SETO Holdings Inc. Announced Today Receiving Exclusive Representative / Distribution Agreements for the USA From Two of the Largest Power Tool Manufacturers in Hong Kong and China
BRIARCLIFF MANOR, N.Y.--(BUSINESS WIRE)--May 18, 2000--SETO Holdings Inc. (OTCBB:SETO) today announced that it has received agreements from two of the largest power tool manufacturers in China for distribution in the United States to major retail chains such as Home Depot, Ace Hardware, Lowe's and others.
SETO expects the new Power Tools products being offered by SETO will increase the forecast revenue for the present year by $10 million. Net profits are estimated at 10 to 12% for the Power Tools and replacement batteries.
The manufacturers that have awarded SETO the exclusive distribution rights to these customers have a combined workforce of 17,000 and have been supplying Europe and Asia for many years as an OEM and private label manufacturer. SETO is confident with this agreement as SETO's subsidiaries, Hong Kong Batteries Industries in Hong Kong and China and Fuji Fabrication Sdn Bhd in Malaysia, are already rechargeable battery suppliers for these power tools, coupled with the fact that we have known the manufacturers for a number of years and established close working relationships.
Due to the large quantities being quoted, SETO felt the need to have two approved sources that understand and have experience with western quality requirements. This includes UL approval in the USA and CE in Europe and both companies having ISO 9000 approval, said Gene Pian, SETO's President.
Included in the product lines are battery and electrical power tools. The aftermarket replacement batteries will be manufactured and sold direct through the SETO subsidiaries which will provide a higher revenue product than the power tools.
Concerning the news release of May 17, 2000 the signing of the MOU with CCT, additional information is available on the Internet at www.cct.com.hk
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. Please visit the Company's web sites: www.SETOHOLDINGS.com, www.stidiamond.com, www.ecsceramics.com, www.setomall.com, www.hk-batteries.com.hk,
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:
SETO Holdings Inc.
Public Relations Manager
Thomas Fisher
914/923-5000
914/923-6225 fax
stiandecs@aol.com or setofisher@aol.com
KEYWORD: NEW YORK INTERNATIONAL ASIA PACIFIC |
