GREENWOOD VILLAGE, Colo., Nov. 5, 2004 (PRIMEZONE) -- Micro Interconnect Technology, Inc. (OTCBB:MITR), a Delaware corporation traded on the Over-the-Counter Bulletin Board under the ticker symbol "MITR" and Lanbo Financial Investment Company Group, Ltd., a real estate company located in Xi'an, China, announces today that on November 3, 2004, the companies consummated the Share Exchange Agreement entered into on September 29, 2004, and amended on October 18, 2004.
Lanbo, through its subsidiary, Xi'an Xinxing Real Estate Development Co., Ltd., is primarily involved in the construction, development and sale of residential real estate in China. As a result of the closing, MITR has acquired all of the outstanding shares of Lanbo in exchange for the issuance to the Lanbo stockholders of 19,285,714 shares of MITR's common stock, representing 88.5% of the issued and outstanding shares of MITR's common stock. Immediately following the closing, MITR issued an additional 13,928,571 shares of its common stock to various individuals and entities in consideration for consulting, legal and advisory services. After giving effect to this additional issuance of shares, MITR's current stockholders will own approximately 7% of the 35,714,285 outstanding shares of MITR common stock.
Lanbo is now a wholly-owned subsidiary of MITR. Pingji Lu, the new Chairman of MITR stated, "Going public is an important next step as Lanbo expands its real estate business and attempts to acquire other companies that are expected to benefit from the state-owned enterprise reform and privatization in China's growing economy."
MITR intends to change its name to Lanbo Financial Investment Group Co., Ltd. in approximately 30 days. In connection with the name change, MITR will also change its stock ticker symbol.
In connection with the closing of the reverse merger, Kevin R. Keating, the sole director of MITR, will resign from MITR's board of directors. The new board of directors of MITR will initially consist of Pingji Lu, Xiaohong Feng, Yaru Du and Genxiang Xiao. Within 30 days of the closing, three additional directors will be appointed to serve on the MITR board of directors.
Keating Securities, LLC, a Greenwood Village, Colorado investment banking firm and NASD registered broker-dealer, acted as the financial advisor to MITR in connection with the reverse merger transaction with Lanbo. Keating Securities has also been appointed by MITR's new management team to advise it on capital raising, mergers and acquisitions and other financial advisory matters.
Timothy J. Keating, President of Keating Securities, stated: "China is a key part of Keating's overall strategy of providing investors with the opportunity to participate emerging growth public companies. We seek to provide Chinese issuers with access to the U.S. capital markets through reverse mergers. Equally, we think the size and growth of the Chinese economy is simply too large for U.S. investors to ignore. We look forward to helping Lanbo's management achieve their ambitious goals and creating value for all MITR stockholders."
Lanbo's Web site address is www.lbfi.com. Keating's Web site address is www.keatinginvestments.com. For additional information, please call Timothy J. Keating on (720) 889-0131.
Certain of the above statements contained in this press release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Actual results, events and circumstances (including future performance, results and trends) could differ materially from those set forth in such statements due to various factors, risks and uncertainties, including but not limited to, risks associated with the company's future growth and operating results, the uncertainty of market acceptance of the company's products, technological change, competitive factors and general economic conditions. The company has no duty and undertakes no obligation to update such statements.