Message #5 From:
NewsBot Date: September 6, 2006 05:00:00 AM
ETLT News Eternal Technologies Group, Inc.: Forecast of Operations for the Third Quarter of 2006
HOUSTON--(BUSINESS WIRE)--Sept. 6, 2006--Management of Eternal Technologies Group, Inc. (OTCBB:ETLT) today announced their projected earnings for the third quarter of 2006.
For the first six months of the current fiscal year, the company reported earnings of 2,199,499. This compared with earnings of 1,829,860 for the corresponding period of the prior year, an increase of 20.2%. For the three months ended June 30, 2006 the company earned $1,658,700 compared to $1,875,575 for the corresponding period of the prior year.
For the third quarter of 2006 the company anticipates that its income will exceed that of the second quarter ($1,658,700) and will significantly exceed the earnings of the third quarter of calendar year of 2005 ($1,068,308).
The company's business continues to evolve with the changing conditions in China. The company is currently conducting due diligence toward the acquisition of several additional Chinese businesses. The first is to expend its agricultural operations; the second is to expend its high tech operations (of which its medical device maker E-Sea is a part). Assuming the successful completion of its due diligence, the company anticipates concluding these acquisitions in the fourth quarter. The company's objective to fine tune its operations, fill in gaps in its existing product lines and to strengthen those which are already producing above average rates of return.
The company is also pleased to announce that it will hold its 2006 annual meeting in Houston, Texas on October 12, 2006. Proxy information should be mailed in approximately weeks.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of the federal securities laws. These forward-looking Statements include without limitation statements regarding our expectations and beliefs about the market and industry, our goal, plans and expectations regarding our operations and properties and results, our intentions and strategies regarding future operations, acquisitions and sales of properties, our intentions and strategies regarding the formation of strategic relationships, our beliefs regarding the future success of our operations, our expectations and beliefs regarding competition, competitors, the basis of competition and our ability to compete, our beliefs and expectations regarding our ability to hire and retain personnel, our beliefs regarding period to period results of operations, our expectations regarding revenues, our expectations regarding future growth and financial performance, our beliefs and expectations regarding the adequacy of our facilities and our beliefs and expectations regarding our financial position, ability to finance operations and growth and the amount of financing necessary to support operations. These statements are subject to risks and uncertainties that could cause actual results and events or differ materially. We undertake no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.
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.
