SETO up over 59% yesterday on over 500,000 shares traded.
Check out today's NEWS!!!
From La Guardia GFS:
(COMTEX) B: SETO Holdings, Inc. Acquires Fimas Electronics Sdn Bhd
B: SETO Holdings, Inc. Acquires Fimas Electronics Sdn Bhd
BRIARCLIFF MANOR, N.Y., Dec 1, 1999 (BUSINESS WIRE) -- 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
Copyright (C) 1999 Business Wire. All rights reserved.
Distributed via COMTEX.
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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
WEB PAGE: businesswire.com
GEOGRAPHY: NEW YORK INTERNATIONAL ASIA PACIFIC
INDUSTRY CODE: MANUFACTURING
COMPUTERS/ELECTRONICS
MERGERS/ACQ
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*** end of story ***
Please note changes to La Guardia's contact info:
E-mail: investor_relations@twotrades.com
Web Site: twotrades.com
Voice Mail: 800.292.1361
Live Answer: 888.577.6898 (this Live Answer number has been added due to heavy call volume. This number should be active sometime today, 12/1/99, or early tomorrow morning. The number will be answered from 9am-5pm CST. Please be patient with us as we grow to meet our customers needs. If you do not get a live person, PLEASE LEAVE A MESSAGE. All calls will be returned within one business day). |
