DONGGUAN, China, Nov. 1, 2016 /PRNewswire/ -- Liquid Metal Ltd. controlled by Lugee Li, the actual controller of Dongguan EONTEC Co., Ltd. (Eontec), has recently completed the additional investment in OTCBB-listed Liquid Metal Technologies, Inc (LQMT) under the share subscription agreement signed on March 10, 2016.
Under terms of the additional investment agreement, LQMT issued and sold 300 million shares of common stock of the company to Liquid Metal Ltd., raising US$55 million. With the closing of the additional investment, Liquid Metal Ltd. has, in total, invested US$63.4 million in LQMT under the share subscription agreement. In addition, Professor Li will be named as chairman of LQMT. Isaac Bresnick and Vincent Carrubba, directors of Liquid Metal Ltd., will have two seats on the LQMT board. Robert Howard-Anderson will resign as director of LQMT.
Founded in May, 2003, LQMT is a global leader in the research, development and commercialization of bulk amorphous metals. The company owns the most essential and comprehensive set of intellectual property rights worldwide associated with bulk amorphous metals. Professor Li is chairman and majority stockholder of Eontec, a global manufacturing concern headquartered in Hong Kong with production facilities in mainland China. With over 20 years of experience in the research and development of new materials, mold design and manufacturing, mechanical preparation as well as forming and production, Eontec has built a complete industry ecosystem and has received substantial recognition across the metal materials field. By working closely with the Institute of Metal Research, Chinese Academy of Sciences, Eontec has developed superior capabilities in terms of providing solutions that address technological challenges. In recent years, the company's team of leading amorphous materials technology experts has successfully developed and produced large form factor bulk amorphous products, helping the company gain recognition as the world's sole producer with capabilities in the forming of large form factor bulk amorphous metals.
Professor Li said, in the course of an interview with Wang Xiangming, founder of Itmsc.cn, "Eontec has finished the investment in LQMT through its subsidiary Liquid Metal Ltd. With the closing of the investment, Eontec expects to benefit from the huge opportunities provided by its customers who manufacture auto parts, sports goods, medical devices and other industrial goods, by leveraging its capabilities in the production of amorphous materials as well as through the integration of LQMT's scientific research capabilities and sales channels. In addition, the investment will help the two companies capitalize on their advantages and accelerate the growth of Eontec's core products in the market, giving shape to a global 'liquid metal' alloy market."
* The above information is provided and confirmed by Dongguan EONTEC. Co., Ltd., issued on behalf of China Technology Media by Guangdong Innovation Technology Media Service Center.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/eontec-controller-lugee-li-completes-investment-in-lqmt-shares-300354726.html
SOURCE Guangdong Innovation Technology Media Service Center