HOUSTON, Dec. 13, 2004 (PRIMEZONE) -- Eternal Technologies Group Inc. (OTCBB:ETLT) today announced the closing of the acquisition of E-Sea Biomedical Engineering Co. International, Ltd. As a result of the acquisition, Eternal will acquire all outstanding shares of E-Sea in exchange for 14,000,000 shares of Eternal. E-Sea Biomedical Engineering Co. International, Ltd., a privately-held company based in the People's Republic of China, owns a breast cancer detection technology which yields results in approximately 4 minutes. The technology has demonstrated sensitivity rates of approximately 96%.
For many types of cancer including breast cancer, it is easier to treat and eradicate the cancer if it is found early. However, the cost of technologies such as mammograms could be prohibitive in many areas of Asia. Eternal's breast cancer detection technology platform will be sold to healthcare providers for approximately $50,000-$100,000 per unit depending on the chosen model. Each test will cost approximately 7 dollars in which Eternal will collect approximately 30 percent for each test performed. Breast cancer is the second leading cause of cancer deaths in women today (after lung cancer) and is the most common cancer among women, excluding non-melanoma skin cancers. According to the World Health Organization, more than 1.2 million people in the world will be diagnosed with breast cancer this year.
"With this acquisition, Eternal's presence in the growing Asia-Pacific region has strengthened significantly," said Mr. JiJun Wu, Chairman of Eternal Technologies Group Inc. "We now own an extremely promising technology which has the potential to accurately detect an abnormality in the breast while being offered to the public at fractions of the cost of competing technologies.
Mr. JiJun Wu continued, "The technology is approved for distribution in the People's Republic of China and we are aligned with the Chinese Women's Foundation, the largest women's foundation in the People's Republic of China. There are potentially 270,000 medical institutions in the PRC that can use this technology."
The units sold by E-Sea range in price from $50,000 to $100,000. As a result of a growing backlog of orders, the company plans on increasing production to about 100 units per moth by January 2005.
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.