(BSNS WIRE) SETO Announces Signing Letter of Intent With G COM NET to Form
SETO Announces Signing Letter of Intent With G COM NET to Form a Joint Venture
to Manufacture Cellular Phones Batteries and Accessories in Panama
Business Editors
BRIARCLIFF MANOR, N.Y.--(BUSINESS WIRE)--Jan. 2, 2001--SETO
Holdings, Inc. (OTCBB-SETO) today announced the signing of a Letter of
Intent to joint venture with G COM NET to manufacture cellular phone
products in Panama for Central and South American and other countries.
G COM NET with retail outlets in the New York metropolitan area
has proven to be the foundation for opening new outlets in Panama,
Jamaica, and Barbados during the first half of 2001 with expansion
into Central and South America and Africa during the last half of
2001. Having the ability to manufacture in a free trade zone in Panama
with no duties and local taxes that is close to the marketplace, will
give the JV a definite advantage over competition in these countries.
The first products to be manufactured will be: rechargeable batteries,
antennas, leather and plastic cases, chargers and hands free devices.
G COM NET with experience as a Nextel service provider with retail
outlets, high level contacts in Panama and their existing internal
staff for technical support to SETO's design and development team,
will increase the ability of SETO to bring more innovative products to
the wireless communication markets world wide. In addition, the JV's
retail sales of the existing SETO Internet products, such as Web
browsers and MP3 players for example and "soon to be
announced" additional telecommunication products, will also
support the SETO family of manufacturing facilities in Asia.
G COM NET has already established a distribution network and key
contacts in other countries, such as Africa, which is a target area
for the SETO / G COM NET joint venture during the year 2001. The
African contacts are just waiting for the JV's go ahead that we are
ready for them to enter their market with the SETO product line. We
expect to enter this market during second quarter 2001.
Gene Pian, President, CEO of SETO said, "the addition of
the SETO / G COM NET JV manufacturing and retail sales outside Asia,
also expands SETO further as a global company. By bringing SETO's
manufacturing ability of their products closer to the customers and
sharing the retail profit margins that are typically higher than
manufacturing, the JV becomes part of and consistent with, the aim and
determination of SETO to improve the profits and shareholder equity
for 2001. Our plans continue to be that SETO will be a well managed,
technical products manufacturing company, with a significant presence
in the wireless communication industry which has been one of the
fastest growing industries in the last few years and is forecast to be
exploding worldwide, in the next few years."
A SETO Corporate Profile was written and published by the Journal
News, www.journalnews.com on December 18th Business section page
3D. SETO's first News Letter for 2001 will be out this month.
SETO is exhibiting at the CES Consumer Electronics Show in Las
Vegas starting Jan. 6 thru the 9th. Come visit us at Booth
#30201-30300-30301
About SETO Holdings, Inc.
Founded in 1975, SETO Holdings, Inc. operates as a broad based
technical manufacturer in three major project groupings: Technical
Products to industry, inclusive of diamond tools, wafer fab supplies
and technical ceramics; and Consumer Products such as cellular phones
batteries, chargers and accessories and consumer electronics and
Telecommunications devices. Please visit the Company's web sites:
www.SETOHOLDINGS.com, www.stidiamond.com, www.ecsceramics.com,
www.setoEmall.com, www.hk-batteries.com.hk. |
