SOURCE: Western Securities

November 24, 2008 16:21 ET

Eternal Technologies Group Held in Contempt of U.S. Federal Court and Fined $10,000 USD a Day to Force Compliance With Court's Order for Eternal to Pay Its Debts, Reports Western Securities

U.S. Receiver Given Control of All Eternal Technologies Assets Including E-Sea Biomedical Engineering Company

HOUSTON, TX--(Marketwire - November 24, 2008) - Western Securities reports that Eternal Technologies Group, Inc. was held in Contempt of U.S. Federal Court for refusing to comply with the court's order to turn over assets to pay the $961,000 USD Judgment imposed upon it. The Tianjin, China based company was fined $10,000.00 USD per day until such time as Eternal Technologies turns over its cash and stock interests as necessary to pay the Judgment.

The $10,000 USD per day fine began on November 20. If Eternal Technologies does not purge itself of this contempt by the end of year, they will have accumulated a total of $410,000 USD in fines, not including the interest and Receiver's fees already accumulating daily on the $961,000 USD Judgment already levied against it.

Eternal Technologies is a major Chinese agricultural genetics and biopharmaceutical R&D firm operating with the support of the PRC Government. The Company's says it has become one of China's leading institutions for biopharmaceutical and biotech research, pure breed cultivation and breed stock production.

In his motion, Peter E. Pratt, the Court appointed Receiver and Special Master who controls all the assets of Eternal Technologies Group, Inc., stated, "The Receiver believes that the only way for this Court to send a message to Eternal Technologies that if it wants to do business in the United States of America it must obey the law of this country."

The Receiver has been granted controlling authority over all assets of Eternal Technologies, including:

   $12,000,000 USD cash on hand.
   $37,000,000 USD of working capital.
   30% equity interest in Hainnan Futian Green Agriculture Co, Ltd.
   30% interest in Moaming Huatong Orchard Trading Co., Ltd. 100% control
    of E-Sea Biomedical Engineering Co. Inter., Ltd.
   100% control of Eternal Technology Group, Ltd. BVI
   100% control of Willsley Company Limited
   22% interest in Hong Yuan Acquatics Prodcuts, Inc.

The Receiver has filed a pending motion for authorization to seize and sell all the authorized but unissued shares of the U.S. listed public company. The Receiver will have the right to vote the approximately 40% of Eternal Technologies at the upcoming shareholders meeting.

Contact Information

  • Contact:
    Western Securities Corporation
    (504) 333-9098