Judgment Against Eternal Technologies Affirmed; Western Securities to Resubmit Settlement Proposal to Protect Shareholders
Last update: 6:29 p.m. EST Dec. 17, 2008
HOUSTON, TX, Dec 17, 2008 (MARKET WIRE via COMTEX) -- The Judgment against Eternal Technologies Group, Inc. was affirmed by the Fifth Circuit Court in favor of Western Securities. "This brings to an end the litigation," Western said, "which Eternal has promised to settle if they lost the appeal. We now feel we have an excellent opportunity to help Eternal as outlined in this press release."
"Western has from the beginning tried to seek an amicable resolution of all issues and is sorry for any misunderstandings that may have occurred through cultural and language differences. Over the past five years Western has submitted over numerous proposals to settle the litigation. These were apparently filtered and turned down by their counsel or just not even submitted at all to the Eternal Board of Directors, which appears to have been the case.
"We imagine it has been very difficult for ETLT management to be even aware of legal matters outside of China if not kept properly informed by their counsel. They have been kept in the dark and we wish to help clarify matters and settle in the most amicable fashion.
"In the spirit of fairness and to allow all shareholders of Eternal the chance to recoup some or all of the losses on their investments and profit from Eternal in the future, Western will be submitting an unfiltered settlement proposal directly to Chairman Wu and the Board of Directors of Eternal. Subject to payment of the judgment and court awarded legal fees, Western's settlement offer will provide:
1. General Release of any future litigation.
2. Agreement to petition the Special Receiver to reduce the fines and
costs for contempt.
3. Agreement for the removal of the "Q" on ETLT's symbol.
4. Agreement to request to the Special Receiver for release of all assets
under his control, including the return to Treasury of the newly
"We look forward to a positive response from Chairman Wu to settle this litigation that will allow Eternal to move forward with its business plan for the benefit of its shareholders."
Western Securities Corporation