Exhibit 99.1


FOR IMMEDIATE RELEASE                        SOURCE: CATHAY MERCHANT GROUP, INC.


                 CATHAY MERCHANT GROUP TO TRADE UNDER NEW SYMBOL

SHANGHAI, CHINA (October 7, 2004) - Cathay Merchant Group, Inc., formerly
Equidyne Corporation (AMEX: IJX), announced today that it will now trade under
the new stock symbol "CMQ" in conjunction with its recent name change. The
change takes place beginning with today's trading. In addition, the company has
been issued a new CUSIP number from the CUSIP Service Bureau.

The company recently changed its name to Cathay Merchant Group, Inc. to better
identify itself and its primary business as a financial holding company
operating through its subsidiary, CMG Shanghai Ltd., an international merchant
banking company organized under the laws of the People's Republic of China. The
new name will not affect the rights of any stockholder or the validity or
transferability of stock certificates currently outstanding. Stockholders will
not be required to surrender or exchange their stock certificates that they
currently hold.

ABOUT CATHAY MERCHANT GROUP, INC.

Cathay Merchant Group, Inc. is a financial holding company whose business is
conducted primarily through its operating subsidiary, CMG Shanghai Ltd., a
company organized under the laws of the People's Republic of China ("CMG
Shanghai"). CMG Shanghai is an international merchant banking company engaged in
a broad spectrum of activities related to the integrated combination of banking,
trading, financing commercial trade and proprietary investing. CMG Shanghai's
merchant banking activities include providing specialized banking and corporate
finance services and advising clients on corporate strategy and structure,
including mergers and acquisitions and capital raising. These activities also
include proprietary trading in commodities and natural resources and proprietary
investing of CMG Shanghai's own capital in enterprises to realize long-term or
trading gains. CMG Shanghai acts for clients located in the People's Republic of
China, Hong Kong, Taiwan and other portions of the Asian market.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements which typically are
identified by the use of terms such as "may," "will," "should," "expect,"
"anticipate," "believe," "estimate," "intend," "plan," their negatives and
similar words, although some forward-looking statements are expressed
differently. You should consider statements that contain these words carefully
because they describe the company's expectations, plans, strategies and goals
and the company's beliefs concerning future business conditions, results of
operations, financial position, and business outlook or state other
"forward-looking" information based on currently available information. The
company undertakes no obligation to update any forward-looking statement to
reflect events or circumstances after the date on which the statement is made or
to reflect the occurrence of unanticipated events.

CATHAY MERCHANT GROUP, INC. CONTACT:
Michael Smith, Secretary
Phone: +86-21-6353-0012