From La Guardia GFS, twotrades.com:
BW2371 JUN 19,2000 5:41 PACIFIC 08:41 EASTERN
( BW)(NY-SETO-HOLDINGS)(SETO) SETO Announces a New Product: "SETO Lithium-Ion - Li-Ion - Cells" in a Joint Venture With a Large China Manufacturer
Business Editors
BRIARCLIFF MANOR, N.Y.--(BUSINESS WIRE)--June 19, 2000--SETO Holdings Inc. (OTCBB-SETO) today announced that it has begun manufacturing Lithium-Ion (Li-ion) battery cells in a joint venture with a cell manufacturer in Main Land China and Hong Kong Batteries Industries Ltd. (Hkbil), a wholly owned subsidiary of SETO. The Li-Ion cells will be used in battery packs now made by Hong Kong Batteries Industries Ltd. and Fuji Fabrication Sdn Bhd (FUJI) also a wholly owned subsidiary of SETO.
The Li-Ion cells are used in cellular phones, notebooks, lap tops, GPS, palm computers, power tools, toys and other battery operated products. Some of the most common rechargeable-replacement batteries manufactured by Fuji and HKbil are for mobile phones, such as: Motorola, AT&T, Qualcomm, Nextel, Audiovox, General Electric, Mitsubishi, Technophone, Nokia, Ericsson, Panasonic, Siemens, Samsung and others. See www.fujifab.com and www.hk-batteries.com.hk
The Li-Ion cells will also be offered for sale within the next few months to other battery pack manufacturers and distributors worldwide. The SETO price to distributors is about 25% below current competitors while insuring the highest quality.
SETO's competitive edge for Li-Ion cells will be its service and fast delivery of a high quality product manufactured in China at low cost by SETO's JV partner. The present capacity of 20,000 cells per day, 600,000 per month will support this plan. The SETO Li-Ion cells are 3.7-Volt prismatic (flat/thin) cells with a typical capacity range of 650 mAh (milliampere hours) to 1750 mAh, said Thomas TO Managing Director of Hong Kong Batteries Industries Ltd.
As reported in USA Today in February 2000, more then 30% of the people in the USA carry a mobile phone and could jump to 70% by 2003. The same growth is forecast for Europe. Internet access via mobile phones and other wireless products is predicted to reach a billion wireless subscribers world wide, in the next few years. This is why SETO is very confident in the success and growth of the rechargeable battery power business of Hong Kong Batteries and Fuji Fabrication. The future continues to be bright and getting stronger everyday said, Gene Pian, President of SETO Holdings Inc.
The introduction of SETO's Lithium Polymer cells, the safest, most environmentally friendly and longest lasting of all the rechargeable cells will be available in the very near future.
About: SETO Holdings, Inc.
Founded in 1975, SETO Holding, Inc. 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; and Consumer products such as cellular phone batteries, rechargeable batteries for uses, consumer electronics and telecommunication devices. Please visit the Company's web sites: www.SETOHOLDINGS.com, www.stidiamond.com, www.ecsceramics.com, www.fujifab.com, www.hk-batteries.com.hk.
Included in this release are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Although the company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations reflected in such forward-looking statements will prove to have been correct. The company's actual results could differ materially from those anticipated in the forward-looking statements as a result of certain factors including sales levels, distribution and competition trends and other market factors.
--30--ah/ny*
CONTACT: SETO Holdings Inc., Briarcliff Manor
Thomas Fisher
Public Relations Manager
Tel: 1-914-923-5000
Fax: 1-914-923-6225
email: stiandecs@aol.com
setofisher@aol.com
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