BRIARCLIFF MANOR, N.Y., May 18 /PRNewswire-FirstCall/ -- SETO Holdings, Inc. (Pink Sheets: SETO) announced that it signed a definitive agreement to acquire from Sanjay Srivastava 100% of the capital stock of Advanced Hearing Centers, Inc. ("AHC"), a Maryland corporation formed in 2004 which provides hearing services and retails hearing aids from 11 locations in Maryland and one in Virginia. It is a condition to the closing of the AHC acquisition that the public company shall sell all of SETO's current businesses, i.e., industrial ceramics fabrication and contract manufacturing, to Eugene Pian, SETO's President, in exchange for all the shares of SETO Common Stock he owns, and that Mr. Pian will resign as an officer and director and cease all affiliation with the public company.
The closing is expected to take place on or about May 22, 2009. Following the closing there will be issued and outstanding 77,923,120 shares of the public company's Common Stock, of which the public shareholders will continue to own 7,792,312 shares, or 10% thereof. Sanjay Srivastava, AHC's founder and CEO, will become the owner of 90% of the outstanding Common Stock of the public company and he will become President and CEO of the public company.
The public company will schedule a conference call after the closing to existing and new shareholders. On this call Mr. Srivastava will discuss the public company's business and the forward looking goals of AHC. You also now can go to AHC's web site (877allears.com) or contact Richard Kepler, AHC's Director of Investor Relations, at 410-440-9700.
The public company intends to seek to raise additional capital through a private placement, using the proceeds to help finance expansion of AHC's hearing centers. In addition Mr. Srivastava intends to obtain the necessary audited financial statements and have the public company again make appropriate filings with the Securities Exchange Commission and become subject to the reporting requirements of federal securities laws.
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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