MORE NEWS TODAY TOO. Big increase of $5.7 mil in sales from just one customer, Phillips. Very nice news!
(COMTEX) B: SETO Holdings, Inc. Reported Today the Increase in Orders
B: SETO Holdings, Inc. Reported Today the Increase in Orders From Philips
BRIARCLIFF MANOR, N.Y., Mar 8, 2000 (BUSINESS WIRE) -- SETO Holdings,
Inc.(OTC BB:SETO) announced today that FIMAS Electronics, a wholly
owned subsidiary of SETO, has received an increase in orders of $5.7
million dollars over last year, from Philips Sound Systems, a division
of Philips Group, NA for Multi Media speaker systems for computers.
Mr. Gene Pian said, "this is the tip of the iceberg for this product
line. The forecast is $110 million per month worldwide, for the current
year. As Fimas increases production capacity and capital resources, we
can secure more orders and increase our market share. Fimas is also in
negotiations with Philips Sound Systems to be awarded exclusive
distribution rights for South America, South Africa and the Middle
East. Combining the Fimas manufacturing in Malaysia and China and the
marketing by Fimas in these countries, we expect Fimas's growth to
increase 100% for the year 2000."
The product specifications for Philips Multi Media Speaker Systems for
Computers will be listed on the SETOHOLDINGS.com web site soon.
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, rechargeable
batteries for all uses, consumer electronics such as home theater
sound systems, DVD, VCD, VCR players.
"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.
Copyright (C) 2000 Business Wire. All rights reserved.
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