Eternal Technologies Group Inc has gained a major market share of China's embryo transplant industry with the opening of Beijing AnBo Embryo Biotech Center. Clone Australia Pty. Ltd. and Canadian Pacific Genetics Center are investors in the project.
Jijun Wu, Chairman, said, "The center is authorized to implement all the embryo transfer projects of Eternal in China. It will become the leader of the industry in China and accelerate the development of our pharmaceuticals, dairy products and mutton production programs which hold the potential for enormous sales for the Company."
Transferring the largest number of embryos in China, AnBo Embryo Biotech Center will allow Eternal to shift the manufacturing process to domestic production and end reliance on importing genetic material. This strategy has already decreased Eternal's cost of sales by over 50 per cent in 2002 and has led the Company to project double digit growth and profits past 2003.
Eternal today confirmed that acquisition negotiations are underway for the company to enter China's pharmaceutical market. According to the US Department of Commerce, China is the fastest-growing pharmaceutical market in the world. A follow-up announcement will be released shortly.