, increased consulting services and the hiring of a bilingual-Chinese CFO; an allowance for the potential impact on customers' orders of the Beijing Olympics, which began last Friday and will run through August 24; and an allowance for a reduction in overall activity during the fourth quarter because of seasonal shutdowns at some of its major customers.

'The first half of 2008 was especially positive for American Metal, as we experienced very strong increases in revenues, margins and net income because of greatly expanded production capacity and the ability to take on a greater percentage of high-margin orders,' Mr. Gao said. 'We are optimistic about our progress thus far and our potential for future growth, as the second phase of our planned capacity expansion comes online in January 2009.'

Conference Call

The Company will host a conference call at 9:00 a.m. EDT on Tuesday, August 12, 2008, to discuss earnings for the second quarter ended June 30, 2008. To participate in the event by telephone, please dial (888) 482-0024 five to 10 minutes prior to the start time (to allow time for registration) and reference conference ID 42317703. International callers should dial (617) 801-9702 and use the same conference ID. The conference call will be broadcast live over the Internet and can be accessed at American Metal's Web site at http://www.ammyusa.com. Please visit the Web site at least 15 minutes prior to the start of the call to register, download, and install any necessary audio software. An audio replay of the conference call will be archived on American Metal's Web site, at http://www.ammyusa.com, for 90 days. A digital replay of the call will also be available on Tuesday, August 12, at approximately 11:00 a.m. EDT through Tuesday, August 26 at midnight EDT. To listen to the replay, please dial (888) 286-8010 and enter the conference ID number 42076358. International callers should dial (617) 801-6888 and enter the same conference ID number.

About American Metal & Technology, Inc.

American Metal & Technology, through its wholly-owned subsidiary American Metal Technology Group ('AMTG'), a Nevada Corporation, and through AMTG's subsidiaries, Beijing Tong Yuan Heng Feng Technology Co., Ltd. and American Metal Technology (Lang Fang) Co., Ltd., is a leading manufacturer of high- precision casting and machined products in the People's Republic of China. The subsidiaries operate in a 53,819-square-foot manufacturing plant. In 2006, AMTG expanded into the design and manufacture of electric circuit boards for home appliances and motion controllers. The Company recently announced facility expansion plans to increase casting product capacity by 50% and enhance the development and manufacturing of its circuit board solutions at its Langfang manufacturing center. To learn more about American Metal & Technology, Inc., please visit the Company's Web site at: http://www.ammyusa.com.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: Certain of the statements made in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the Company's actual results to be materially different from the historical results or from any future results expressed or implied by such forward- looking statements. In addition to statements that explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms 'believes,' 'belief,' 'intends,' 'anticipates' or 'plans' to be uncertain and forward-looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company's reports filed with the Securities and Exchange Commission.

     Contact:
     CCG Investor Relations
     Mark Collinson, Partner
     Phone: (310) 231-8600 ext. 117
     E-mail: mark.collinson@ccgir.com
     Web: http://www.ccgir.com

                         - FINANCIAL TABLES FOLLOW -



              AMERICAN METAL & TECHNOLOGY, INC. AND SUBSIDIARIES
               (FORMERLY MURRY UNITED DEVELOPMENT CORPORATION)
       CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME
    FOR THE THREE MONTH AND SIX MONTH PERIODS ENDED JUNE 30, 2008 AND 2007
                                 (UNAUDITED)

                          Three month periods ended    Six month periods ended
                                     June 30,                  June 30,
                                2008         2007         2008         2007

    Net sales               $5,086,839   $2,410,578   $9,983,353   $4,472,075
    Cost of goods sold      (3,307,693)  (1,633,663)  (6,744,813)  (3,036,457)
    Gross profit             1,779,145      776,915    3,238,540    1,435,618

    Operating expenses
    Selling expenses           (14,459)      (7,423)     (30,717)     (14,258)
    Operating and
     administrative expenses  (360,312)    (278,503)    (841,258)    (540,074)
    Total operating expenses  (374,772)    (285,926)    (871,975)    (554,332)

    Income from operations   1,404,374      490,989    2,366,565      881,285

    Other income (expense)
    Interest income (expense)    1,621          655        7,349        2,082
    Gain on disposal of
     marketable securities       9,196            -       44,847
    Other income (expense)     (12,351)        (347)     (11,310)      (2,418)

    Total other income
     (expense)                  (1,534)         308       40,886         (336)

