FARMINGTON HILLS, Mich., Aug. 13, 2010 (GLOBE NEWSWIRE) -- Eternal Image, Inc. (the "Company") (OTCBB:ETNL), a public company engaged in the design, manufacturing and marketing of officially licensed memorial products such as caskets, urns, monuments and vaults, today released the following Letter to Shareholders on its website:
Dear Shareholders:
As we have previously discussed, Eternal Image has been working diligently to close a non-equity/non-dilutive loan. Today we received a Letter of Intent from our funding broker that outlines the final steps required to close a $5 million growth capital loan. This Letter of Intent is to be followed next week by a Conditional Approval Letter directly from the lending institution. From the time we receive the Conditional Approval Letter until closing is expected to be about twenty business days.
As always, thank you for your continued support.
Eternal Image Management Team
About Eternal Image
Eternal Image, incorporated in 2006, is headquartered in Farmington Hills, MI. The company is the first and only manufacturer and marketer of licensed brand image memorial products. Currently, the company offers urns and caskets that feature licensed images from Major League Baseball™, STAR TREK®, Precious Moments™, the Vatican Observatory Foundation®, and the Collegiate Licensing Company, as well as pet urns featuring the American Kennel Club™, and Cat Fanciers'™ Association. In 2010, Eternal Image formed a new division called the New World Gift Company. New World manages the design, manufacturing, and marketing of ancillary products such as liturgical candles, retail memorial candles, registry books, memorial prayer cards, and other gift items. For more information about Eternal Image or New World Gift Company, visit www.eternalimage.net, www.newworldgiftcompany.com, or call 1-888-6-CASKET.
SAFE HARBOR STATEMENT
Statements in this news release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1993 and Section 21E of the Securities Exchange Act of 1934.
Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include but are not limited to risk factors inherent in doing business. Forward-looking statements may be identified by terms such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "forecasts," "potential" or "continue" or similar terms or the negative of these terms.
Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties, and other factors that could cause the Company's actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, such factors, including risk factors, discussed in the Company's Registration Statement on Form SB-2, as amended on Form S-1, See www.sec.gov. Except as required by the Federal Securities law, the Company does not undertake any obligation to release publicly any revisions to any forward-looking statements to reflect events, circumstances or changes in expectations after the date of this report.
The company has no obligation to update these forward-looking statements.