Their IR put out a e-mail to those on their list with a header stating financials to be out tomorrow. Here's the rest of the text.
James
SETO HOLDINGS, INC. (OTC:BB SETO) TO OPEN E-COMMERCE SITE IN MAY 1999
WWW.SETOHOLDING.COM
Continuing our coverage of SETO Holdings, Inc. (OTC:BB SETO), La Guardia GFS remains bullish on this stock, and maintains our short-term target of $1.50-$2.00/share, and $4-$5/share within the next 12 months. A lot of shareholders have expressed concerns regarding SETO's audited financials for fiscal 1999 (ended Jan 31, 1999). As Gene Pian has stated more than once over the past 5 days, the delays are due to regional holidays in Asia, including Chinese New Year. Pian did not expect these holidays to have such an impact on the timing of the financial audits for SETO's Malaysian divisions, including FUJI Fabrication, setoholding.com, SETO's rechargeable battery manufacturer. In a conference call with Gene Pian in Panang, Malaysia yesterday, Mr. Pian confirmed that the consolidated financial audits have been COMPLETED, and are in final review, ahead of being released tomorrow morning. Mr. Pian commented further that the 10K would be filed roughly 2-3 weeks after the financials are released to the general public, via a national Press Release through Business Wire.
Mr. Pian further discussed plans for the new e-commerce site to be opened no later than May 15, 1999 for FUJI Fabrication's cellular phone batteries. Pian stated, "We have spent the past month developing our pricing strategy. We have seriously evaluated the competition, and we feel that our prices will be among the most competitive in the industry, including on-line sales, catalog sales and other retail outlets. We have no desire to be the cheapest, but out of the top ten companies evaluated, we will be number one and a half."
SETO has contracted with IMS, Integrated Management Solutions Inc., Armonk N.Y., a firm providing computer related services to small and mid sized business requirements including internet and web site development, customized training, application design and development, and network engineering. IMS will be responsible for the development of FUJI's e-commerce site. Joel F. Rado is the founder and President of IMS, and a SETO board member (see brief resume: setoholding.com. Mr. Rado has over 25 years of IBM Corporate responsibility and accomplishment in a broad range of computer and information services.
La Guardia has been compensated by SETO to manage their investor relations ($5k cash retainer / 150k shares of restricted stock, said stock is restricted until March 12, 2000). In addition to the above listed compensation, La Guardia GFS has purchased in excess of 150k shares of stock on the open market over the past 30 days, and will continue to acquire additional shares in SETO as our portfolio management protocol will allow.
As always, we encourage and recommend highly that any investor do their own due diligence prior to making any investment, and we do not advocate purchasing shares in any company based on this recommendation and/or technical analysis alone.
PLEASE CONTACT LA GUARDIA GFS AT 800.292.1361 OR COMERCIO@RIOGRANDE.NET.MX
WITH ANY QUESTIONS PERTAINING THIS E-MAIL.
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