Jiangsu Yungang Investment & Development Co., Ltd entered into an agreement to acquire Armco (Lianyungang) Renewable Metals, Inc. and Armet (Lianyuang) Holdings, Inc. from Armco Metals Holdings, Inc (AMEX:AMCO) on March 23, 2016. Jiangsu Yungang will acquire Armco (Lianyungang) Renewable and Armet (Lianyuang) at a price which will equal 70% of the net value of Armco (Lianyungang) Renewable and Armet (Lianyuang) based on a professional third party's assessment report to be obtained. At closing, Armco will transfer the stake and Jiangsu Yungang will tender the purchase price to Armco within 90 days thereafter. Armco shall fully transfer its property including personnel to Jiangsu Yungang within 10 days since the agreement date. The transaction is subject to the receipt of the approval from the Administrative Committee of the Lianyungang Economic Development Zone and the approval of Armco's Board of Directors. The agreement was composed and bound by both parties and any parties can’t amend or terminate it. All unsettled matters will be regarded as supplement and executed in agreements with legal validity. Jiangsu Yungang Investment & Development Co., Ltd cancelled the acquisition of Armco (Lianyungang) Renewable Metals, Inc. and Armet (Lianyuang) Holdings, Inc. from Armco Metals Holdings, Inc (AMEX:AMCO) on July 11, 2016.