SETO NEWS
Wednesday July 26, 11:37 am Eastern Time
Company Press Release
SETO Announces Signing An MOU -Memorandum of Understanding- To Form a Joint Venture Company With TIR, Teknosif Information Resources Sdn Bhd
BRIARCLIFF MANOR, NY--(BUSINESS WIRE)--July 26, 2000--SETO Holdings, Inc. (OTCBB-SETO) today announced that it has signed a MOU with Teknosif Information Resources Sdn Bhd (TIR) of Malaysia to form a joint venture company comprising SETO and TIR to collaborate with each other for the purpose of optimizing resources and gaining mutual benefits in providing portal business to be concentrated primarily in the South East Asian regions.
TIR is an Information Technology company providing specialized services to many Malaysian companies and partial government owned corporations such as Tongkah Holdings Berhard, Pantai Hospital Berhard and Medicare, WorldCare Health (Malaysia), Tongkah Otto Sdn Bhd (waste management), Automobile Association of Malaysia (AAM), Petroleum National Berhad (Petronas), Esso Production (M) Sdn Bhd and others.
Having a strategic partner such as TIR with an established customer base of major corporations in Malaysia that require telecommunications equipment and content to be supplied by SETO Holdings, Inc. subsidiaries and joint venture partners, will make the new joint venture company to be formed a synergistic powerhouse to help meet the goals of TIR to be the leading service provider in the business of Outsourcing by providing complete Facility solutions and innovative services using today's technology with the support of SETO Holdings manufacturing capabilities of up-to-date telecommunication products and research and development capability for future products, as they become needed. As previously announced, SETO was working with two large corporations in Malaysia, as excellent potentials partners for the services and business organizations support of which Teknosif was one, said Gene Pian, SETO's president.
Mr. Tan Hun Chin, a corporate director of SETO and key coordinator of the data management and telecommunication projects said, ``TIR is a perfect match for SETO to provide data, telecommunications and mobile Internet services in Malaysia for business, commercial and consumer markets. TIR, www.TIR.com.my, a subsidiary Teknologi Intensif Sdn Bhd, a company in Malaysia with facilities of, a Server Farm & Server Co-Location, a Data Center Management and a Disaster Recovery Center to service and support customers such as MTDC, Malaysian Technology Development Corporation, a Malaysian government lead corporation, as the designated server management. These types of contacts and base of clients will give the new joint venture company to be formed between SETO and TIR, the strength to become a significant Telecommunications provider in hardware, content and services. Operating out of the existing facilities of SETO and TIR minimizes the start up expenses until profitability is attained, which is forecast within 3 months. SETO having manufacturing facilities in Malaysia, Hong Kong and China for the telecommunication equipment needed for this joint venture will enable us to be an in-house supplier with normal profit margins to the group and also reducing costs by not buying from third party suppliers, thereby establishing another profit center for SETO Holdings, Inc.''
SETO has been manufacturing in Malaysia since 1989, starting with technical products and recently consumer and telecommunication products. This long-term effort and endurance has proven SETO's credibility and sincerity to succeed. The length of time in Malaysia enabled SETO to establish an extensive, nationwide network of people and companies to support our efforts and growth to obtain success.
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 industrial uses, consumer electronics and telecommunication devices. Please visit the Company's web sites: www.SETOHOLDINGS.com, www.stidiamond.com, www.ecsceramics.com, www.setoEmall.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.
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Contact:
SETO Holdings, Inc.
Thomas Fisher
Public Relations Manager
Tel: 914/923-5000
Fax: 914/923-6225
e-mail: stiandecs@aol.com
setofisher@aol.com |