    Income before provision
     for income taxes and
     minority interest       1,402,840      491,297    2,407,451      880,950
    Provision for income
     taxes                           -        4,638            -        4,638
    Income before minority
     interests               1,402,840      486,659    2,407,451      876,312
    Minority interests            (700)        (287)     (13,285)         132

    Net income               1,403,540      486,946    2,420,736      876,179

    Other comprehensive income
    Unrealized loss from
     available securities      (11,733)                  (77,923)
    Foreign currency
    translation adjustment     353,051      101,079      900,417      192,372
    Comprehensive income    $1,744,859     $588,025   $3,243,231    1,068,551
    Basic weighted average
    shares outstanding      10,402,687    8,432,323   10,402,687    8,041,191
    Basic net earnings
     per share                   $0.13        $0.06        $0.23        $0.11
    Diluted weighted average
     shares outstanding     10,402,687    8,459,572   10,402,687    8,077,769
    Diluted net earnings
     per share                   $0.13        $0.06        $0.23        $0.11



              AMERICAN METAL & TECHNOLOGY, INC. AND SUBSIDIARIES
               (FORMERLY MURRY UNITED DEVELOPMENT CORPORATION)
                          CONSOLIDATED BALANCE SHEET
                             AS OF JUNE 30, 2008
                                 (UNAUDITED)

                                                    June 30,     December 31,
                                                      2008           2007
                                                                  (AUDITED)
                                   ASSETS
    Current Assets
    Cash and cash equivalents                     $6,260,629     $6,037,193
    Accounts receivable - net                      2,605,028      1,332,664
    Notes receivable                                  58,317
    Investment in marketable securities              109,939         93,196
    Other receivables                                 51,433        134,275
    Advances to suppliers                          2,072,273        974,799
    Inventories                                      588,542        547,579

    Total Current Assets                          11,746,160      9,119,706

    Property, Plant And Equipment, net             4,470,851      3,020,972

    Construction in Progress                         114,295        377,240

    Intangible Assets, net                           707,139        692,167

    Total Assets                                 $17,038,446    $13,210,085

                    LIABILITIES AND SHAREHOLDERS' EQUITY

    Current Liabilities
    Accounts payable                              $1,200,330       $743,070
    Accrued liabilities and other payables            96,041         75,765
    Advance payments                                                      -
    Amount due to related parties                    424,069        333,670
    Unearned revenue                                  13,869         12,938

    Total Current Liabilities                      1,734,310      1,165,443

    Minority Interests                               324,006        337,291

    Commitments                                            -              -

    Shareholders' Equity
    Common stocks; $0.0001 par value,
     30,000,000 shares authorized,
     10,402,687 shares issued and
     outstanding                                       1,040          1,041
    Additional paid in capital                     7,385,994      5,039,217
    Deferred expense-warrants                        (71,248)
    Statutory reserve                              1,187,716        912,019
    Accumulated other comprehensive income         1,816,586        994,092
    Retained earnings                              4,660,041      4,760,982

    Total Stockholders' Equity                    14,980,131     11,707,351

    Total Liabilities and
     Shareholders' Equity                        $17,038,446    $13,210,085



              AMERICAN METAL & TECHNOLOGY, INC. AND SUBSIDIARIES
               (FORMERLY MURRY UNITED DEVELOPMENT CORPORATION)
                    CONSOLIDATED STATEMENTS OF CASH FLOWS
            FOR THE SIX MONTH PERIODS ENDED JUNE 30, 2008 AND 2007
                                 (UNAUDITED)

                                                          2008          2007
    Cash flows from operating activities:
      Net Income                                       $2,420,736    $876,179
      Adjustments to reconcile net income to
       net cash provided by operating activities:
        Minority interest                                 (13,285)        132
        Issuance of warrants for services                  29,548           -
        Gain on disposal of marketable securities         (44,847)          -
        Bad debt expenses                                 (62,139)          -
        Depreciation and amortization                     175,781     116,446
        (Increase)/decrease in assets:
          Accounts receivable                          (1,092,336)   (712,149)
          Note receivable                                       -     (74,555)
          Other receivables                               169,392     (42,244)
          Inventory                                        (6,023)    (85,121)
          Advance to suppliers                         (1,006,569)    537,737
          Prepaid expenses                                      -     139,282
        Increase/(decrease) in liabilities:
          Accounts payable                                398,592     103,889
          Other payable and accrued expenses              (13,857)     (4,650)
          Unearned revenue                                    107       1,138

