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(BSNS WIRE) SETO Holdings Inc. Announced Today Receiving Exclusive Represen
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
Business Editors
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, |
