This should cause some excitement...
(PR Wires) PRW: SETO Holdings, Inc. Announces Signing a Memorandum of U
PRW: SETO Holdings, Inc. Announces Signing a Memorandum of Understanding, MOU,
to Acquire the Largest Manufacturer of Battery Cells in China
BRIARCLIFF MANOR, N.Y.--(BUSINESS WIRE)--Sept. 23, 1999--SETO HOLDINGS,
INC.(OTC BB:SETO)- Mr. Gene Pian, SETO's President said, "Huanyu Power
Sources Co. LTD is the largest manufacturer of battery cells in China for
power tools sold throughout the world and is already an established
manufacturer of battery cells for the computer, security and cellular phone
industries. Huanyu Power has present volume capacity of 180 million cells
per year that continues to grow rapidly. This acquisition will give SETO a
significant edge to capture a sizable share of the OEM and replacement
battery market worldwide. Our e-commerce site, www.fujifab.com, will expand
to include all the Huanyu batteries for the OEM and consumer markets. Huanyu
Power is located in the northern part of main land China and Shenzhen, which
boarders Hong Kong and has approximately 500,000 SQ. FT of manufacturing
space, with over 2,000 employees."
Mr. Pian also said, "Huanyu has been growing at a very high percentage rate
for the last few years. The forecast for 1999 assuming the present rate of
sales and booked orders is $17+ million, with a net profit before tax of
approximately $2 million. When combining Huanyu's present asset base and net
worth with SETO Holdings, Inc., it will enable SETO to meet the requirements
for a listing on a major stock exchange."
The agreement is now being prepared to finalize the acquisition of Huanyu
Power Sources Ltd., which is expected to be signed during October 1999.
Terms were not disclosed except for the valuation of SETO stock for the
acquisition which is to be $1.00 per share based on current market values.
SETO HOLDINGS, Inc., formerly Semicon Tools Inc. has been a public Company
since 1987 and operates as a broad based technical manufacturer in two major
product groupings: Technical products to industry: inclusive of diamond
tools, wafer fab supplies and technical ceramics. Consumer products:
cellular phone batteries.
"Safe Harbor" statement under the Private securities Litigation Reform Act
of 1995 Statements contained in this release which are not historical facts
are forward looking statements that involve risks and uncertainties that
could cause actual results to differ from projected results.
Factors that could cause actual results to differ materially include, among
others, economic and political events in or effecting Malaysia, the
Company's dependence on the semiconductor industry and other risk factors
detailed in the Company's Securities and Exchange Commission filings.
CONTACT: Investor Relations:
LaGuardia GFS toll free 800/292-1361
email to: comercio@riogrande.net.com
LaGuardia GFS web site: www.TwoTrades.com
or www.DosComercios.com
Company web sites: www.SETOHOLDINGS.com
www.stidiamond.com
www.ecsceramics.com, or www.fujifab.com
email: stiandecs@aol.com
08:32 EDT SEPTEMBER 23, 1999
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