    Net Cash Provided By (Used In) Operating Activities   955,101     856,085

    Cash flows from investing activities:
      Additions to construction in progress               (73,811)
      Purchase of equipment and leasehold
       improvements                                    (1,017,774)   (100,628)

    Net Cash Used in Investing Activities              (1,091,585)   (100,628)

    Cash flows from financing activities:
      Proceeds from advance payments                            -     277,806
      Purchase of marketable securities                   (42,728)          -
      Proceeds from loans                                  25,000      28,865

    Net Cash Provided By Financing Activities             (17,728)    306,671

    Net Increase in Cash and Cash Equivalents            (154,212)  1,062,127

    Effects of Exchange Rate Change in Cash               377,648     106,617

    Cash and Cash Equivalents-Beginning Balance         6,037,193     787,444

    Cash and Cash Equivalents-Ending Balance            6,260,629   1,956,188

    Supplement disclosure of cash flow information:
      Income taxes paid                                        $-   $4,638.00
      Interest expenses paid                                   $-     $841.00
      Non Cash Transaction:
      Shares Due To Reorganization                                     27,416

SOURCE American Metal & Technology, Inc.

Source: PR Newswire (August 12, 2008 - 8:02 AM EDT)

Hosting the call will be Mr. Chen Gao, Chairman and Chief Executive Officer.

To participate in the event by telephone, please dial (888) 482-0024 five to 10 minutes prior to the start time (to allow time for registration) and reference conference ID 42317703. International callers should dial (617) 801- 9702 and use the same conference ID.

A digital replay of the call will be available on Tuesday, August 12 at approximately 11:00 a.m. EDT through Tuesday, August 26 at midnight EDT. To listen to the replay, please dial (888) 286-8010 and enter the conference ID number 42076358. International callers should dial (617) 801-6888 and enter the same conference ID number.

The conference call will also be webcast live over the Internet and can be accessed by all interested parties at the company's Web site, www.ammyusa.com.

To monitor the live webcast, please go to this web site at least 15 minutes prior to the start of the call to register, download, and install any necessary audio software. An audio replay of the event will be archived on American Metal's Web site at www.ammyusa.com for 90 days.

About American Metal & Technology, Inc.

American Metal & Technology, through its wholly owned subsidiary American Metal Technology Group ('AMTG'), a Nevada Corporation, and through AMTG's subsidiaries, Beijing Tong Yuan Heng Feng Technology Co., Ltd. and American Metal Technology (Lang Fang) Co., Ltd., is a leading manufacturer of high- precision casting and machined products in the People's Republic of China. The subsidiaries operate in a 53,819-square-foot manufacturing plant. The Company recently announced facility expansion plans to increase casting product capacity by 50% and enhance the development and manufacturing of its circuit board solutions at its Langfang manufacturing center. To learn more about American Metal & Technology, Inc., please visit the Company's Web site at http://www.ammyusa.com.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: Certain of the statements made in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the Company's actual results to be materially different from the historical results or from any future results expressed or implied by such forward- looking statements. In addition to statements that explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms 'believes,' 'belief,' 'intends,' 'anticipates' or 'plans' to be uncertain and forward-looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company's reports filed with the Securities and Exchange Commission.

    Contact:
    CCG Investor Relations
    Mark Collinson, Partner
    (310) 231-8600 ext. 117
    E-mail: mark.collinson@ccgir.com
    Web: www.ccgir.com

SOURCE American Metal & Technology, Inc.

Source: PR Newswire (August 5, 2008 - 9:03 AM EDT)

Based on preliminary results, American Metal generated revenues of approximately $4.9 million to $5.1 million for the quarter ended June 30, 2008, an increase of approximately 107% from $2.4 million in the same period a year ago. Revenue growth resulted from increased fulfillment of customer orders related to greater capacity and higher raw materials costs, which were passed on to customers. Net margin improved to approximately 25.0% from 20.2% in the year-ago quarter.

Preliminary net income increased 157% to approximately $1.2 million to $1.3 million from $0.5 million for the second quarter of 2007.

'During the second quarter, demand continued to outpace our production capacity, which enabled us to fill orders with high gross margins,' said Mr. Chen Gao, Chairman and Chief Executive Officer of American Metal. 'This was the first full quarter in which all 60 of our high-precision lathe machines were installed and operational, which allowed us to fulfill additional orders from our existing customers.'

