This one.
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.
Good news!
KZAP |
