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Monday December 1, 4:05 pm Eastern Time
Company Press Release
Semicon Tools Acquires Teik Tatt Holding - 1979 - Sdn Bhd of Malaysia
ARMONK, N.Y.--(BUSINESS WIRE)--Dec. 1, 1997--Gene Pian, president of Semicon
Tools Inc. (''STI'')(trading as SETO on the OTC Bulletin Board) announced today that
STI has completed the acquisition of Teik Tatt Holding Co. (1979) Sdn Bhd (''TTH''), a
privately held Malaysian company with locations in Penang and Kedah, Malaysia and
Vietnam.
TTH is one of the leading Malaysian manufacturers of plastic products such as rope, yarn,
twine, high quality rubber bands and since 1996 it has recycled plastics and nonferrous
metals from cable and precious metals from electronic components and circuit boards
obtained from obsolete computers.
TTH had consolidated revenues of $14,016,775 for the year ended Dec. 31, 1996 with net
income of $1,798,609 audited: for the nine months ending Sept. 30, 1997 it had revenues
of $14,718,099 and net income of $1,592,515 unaudited.
STI purchased all of the issued and outstanding capital stock of (''TTH'') for an aggregate
of 10,000,000 shares of its common stock constituting approximately 50% of the
company after the acquisition.
Pian stated that the acquisition is the culmination of many years of effort to increase the
revenues and net income of the company through acquisition. STI now is a more
financially substantial company which meets some of the financial entry requirements of
NASDAQ. The company will be investigating how it can achieve a NASDAQ listing.
Pian also pointed out that the acquisition diversifies STI by adding TTH's long established
plastic products to STI's diamond cutting tools, clean room supplies and technical
ceramics business. Pian was very enthusiastic about the opportunity to expand STI and
handle in the U.S., TTH's recently established precious metals recycling capability for
circuit boards and components, using the existing network of STI's world wide electronic
and semiconductor rep/distributor organizations.
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Contact:
Parrex Associates Inc.
Paul B. Alper
973/492-2208 (phone)
973/492-2550 (fax) |