Outlook

Based on greater-than-expected second-quarter results, the Company is increasing its expectation for full-year 2008 net income to a range of $3.7 million to $4.0 million from net income of $3.2 million to $3.4 million. Full- year guidance assumes a mix of multiple products at varying price points and increased efficiencies as the Company gains additional experience with its customer base.

'Our increased guidance reflects our enhanced performance through the first half of 2008 and our continuing favorable view of our prospects in our chosen markets,' Mr. Gao said. 'We are continuing to pursue our goal of 40% annual revenue growth from those markets, and to support that growth, we are expanding production capacity over three phases. Phase two of that expansion is due to come online at the end of this year, and phase three of the expansion is targeted for commencement in 2009.'

About American Metal & Technology, Inc.

American Metal & Technology, through its wholly-owned subsidiary American Metal Technology Group ('AMTG'), a Nevada Corporation, and through AMTG's subsidiaries, Beijing Tong Yuan Heng Feng Technology Co., Ltd. and American Metal Technology (Lang Fang) Co., Ltd., is a leading manufacturer of high- precision casting and machined products in the People's Republic of China. The subsidiaries operate in a 53,819-square-foot manufacturing plant. In 2006, AMTG expanded into the design and manufacture of electric circuit boards for home appliances and motion controllers. The Company recently announced facility expansion plans to increase casting product capacity by 50% and enhance the development and manufacturing of its circuit board solutions at its Lang fang manufacturing center. To learn more about American Metal & Technology, Inc., please visit the Company's Web site at: http://www.ammyusa.com.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: Certain of the statements made in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the Company's actual results to be materially different from the historical results or from any future results expressed or implied by such forward- looking statements. In addition to statements that explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms 'believes,' 'belief,' 'intends,' 'anticipates' or 'plans' to be uncertain and forward-looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company's reports filed with the Securities and Exchange Commission.

     Contact:
     CCG Investor Relations
     Mark Collinson, Partner
     Phone: (310) 231-8600 ext. 117
     E-mail: mark.collinson@ccgir.com

SOURCE American Metal & Technology, Inc.

Source: PR Newswire (July 22, 2008 - 9:01 AM EDT)

    Brean Murray, Carret & Co.'s The All-Cap All-China Conference

     Date:     Tuesday, May 20, 2008

     Time:     10:15 a.m. EDT

     Venue:    Beekman Suite
               The Waldorf=Astoria
               New York, NY

The conference will feature formal group presentations and one-on-one meetings with approximately 100 Chinese companies. The participating companies will span the market cap spectrum from large-cap companies to private, 'soon-to-be-listed' companies. For more information about the conference, please visit Brean Murray's Web site, at http://www.breanmurraycarret.com.

The presentation will also be webcast live over the Internet and can be accessed by all interested parties at the Company's Web site, http://www.ammyusa.com.

About American Metal & Technology, Inc.

American Metal & Technology, through its wholly-owned subsidiary American Metal Technology Group ('AMTG'), a Nevada Corporation, and through AMTG's subsidiaries, Beijing Tong Yuan Heng Feng Technology Co., Ltd. and American Metal Technology (Lang Fang) Co., Ltd., is a leading manufacturer of high-precision casting and machined products in the People's Republic of China. The subsidiaries operate in a 53,819-square-foot manufacturing plant. In 2006, AMTG expanded into the design and manufacture of electric circuit boards for home appliances and motion controllers. The Company recently announced facility expansion plans to increase casting product capacity by 50% and enhance the development and manufacturing of its circuit board solutions at its Langfang manufacturing center. To learn more about American Metal & Technology, Inc., please visit the Company's Web site at: http://www.ammyusa.com.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: Certain of the statements made in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the Company's actual results to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements that explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms 'believes,' 'belief,' 'intends,' 'anticipates' or 'plans' to be uncertain and forward-looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company's reports filed with the Securities and Exchange Commission.

    CCG Elite Investor Relations
    Mark Collinson, Partner
    Phone: (310) 231-8600 ext. 117
    E-mail: mark.collinson@ccgir.com

SOURCE American Metal & Technology, Inc.

