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The Receiver will have the right to vote the approximately 40% of Eternal Technology shares and plans to call for an immediate Shareholder Meeting to take appropriate action and to elect a new Board of Directors.
The Court ordered that:
1. "OTC Stock Transfer, Inc. shall, within ten days of its receipt of a copy of this Order, make a written accounting to the Receiver of all authorized but unissued shares of ETLTQ stock in its possession, all ETLTQ treasury stock in its possession, and all funds belonging to ETLTQ in its possession."
2. "OTC Stock Transfer, Inc. shall, within ten days of its receipt of a copy of this Order, issue share certificates of all authorized but unissued shares of ETLTQ common stock and treasury stock in the name of the Receivership Estate of Eternal Technologies Group, Inc. and then turn over all such share certificates to the Receiver."
3. "The Receiver is authorized to sell ETLTQ's 39,310,366 shares of authorized but unissued common stock as well as its 1,509,703 shares of treasury stock as necessary to pay the Judgment underlying this Receivership and all post-judgment Receiver's fees and fines for contempt of this Court as previously Ordered."
Eternal Technologies Group was held in Contempt of U.S. Federal Court in November 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, beginning November 20, the fine continuing until such time as Eternal Technologies turns over its cash and stock interests as necessary to pay the Judgment.
Eternal Technologies is a major Chinese agricultural genetics and biopharmaceutical R&D firm operating with the support of the PRC Government. The Company says it has become one of China's leading institutions for biopharmaceutical and biotech research, pure breed cultivation and breed stock production and in reports filed says that it has $12,000,000 U.S.D. cash on hand and $37,000,000 U.S.D. in working capital, along with equities in, and controlling interest of, several Chinese companies.
Contact: Western Securities Corporation (504) 333-9098
SOURCE: Western Securities
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