SETO.... Check it our...copied from RB.
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.'
I read this as the profit guarantee of 1,000,000 for year ending March 2001, but the eps of .10 in the secound paragraph is based on a consolidating balance sheet, which will happen April of 2000.
I share a portion of an e-mail from Gene P,
Key
Thanks for the vote of confidence. We would like to pasted out first quarter
ending Apr.30, 2000 as a complete consolidation to prove to everyone that we
are for real and can accomplish what we have planned for the future of SETO.
Many good things will be coming up soon that will be real strong developments
to the group. Of course we will announce as they are confirmed. If all moves
faster including the price of the stock we will file for a NASDAQ listing
sooner.
Read into it what you wish, but I'll hold for another year if necessary - no problem, Just my opinion!
.check it out! |
