Monday December 6, 7:34 am Eastern Time
Company Press Release
SETO Holdings, Inc. Announces a Joint Venture Agreement With IBN, LLC Calif.
BRIARCLIFF MANOR, N.Y.--(BUSINESS WIRE)--Dec. 6, 1999--SETO Holdings, Inc.(OTC BB:SETO - news) announced today the signing of a new joint venture with IBN (International Bearing Networks, LLC) a privately owned company in Palm Springs CA. The partnership will manufacture and supply a new diamond dicing blade, developed by IBN with a proprietary process that increases the usable life by many times over any method currently on the market. The new DiamondLife(TM) processed blades are initially being introduced to the Semiconductor, Hard Disk Drive and Circuit Board industries.
``We are very pleased to be working with the IBN JV partners, Stephen L. Stamps, Chris Ropoulos, and Gary Robinson, all of whom have extensive experience in the semiconductor and electronics industries. In addition to understanding the economics of traditional wafer cutting processes, they also understand the changing face of the industry and the exotic new materials being presented for cutting challenges,' said Mr. Pian, SETO's president.
According to Stephen L. Stamps, president of IBN, ``SETO represents a tremendous opportunity for IBN to launch itself into the substantial Asia Pacific and USA market for dicing blades. We are privileged to be working with an organization that is so well regarded and has such market penetration ability.'
The new Diamond Life(TM) process was developed by IBN over the last few years at a cost of over $4 million dollars. Internal testing has been completed with favorable results by some of the worlds largest semiconductor chip manufacturers. ``Diamond Life coated blades will be available starting this month and is expected to surpass all the forecasts for growth in dicing blades for SETO. The quality of the new DiamondLife(TM) blade has proven to be so good, that we foresee gaining a substantial market share during the year 2000 and become the major supplier in the years that follow, added Mr. Pian. The sales and worldwide marketing support of SETO Holdings 'DTI`` subsidiary in Malaysia has existing facilities to satisfy the already increasing customer demand. The year 2000 revenue projection for dicing blades has increased to over $5.0 + million.'
About IBN LLC
Headquartered in Palm Springs, CA. IBN is a manufacturer of CVD-like diamond coated saw blades for wafer dicing and high speed drill bits for printed circuit boards. IBN provides spindle repair and dicing services performed by highly skilled engineering staff with over 50 years of cumulative experience in the field. The diamond coated saw blades are marketed worldwide by SETO under the Brand name DiamondLife/STI, and drills under the trade name DiamondGlide.
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 and Consumer products for 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.
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Contact:
Investor Relations:
LaGuardia GFS
800/292-1361 or 888-577-6898
email: investor_relations@twotrades.com
web site: www.TwoTrades.com
Company web site:
www.SETOHOLDINGS.com
www.stidiamond.com
www.ecsceramics.com
www.fujifab.com
e mail: stiandecs@aol.com |
