NEWS OUT!!! and price running 2.313x2.375!
Thursday March 23, 9:06 am Eastern Time
Company Press Release
SETO Holdings Inc. Announces 100% Acquisition of Malaysian Joint Venture Partnership
Acquisition Allows for Company Penetration Into Telecommunications Sector
BRIARCLIFF MANOR, N.Y.--(BUSINESS WIRE)--March 23, 2000--SETO Holdings Inc. (OTC BB:SETO - news) Thursday announced that it has acquired 100% of the assets of SETO M (Malaysia).
SETO M was a joint venture formed by the partners of Global Electronics and SETO Holdings Inc. This acquisition of the newly formed subsidiary by SETO Holdings Inc. was completed with a stock transaction.
Terms of the agreement are as follows: SETO Holdings is to receive a profit guarantee for the year ending January 31, 2000 of $1 million in return for SETO stock options of 300,000 shares at $2.50 per share and a $2.5 million profit guarantee for the second year ending Jan. 31, 2001 for options for 600,000 shares at $3.50 per share.
Gene Pian, CEO of SETO Holdings Inc. commented, ``We are extremely pleased to have acquired SETO M. This acquisition will allow for an increase our product lines as well as our revenue generating capacity. In addition, the four partners of Global Electronics that will join our team are all very knowledgeable and experienced with telecommunication products in design, application and use. They will be instrumental in supporting the Circlecom.com (www.circlecom.com) joint venture agreement signed March 20, 2000 with SETO (M) Sdn Bhd.'
``This acquisition also allows SETO to develop a stronger foothold in the telecommunications industry in order to expand our product line. As previously announced, through our new acquisition, SETO intends to develop and launch (1) a Windows-based Net PC and NC terminal, (2) a 1000 S Web and handset for Internet access with built in modem, similar to a 3Com (Nasdaq:COMS - news) Palm VII series, (3) a SetoTalk Standalone Internet Phone Device with Speaker Phone and Microphone, and (4) an ADSL modem for multi user applications that could potentially be utilized by DSL provider such as Concentric (Nasdaq:CNCX - news), or Covad (Nasdaq:CVAD - news) in their consumer product bundling.'
About SETO Holdings Inc.
Founded in 1975, SETO Holding Inc. 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 such as cellular phone batteries, rechargeable batteries for uses, consumer electronics and telecommunication devices. Visit the company's Web sites: www.SETOHOLDINGS.com, www.stdiamond.com, www.ecsceramics.com, www.fujifab.com, www.hk-batteries.com.hk, and www.cticomm.com.my.
Included in this release are ``forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Although the company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations reflected in such forward-looking statements will prove to have been correct. The company's actual results could differ materially from those anticipated in the forward-looking statements as a result of certain factors including sales levels, distribution and competition trends and other market factors.
--------------------------------------------------------------------------------
Contact:
R.F. Services Inc.
Renee Fisher, 888/882-8383 or 714/220-2900
E-mail: rfpres@hotmail.com
GO SETO OR GO HOME!!
PhattJake |
