HOUSTON, Jan. 11, 2005 (PRIMEZONE) -- Eternal Technologies Group Inc. (OTCBB:ETLT) today announced that it will take immediate steps to de-list its common stock from the Berlin-Bremen Stock Exchange (BBSE). Eternal has been recently notified of an unauthorized listing of its shares on the BBSE.
Dozens of public companies traded on U.S. exchanges have recently discovered that their shares have been listed on the Berlin-Bremen Stock Exchange without the companies' knowledge or consent. Some market professionals have suggested that the BBSE listings have been a deliberate attempt to circumvent new short selling rules imposed by U.S. securities regulators. In June of 2004, U.S. securities regulators visited the Berlin stock exchange to discuss the plight of U.S. companies that are surprised to find themselves listed on the BBSE.
"Eternal's Board of Directors will direct legal counsel to send a written demand to the BBSE to seek a complete de-listing of its stock from the BBSE," said Mr. JiJun Wu, Chairman of Eternal Technologies Group Inc.
Mr. Wu further commented, "We were concerned by media reports that some traders may be using listings on certain exchanges for naked short selling or other techniques. It is the fiduciary responsibility of our Board and the entire management team to build and protect shareholder value. It is the opinion of our Board that our common stock should only be traded where necessary regulatory protections and assurances are in place for the efficient and legal trading of our common stock."
The information contained in this press release should be read in connection with the company's Quarterly Report filed on Form 10-QSB for the quarter ended September 30, 2004 and its Annual Report filed on Form 10-KSB for the year ended December 31, 2003.
About Eternal Technologies
Eternal is a major agricultural genetics and biopharmaceutical R&D firm operating in China with the support of the Chinese Government. Eternal's animal breeding division has a strong asset base, cash position and net income. Eternal has become one of China's leading institutions for biopharmaceutical and biotech research, pure breed cultivation and breed stock production. The Company has secured a key market niche by commercializing gene engineering technologies and providing superior breeding stock, allowing China's citizens the ability to improve their living standards. With the world's largest population, a double-digit national growth rate and entry into the WTO, Eternal Technologies has a playing field set for tremendous opportunity. As a prominent player in the agricultural genetics industry, cash in the bank and an untapped market, Eternal has the potential to become a major player in China's national growth.
In addition, Eternal has recently completed the acquisition of E-Sea Biomedical Engineering Co. International, Ltd. As a result of the acquisition, Eternal now owns an extremely promising breast cancer detection technology which can be offered at fractions of the costs of competing technologies.