From La Guardia GFS:
SETO Holdings (OTC BB:SETO) heads for higher ground. Up over 50% this morning on only 100k+ traded.
SETO today announced the acquisition of HONG KONG BATTERIES, LTD. !!
Friday November 19, 8:29 am Eastern Time
Company Press Release
SETO Holdings, Inc. Acquires Hong Kong Batteries Industries Ltd.
BRIARCLIFF MANOR, N.Y.--(BUSINESS WIRE)--Nov. 19, 1999--SETO Holdings, Inc., (OTC BB:SETO) announced today the signing of an agreement for the acquisition of Hong Kong Batteries Industries LTD based in Hong Kong with manufacturing facilities in Shenzhen, Main Land China.
Mr. Gene Pian, SETO's President said, `` Having additional manufacturing capacity with a much broader line of products for the Telecommunications, Computer, Industrial Tools and automotive industries will enable SETO to compete for large volume orders for major distributors and OEM's, while offering more products on the SETO E MALL e commerce site.
SETO reported that Hong Kong Batteries forecast for the current year is revenues of $2.5 million USD and a profit of $130,000. The audited net assets as of Nov. 15 1999 are $482,000. The agreement includes a profit guarantee from Hong Kong Batteries of $300,000 USD net profit and minimum sales of $3.0 million for the year ending Jan. 31, 2001. The purchase price is 2 million shares, no cash. The terms are 1,500,000 restricted shares to be issued immediately and an additional 500,000 restricted shares after the profit guarantee is met for the year ending Jan. 31, 2001.
Mr. Pian also said, `` When consolidating SETO Holdings and Hong Kong Batteries for year ending Jan. 31, 2001 the projections are $10.4 million in sales and $1.1 million net profit. Total shares outstanding will be 13.9 million with an estimated $.08 EPS.
The Company also reported that the Huanyu acquisition has been canceled due a number of inconsistencies found during the due diligence and their changes as outlined in the MOU, which would have resulted in an unacceptable dilution to the present shareholders. They also required an immediate cash infusion and a multi million dollar investment for a startup of a product line that is being replaced with new technology.
As previously reported many times, SETO has a mission and goal to build a technology driven company with a strong Internet presence that generates profits and shareholder appreciation in value and to become a NASDAQ listed company in the near future.
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 for Investor Relations: LaGuardia GFS call at toll free 1-800-292-1361 or email to: 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
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Contact:
Investor Relations:
LaGuardia GFS
1-800-292-1361
web site: www.TwoTrades.com
www.DosComercios.com
Company web sites:www.SETOHOLDINGS.com
www.stidiamond.com
www.ecsceramics.com
www.fujifab.com
email: stiandecs@aol.com |
