Eternal Technologies, Inc. announced that it has completed the production of 20,000 Holstein dairy cattle embryos.
China's demand for dairy embryos far outpaces supply. China's population is four times that of the U.S., yet it can currently produce only one-tenth of the milk supply.
Jijun Wu, Chairman of Eternal Technologies, explained, "The rate of increase in demand for dairy products in China has averaged well over 30% during the last few years. Yet, the country's ability to produce more dairy cattle to meet the demand is only growing at 10%. It is obvious that China needs more high-quality dairy cattle with greater levels of milk production; Eternal is at the forefront of this trend and we fully expect to be a national market leader in dairy cattle embryo production."
Eternal's Holstein cattle embryos will be sold to dairy farms as well as used in the Company's embryo transfer projects. The market price for Eternal's Holstein cattle embryos is estimated to be about $96-108 per embryo. Eternal is expecting to sell its cows with transplanted embryos for about $1,000. The price points put Eternal's products at a large advantage due to the Company's modern and efficient production techniques. Another advantage is that the Company only uses premium Holstein embryos, which are larger, grow faster and produce more milk than the cows historically used in Chinese milk production.
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 and human medicines divisions have a strong asset base, cash position and net income. In 2002, Eternal had $12,640,964 in revenues, gross profit of $9,888,153, net profit of $6,812,484 and a cash position of $7 million.
