HOUSTON, Aug. 16, 2004 (PRIMEZONE) -- Eternal Technologies Group, Inc. (OTCBB:ETLT) announced today that the Board of Directors held their first meeting since the annual meeting of shareholders.
The Board of Directors has made the decision to expedite the acquisition of farms in the United States. The company is in initial talks with four farms in Washington and Minnesota. The company also plans to explore potential acquisitions in Canada.
Mr. Jijun Wu, Chairman and Chief Executive Officer of Eternal commented, " No matter where we acquire the farm, our sole criterion regarding any acquisition will be to determine the ability of that asset to increase shareholder value immediately. Over the past decade, China's per capita consumption of milk products has more than doubled, and yet the average per capita consumption of milk in China is only 1/15th of that in the U.S. and only 1/3 of the per capita consumption in India and Pakistan. With a growth rate of dairy products that is accelerating, China has a severe shortage of dairy cattle."
Mr. Wu continued, "The average annual output of dairy cattle in China is 4 tons, one half of that in the United States. China needs to increase the size of its dairy herd and the quality of the animals in that herd. The annual demand for embryos in mainland China is 700,000. It is a huge market for our company and we plan on becoming the biggest producer and supplier of US dairy cattle embryos to mainland China within 3 years."
In other matters concluded at the Directors meeting: Mr. Jijun Wu was elected as Chairman of the Board, Mr. Xingjian Ma as Vice Chairman, Mr. Jiansheng as President and Mr. Wei Hu as Secretary of the Board.
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.