HOUSTON, Aug. 5, 2004 (PRIMEZONE) -- Eternal Technologies Group Inc. (OTCBB:ETLT) announced today the results from the annual meeting of shareholders. The Company reported that the following previously announced proposals described in its Proxy Statement to Stockholders dated July 1, 2004 were approved:
* Proposal 1 -- Election of Directors -- The following seven persons were elected as directors of the company, James Q. Wang, XingJian Ma, Genchang Li and Shicheng Fu, JiJun Wu, Jiansheng Wei and Shien Zhu.
* Proposal 2 -- Ratification of independent certified accountants -- Thomas Leger & Co. LLP was ratified as the company's independent certified accountants.
* Proposal 3 -- Adoption of 2004 Stock Options Plan -- The 2004 Stock Options Plan was adopted.
As previously reported in a press release dated May 17, 2004, the Company remains in a very strong financial position. As of March 31, 2004, Eternal had cash of $16,471,005 and working capital of 21,960,672 with a current ratio of 10.63:1. The Company has total assets of $35,661,124 and equity of $33,379,863 or nearly $1.14 per share.
Mr. JiJun Wu, Chairman and Chief Executive Officer of Eternal Technologies Group Inc. commented, "We are pleased with our operating results for 2003 and we are very excited about the business prospects of our company for 2004. Our company is in a very strong position to take advantage of the business opportunities that will be presented to us this year. One of our main goals for 2004 will be to make certain that investors are well aware of our story. We are very proud of our financial results.'
The Company also announced the appointment of a new investor relations firm to handle the investor relations in the U.S. The name of the firm is Empire Relations Group, Inc., 33 South Service Road, Jericho, New York 11753. Their telephone number is 516-750-9719. All future shareholder inquiries should be directed to this organization.
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.