Source: PR Newswire (May 15, 2008 - 9:01 AM EDT)

First Quarter 2008 Highlights    

• Net sales increased 133.3% year-over-year to $4.9 million

• Gross profit increased 121.6% year-over-year to $1.5 million

• Net income increased 161.3% year-over-year to $1.0 million, or $0.11 per diluted share

• Increased production capacity through the addition of nine high

precision lathe machines

First Quarter 2008 Results

In the first quarter of 2008, net sales increased 133.3% to $4.9 million from $2.1 million a year ago. The increase resulted from increased capacity during the quarter via the addition of nine new precision lathe machines, which allowed the Company to fill additional orders. Six of the machines were operational at the beginning of the quarter, while the remaining three machines entered service in March.

"We are extremely pleased with our progress during the quarter, in which we achieved an optimal combination of high efficiency, excellent gross margin and a favorable mix of orders for metal casting and machining," said Mr. Chen Gao, Chairman and Chief Executive Officer of American Metal. "We continued to expand capacity during the quarter, which allowed us to fulfill additional orders from our existing customers."

Gross profit during the quarter was $1.5 million, up 121.6% from gross profit of $0.7 million a year ago because of the increased production levels. Customers continued to increase their orders for cast parts, requiring the Company to purchase metals for casting before machining the parts. Parts that are both machined and cast by the Company typically yield a higher dollar margin but a lower percentage. The mix of cast parts and machining-only orders varies from quarter to quarter, resulting in variations in gross margin but overall increases in gross profit.

Operating expenses for the quarter declined as a percentage of sales, to $0.5 million, or 10.2% of net sales, from $0.3 million, or 13.0% of net sales, in the first quarter of 2007. Operating expenses included several one-time expenses related to the ongoing second phase of the Company's capacity expansion, as it continued to upgrade equipment at its manufacturing facility in Hebei, China, and added employees to operate the new machines.

Operating income increased 146.5% to $1.0 million, or 19.7% of sales, from $0.4 million, or 18.9% of sales, during the same quarter the prior year.

Net income for the first quarter of 2008 increased 161.3% to $1.0 million, or $0.11 per diluted share, from net income of $0.4 million, or $0.05 per diluted share, for the first quarter of 2007. Earnings per share for the first quarter of 2007 have been adjusted for a 1-for-150 reverse stock split, effective December 3, 2007.

Financial Condition

As of March 31, 2008, American Metal had cash and cash equivalents of $6.8 million, working capital of $9.2 million, no long-term debt and shareholders' equity of $13.2 million. During the first quarter of 2008, the Company generated $0.6 million in cash from operations, compared to $0.1 million in the same quarter the prior year.

Recent Events

In February 2008, the Company announced plans to invest $3 million to build additional facilities at its Langfang manufacturing center. The new facilities mark the second phase of a four-phase plan to transform the Company's capacity and capabilities for the foreseeable future. This second phase of American Metal's four-phase expansion plan will add two buildings totaling 10,900 square meters, increasing annual capacity for casting products by 50%. Construction is due to be completed in December 2008, with full production beginning in January 2009.

During the first quarter ended March 31, 2008, the Company acquired and put into operation nine new high-precision lathe machines, bringing the total number of machines in use to 59. Another late machine was delivered and became operable in April 2008, bringing the current number of high-precision machines to 60, compared to 40 lathe machines a year ago.

Business Outlook

For the 2008 fiscal year, the Company expects global industrial demand for its products to remain strong. The Company expects to meet an increasing amount of that demand as its additional capacity comes online. Given the favorable results in the first quarter, and the successful installation and operation of additional capacity during the quarter, the Company is increasing its expectation for full-year 2008 net income to a range of $3.2 million to $3.4 million, or earnings per share of $0.29 to $0.32, from net income of $2.9 million to $3.1 million, or $0.27 to $0.29 per diluted share. Full-year guidance assumes a limited contribution from the effective launch of the second phase of the capacity expansion, which the Company expects to complete during December 2008, a mix of multiple products at varying price points and increased efficiencies as the Company gains additional experience with its growing customer base.

"The first quarter of 2008 was extremely favorable for American Metal, as we experienced very strong increases in revenues and net income because of greatly expanded production capacity," Mr. Gao said. "However, there are several potential factors that could temper our results in the remaining three quarters, including appreciation of the Renminbi, the potential lifting of the export tax holiday and rapidly rising raw materials costs. Even so, we remain optimistic about our opportunities for the remainder of 2008, and we look forward to further capacity expansion coming online in January 2009."