SETO News! SETO Holdings, Inc. Acquires Fimas Electronics Sdn Bhd
Business Editors
BRIARCLIFF MANOR, N.Y.--(BUSINESS WIRE)--Dec. 1, 1999--SETO
Holdings, Inc. (OTC BB:SETO) announced today the 100% acquisition of
Fimas Sdn Bhd Malaysia and its subsidiaries, Fimas Electronics, Fimas
Megatronics, Domipoly, Fimas Global based in Malaysia and Fimas Suzhou
manufacturing facility in Taichang, China, a suburb of Shanghai.
Mr. Gene Pian, SETO's President said, "by adding the FIMAS
electronic consumer product lines to the SETO E MALL web site and the
soon to be established retailers in the USA, will greatly increase
revenues and profits. As a manufacturer of these products with the
SETO brand name and selling direct to the consumer is an advantage
most e commerce sites do not have. The products include DVD Players,
CD ROM Drives, Home Theatre Systems, CD Player and Wireless Mouse.
Fimas is a turnkey manufacturer of these products, in addition to many
other computer and telecommunication products. The Fimas customer base
is very impressive and includes such companies as ACER Technologies,
LITE-ON TECHNOLOGY, PHILIPS SOUND SYSTEMS, SONY ELECTRONICS and
others, which proves the reliability of FIMAS as a high quality
manufacturer with ISO 9002 certification."
The company reported that FIMAS current year sales forecast is
$17.5 million, a profit of $500,000 and net worth of $4.4 million. The
purchase price is 5 million 144 restricted SETO shares valued at $0.89
per share, no cash for the net assets. The deal includes a profit
guarantee for year ending March 31, 2001 of $1,000,000 for an
additional 1 million 144 restricted shares. Sales forecast for the
same period is $22 million.
Mr. Pian also said, "After consolidating the accounts of FIMAS,
the recently acquired Hong Kong Batteries and SETO Holdings original
subsidiaries, the Group is projecting sales of $30.0 Million and net
profits of $2,100,000. Total shares outstanding will be approximately
18.8 million with estimated EPS of $0.10. After consolidating the
balance sheet, SETO will be eligible for a NASDAQ listing except for
the share price which must be $4.00, which we hope will be reached 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 toll free
1-800-292-1361 or email to: comercio@riogrande.net.com web site:
www.TwoTrades.com Company web site: www.SETOHOLDINGS.com or
www.stidiamond.com or www.ecsceramics.com or www.fujifab.com Email:
stiandecs@aol.com
--30--sdg/ny*
CONTACT: Investor Relations: LaGuardia GFS
1-800-292-1361
email: comercio@riogrande.net.com
web site: www.TwoTrades.com
Company web site: www.SETOHOLDINGS.com or
www.stidiamond.com or www.ecsceramics.com or
www.fujifab.com
Email: stiandecs@aol.com
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