HOUSTON, Nov. 11, 2004 (PRIMEZONE) -- Eternal Technologies Group, Inc. (OTCBB:ETLT) today announced that several members of its Management Team including the Company's Chairman will embark on a trip to the United States in mid-November to continue discussions with potential sellers of dairy farms in Wisconsin, Minnesota and Washington. By purchasing U.S. dairy farms, Eternal will leverage its specialty in embryo transfer technologies and expand the source of high-yielding dairy cattle to meet the huge market demand in the People's Republic of China.
China's economy continues to grow while posting 9% growth in the third quarter and people's lives are improving accordingly. As a result, there is a tremendous increase in the consumption of milk. Despite this rapid increase in milk, the per-capita consumption of milk in China is only 1/8 of the world's average. According to a recent report published by the top ten dairy operations in China, there is a shortage of 10 million dairy cattle in China. The report concludes that this shortage will last at least another 5 to 7 years.
Mr. JiJun Wu, Chairman of Eternal, said, "We believe that as a result of purchasing a farm in the United States, we will decrease our cost of embryos from approximately US$350 to US$100."
Mr. Wu continued, "We are targeting operations of 300-500 cattle in the United States. Each farm will allow us to transfer 8000 high-yielding dairy cattle embryos to China. These embryos will ultimately produce about 2,000 cattle annually which sell for approximately US $1000 per cattle."
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.