(BSNS WIRE) Seto Holdings, Inc.-Formally Semicon Tools Inc.- Announced R
Seto Holdings, Inc.-Formally Semicon Tools Inc.- Announced Receiving Import
Duty And Sales Tax Exemption
Business Editors
BRIARCLIFF MANOR, N.Y.--(BUSINESS WIRE)--February 22, 1999--Seto
Holdings, Inc. (OTCC BB: SETO), Mr. Pian, SETO's President said Fuji
Fabrication Sdn Bhd its wholly owned subsidiary has received a IMPORT
DUTY and SALES TAX EXEMPTION for the battery manufacturing plant in
Malaysia. This exemption eliminates a 30% import duty on plastic
casings and a 20% import duty on battery cells and electronic
components. The only duty now being paid is for local sales in
Malaysia at 3%. "The 30% savings on manufacturing costs will very
positively effect our bottom line profit," said Mr. Pian, "in addition
to making Fuji Fabrication more competitive in the export markets to
the USA and Europe, which SETO has just started to enter."
Mr. Pian said Fuji Fabrication's present capacity of 50,000
cellular phone batteries per month is being approached on schedule and
can be doubled with very little additional cost, when required.
Growth from the first month SETO acquired Fuji Fab., June 1998, has
increased production output by 5 times and is continuing to grow.
Mr. Pian also said that batteries for new end products, such as
Lap Top, Note Book and Palm Computers are now being developed with
Lithium ion and Lithium Polymer cells and are on schedule to be
introduced to the market during 1999.
SETO HOLDINGS, Inc., formally Semicon Tools Inc., has been a
public Company since 1987 and 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.
Consumer products: cellular phone batteries.
"Safe Harbor" statement under the Private Securities Litigation
Reform Act of 1995 - Statements contained in this release which are
not historical facts are forward looking statements that involve risks
and uncertainties that could cause actual results to differ from
projected results. Factors that could cause actual results to differ
materially include, among others, economic and political events in or
effecting Malaysia, the Company's dependence on the semiconductor
industry, and other risk factors detailed in the Company's Securities
and Exchange Commission filings.
--30--emb/ny* rc
CONTACT: For Investor Information:
SETO HOLDINGS INC., and Parrex Associates, Inc.
Paul Alper, 973/492-2208
Fax: 973/492-2550
Company Web Site: stidiamond.com
Email: stiandecs@aol.com
KEYWORD: NEW YORK
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS COMED TELECOMMUNICATIONS
ENTERTAINMENT BANKING EARNINGS
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