BRIARCLIFF MANOR, N.Y., June 15 /PRNewswire-FirstCall/ -- SETO Holdings, Inc. (Pink Sheets: SETO) announced that it has acquired from Sanjay Srivastava 100% of the capital stock of Advanced Hearing Centers, Inc. ("ADVANCED"), a Maryland corporation formed in 2004, in exchange for the issuance of 70,095,456 shares of common stock of SETO to Mr. Srivastava. ADVANCED provides hearing services and retails hearing aids from 11 locations in Maryland and one in Virginia. Mr. Srivastava has been appointed President, CEO and sole director of SETO. Mr. Eugene Pian, has resigned as an officer and director of SETO on close of this acquisition.
SETO has also subsequently sold all of SETO's former businesses as conducted by its subsidiary companies to ECS Manufacturing, Inc. ("ECS"), a company controlled by Mr. Eugene Pian, a former officer and director of SETO. As full consideration for these subsidiary companies, Mr. Pian has returned to treasury 8,488,086 shares of SETO's Common Stock held in his name and ECS and he has assumed all the liabilities of the SETO subsidiary companies acquired. Mr. Pian has ceased all affiliation with SETO.
After taking into consideration the foregoing transactions, SETO has 77,923,120 shares of Common Stock issued and outstanding, of which the public shareholders continue to own 7,792,312 shares, or 10% thereof.
The public company will schedule a conference call with existing and new shareholders. On this call Mr. Srivastava will discuss the public company's business and the forward looking goals of ADVANCED. You can also go to ADVANCED's web site (877allears.com) or contact Richard Kepler, ADVANCED's Director of Investor Relations, at 1-877-LOTUS-06 (1-877-568-8706).
Forward-Looking Statements: Statements in this new release regarding future financial and operating results, future expansion and growth, opportunities for the public company and any other statements about its future expectations, beliefs, goals, plans, or prospects constitute forward-looking statements within the meaning of the private Securities Litigation Reform Act of 1995. Any statements that are not statements of historical fact (including statements containing the words "will," "believes," "plans," "anticipates," "expects," "estimates," and similar expressions) should also be considered to be forward-looking statements, There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including: limited operating history, need for future capital and economic conditions generally. Forward-looking statements are based on the beliefs, opinions, and expectations of management at the time they are made, and the public company does not assume any obligation to update its forward-looking statements if those beliefs, opinions, expectations, or other circumstances should change.
|SOURCE SETO Holdings, Inc.|
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