BW)(NY-SETO-HOLDINGS)(SETO) SETO
HOLDINGS, INC. Announces Receiving an Increase to
$1 Million in Banking Facilities for the USA and
Malaysia
Business Editors
BRIARCLIFF MANOR, N.Y.--(BUSINESS WIRE)--May 17, 1999,
SETO HOLDINGS, INC. (OTC BB: SETO) announced today that it
has received a new term loan and standby letters of credit to help
finance the soon to be on line Internet e commerce site and the
capital requirements for FUJI Fabrication Sdn Bhd in Malaysia, a
wholly owned subsidiary of SETO Holdings, Inc.
Mr. Pian stated "Having the additional working capital and trade
lines to purchase the materials needed to manufacture the cellular
phone batteries, will insure that we start the SETO Internet direct
selling with a well stocked inventory of Motorola (NYSE: MOT)-Nokia
(NYSE: NOKa)-Ericsson (Nasdaq: ERICY)-SAMSUNG and other
popular models. The additional capital also gives SETO the ability to
increase inventories and manufacturing for all immediate
requirements." Pian also stated that "the structure of the financing
allows for additional capital requirements as the sales and inventory
increases at the distribution facility of SETO headquarters in
Briarcliff Manor, New York." Mr. Pian said, "SETO Holdings, Inc.
banking facilities in the USA are now at $1 million and can increase as
the Company needs grow." All the credit facilities and loans are also
personally guaranteed by Mr. Pian, the Company president and CEO.
The new e commerce site is nearing completion and will be on line
soon.
"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--ah/ny*
CONTACT: Investor Relations:
LaGuardia GFS call at toll free 1-800-292-1361
or email to: comercio@riogrande.net.com
LaGuardia GFS web site: www.TwoTrades.com or
www.DosComercios.com
Company web site: www.SETOHOLDINGS.com or
www.stidiamond.com
email: stiandecs@aol.com
KEYWORD: NEW YORK INTERNATIONAL ASIA PACIFIC
INDUSTRY KEYWORD: BANKING MINING/METALS |
