Message #9 From:
NewsBot Date: February 16, 2008 09:26:05 PM
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
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:
Western Securities Corporation
(504) 737-3854
