SOURCE: Western Securities

December 05, 2007 10:24 ET

Clarification of the Western Securities Release

Counsel for Eternal Technologies Group Stated Company Does Not Have Sufficient Assets in the United States to Post Bond to Stay Enforcement of Writ of Execution and Asset Seizure

HOUSTON, TX--(Marketwire - December 5, 2007) - Counsel for Eternal Technologies Group, Inc. (OTCBB: ETLT) has stated to Western Securities Corporation that ETLT does not have sufficient assets in the U.S. to post a supersedeas bond in the amount of the judgment as required to stay the enforcement of the writ of execution and the seizure of ETLT assets. A final judgment of $732,290 was rendered in favor of Western Securities Corporation in the U.S. District Court of the Southern District of Texas, Civil Action Number H-O5-02504 on October 31, 2007.

ETLT has recently announced its intention to spin-off its E-SEA subsidiary to its shareholders. The stock of this wholly owned subsidiary, as well as any other assets of ETLT, are subject to seizure until a bond is posted.

The stock may seized to satisfy the judgment and the shares will be held or sold while the appeal proceeds in lieu of ETLT not being able to post a supersedeas bond. Until the judgment is satisfied, ETLT can not open a facility or conduct any operations in the United States. All of its assets will be immediately subject to seizure and any funds will be subject to garnishment until the judgment has been satisfied.

Contact Information

  • Contact:
    Western Securities Corporation
    (504) 737-3854