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Seto Holdings, Inc. Announces a New Joint Venture Company in Hong Kong, "SETO Technology Hong Kong Industries Ltd".

BRIARCLIFF MANOR, N.Y.--(BUSINESS WIRE)--September 27, 1999--

SETO Holdings, Inc.(OTC BB:SETO) announced today the start up of a new joint venture with Everscreen Company Limited (Hong Kong Battery Limited) as partners to manage a local SETO Holdings, Inc. office in Hong Kong for sales, distribution and marketing of all SETO product lines with the main focus on batteries.

Mr. Pian, SETO's President is pleased to announce that Thomas TO Jin Kwong, will head up the Hong Kong operations. Mr. Thomas TO is presently the CEO of Hong Kong Battery and Director of Everscreen Company. Both companies are well known and established as manufacturers and distributors in the electronic component and battery industries. In his announcement Mr. Pian stated, "Mr. Thomas TO's 15 year history in these industries with a long term customer base and supplier network in Hong Kong, mainland China, and in fact the Asian community will prove invaluable in this venture."

He also said, "the support SETO Technology Hong Kong Industries LTD which will be managed by MR. Thomas TO and his professional staff is important for the success of the new SETO Holdings, Inc. acquisition of Huanyu Power Source Company Ltd. on main land China. This presence in Hong Kong will also be a big help to increase products for the fujifab web site on the SETO E MALL e-commerce site. Other possible joint ventures and acquisitions are already being considered and reviewed through the contacts of Thomas To." -0-

SETO HOLDINGS, Inc., formerly 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.
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Publication:Business Wire
Geographic Code:1USA
Date:Sep 27, 1999
Words:374
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