***For those who missed TODAY'S NEWS:***
Eternal Image Delivers Completed Financial Package to Auditors
6/22/2007 9:25:16 AM
Audited Financials Expected to Be Released at Anytime
FARMINGTON HILLS, Mich., Jun 22, 2007 (BUSINESS WIRE) -- Eternal Image, Inc. (OTC:ETIM.PK), a public company engaged in the design, manufacturing and marketing of licensed image brand name caskets and urns, today announced that its accounting firm, Harelik, Shapiro, Wolgin & Fine P.C. of Farmington Hills, Michigan, has delivered a completed financial package for audit completion by Demetrius & Company, L.L.C. of Wayne, New Jersey.
According to Jim Parliament, CFO of Eternal Image, "It has always been our stated intention to leave the Pinksheets behind, and this represents a major step in completing our application for up-listing Eternal Image to the OTC:BB (NYSE's Over-The-Counter Bulletin Board)."
John Demetrius, president of Demetrius & Company L.L.C., originally expected the audit to be complete within 10 working days, but due to the completeness of the submitted documents believes that it could be delivered much sooner.
Eternal Image plans to announce the results of the audit by news release and post documentation on its website, www.eternalimage.net, within 24 hours of receipt.
About Eternal Image
Eternal Image, founded in 2002, is headquartered in Farmington Hills, MI. The company is the first and leading manufacturer and marketer of licensed image funerary products. Currently, the company offers urns and caskets that feature licensed images from Major League Baseball(TM), Precious Moments(R) and the Vatican Library Collection(TM), as well as pet urns featuring the American Kennel Club(TM) and the Cat Fanciers' Association(TM). For more information about EI, visit www.eternalimage.net or call 1-888-6-CASKET.
SAFE HARBOR STATEMENT
Statements in this news release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1993 and Section 21E of the Securities Exchange Act of 1934.
Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include but are not limited to risk factors inherent in doing business. Forward-looking statements may be identified by terms such as "may", "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "forecasts," "potential" or "continue" or similar terms or the negative of these terms.
Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. The company has no obligation to update these forward-looking statements.
The following is a draft of a letter from Harelik, Shapiro, Wolgin & Fine, P.C. to Eternal Image, Inc.:
DRAFT
Stockholders and Board of Directors:
Eternal Image, Inc.
28800 Orchard Lake Road, Suite 130
Farmington Hills, MI 48334
We have reviewed the accompanying balance sheet of Eternal Image, Inc.
as of December 31, 2006, and the related statement of operations,
stockholders' equity, and cash flows for the year then ended, in
accordance with Statements on Standards for Accounting and Review
Services issued by the American Institute of Certified Public
Accountants. All information included in these financial statements
is the representation of the management of Eternal Image, Inc.
A review consists principally of inquiries of company personnel and
analytical procedures applied to financial data. It is substantially
less in scope than an audit accordance with generally accepted
auditing standards, the objective of which is the expression of an
opinion regarding the financial statements taken as a whole.
Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material modifications
that should be made to the accompanying 2006 financial statements in
order for them to be in conformity with generally accepted accounting
principles.
Our review was made for the purpose of expressing limited assurance
that there are no material modifications that should be made to the
financial statements in order for them to be in conformity with
generally accepted accounting principles. The information included in
the accompanying schedules is presented only for supplementary
analysis purposes. Such information has been subjected to the inquiry
and analytical procedures applied in the review of the basic
financial statements. The information is presented in conformity with
generally accepted accounting principles, and we are not aware of any
material modifications that should be made thereto.
The accompanying 2005 statement of operations, statement of
stockholders' equity and statement of cash flows of Eternal Image,
Inc. were compiled by us. A compilation is limited to presenting in
the form of financial statements information that is the
representation of management. We have not audited or reviewed the
2005 financial statements, and accordingly, do not express an opinion
or any other form of assurance on them.
The accompanying cumulative statement of operations, statement of
stockholders' equity and statement of cash flows from April 16, 2004
(Due of Inception) to December 31, 2006 were compiled by us. A
compilation is limited to presenting in the form of financial
statements information that is representation of management. We have
not audited or reviewed the cumulative statements and, accordingly,
do not express an opinion or any other form of assurance on them.
June 21, 2007
Harelik, Shapiro, Wolgin & Fine, P.C.
SOURCE: Eternal Image, Inc.
Investor Relations:
Cambridge Investor Relations
Tony Fazio, 781-214-9038
or
Media Relations:
a.s.a.p.r.
Robbie Tarpley Raffish, 410-883-2000
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