Navigation Links
SETO Holdings, Inc. Signs Letter of Intent to Dispose of all its Existing Businesses and Acquire Advanced Hearing Centers, Inc.; New Management to be Installed.
Date:3/5/2009

BRIARCLIFF MANOR, N.Y., March 5 /PRNewswire-FirstCall/ -- SETO Holdings, Inc. (Pink Sheets: SETO) announced that it signed a Letter of Intent under which it agreed in principle (1) to issue shares of its Common Stock to acquire 100% of the capital stock of Advanced Hearing Centers, Inc. ("AHC"), a Maryland corporation which provides hearing services and retails hearing aids from 11 locations in Maryland and one in Virginia, and (2) to 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.

At closing, Mr. Pian's would resign as an officer and director and cease all affiliation with the public company, whose name would be changed to Lotus Holdings, Inc.; Sanjay Srivastava, Lotus' founder and CEO, would own 90% of the outstanding Common Stock of the public company and he would become President and CEO of the public company; and there would be issued and outstanding 77,923,120 shares of the public company's Common Stock, of which the public shareholders would own 7,792,312 shares, or 10% thereof. Thereafter, the public company would seek to raise additional capital through a private placement, using the proceeds to help finance the expansion if its hearing centers. In addition Mr. Srivastava intends to have the public company make appropriate filings with the Securities Exchange Commission to become subject to the reporting requirements of federal securities laws.

AHC was formed in 2004 by its founder Sanjay Srivastava and has grown rapidly. According to its unaudited financial statements revenues, gross profit and net income have increased steadily, as follows:

                        Fiscal 2006          Fiscal 2007          Fiscal 2008
                        -----------          -----------          -----------
                        (unaudited)          (unaudited)          (unaudited)

    Revenues            $1,560,229           $2,723,916           $3,083,056
    Gross Profit         1,061,658            1,985,280            2,118,275
    Net Income               3,812              105,654              108,715

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.
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Innophos Holdings, Inc. Elects John M. Steitz as New Independent Director
2. China Pharma Holdings, Inc., Financial Year 2008 Preview
3. Hill-Rom Holdings, Inc. Invites You to Join Its Fiscal 2009 First Quarter Earnings Webcast
4. Z Trim Holdings, Inc. Releases Letter to Shareholders
5. Duane Reade Holdings, Inc. Further Strengthens Management Team With Addition of Frank Scorpiniti, SVP, Pharmacy Operations
6. Integrated Healthcare Holdings, Inc. Announces New Chief Executive Officer
7. The Hanover Insurance Group Completes Acquisition of AIX Holdings, Inc.
8. Critical Homecare Solutions Holdings, Inc. to Present at the 20th Annual Piper Jaffray Health Care Conference
9. Chief Executive Officer Leaving Integrated Healthcare Holdings, Inc.
10. China Pharma Holdings, Inc. Reports Third Quarter 2008 Financial Results and Corporate Updates
11. Duane Reade Holdings, Inc. Reports Third Quarter Results
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:12/2/2016)... Dothan, AL (PRWEB) , ... December 02, 2016 ... ... leaders from across the Dothan-Wiregrass Area in Alabama are expected to attend the ... Mike Schmitz, will help provide scholarship funds for area students and operating support ...
(Date:12/2/2016)... (PRWEB) , ... December 02, 2016 , ... The annual ... Enrollment Period (or Annual Election Period), is ending December 7th. Currently-enrolled Medicare beneficiaries who ... C) or prescription drug plan (Part D) need to make changes during this period ...
(Date:12/2/2016)... Hills, CA (PRWEB) , ... December 02, 2016 ... ... reconstructive surgeon in Beverly Hills, California, will be included in the 2016 “Guide ... given to exceptional professionals based on the amalgamation of their education, experience, and ...
(Date:12/2/2016)... , ... December 02, 2016 , ... ... the Hyatt Regency Waikiki Beach Resort and Spa in Honolulu, offering local frontline ... field of pain management. , The demand for supplemental training related to ...
(Date:12/2/2016)... Texas (PRWEB) , ... December 02, 2016 , ... Yisrayl ... that delves into how this current generation fits into Bible Prophecy. Yisrayl says this ... various facts pointing to this conclusion, showing how the details line up exactly with ...
Breaking Medicine News(10 mins):
(Date:12/2/2016)... DUBLIN , Dec 2, 2016 Research ... Pipeline Database" newsletter to their offering. ... , , ... La Merie Publishing,s proprietary R&D Drug Pipeline Database provides 24/7 online ... therapeutic drugs on the market and on investigational drug candidates in ...
(Date:12/2/2016)... the largest share in the ECG Cables And ECG Leadwires ... remote monitoring ECG devices. On the other hand, the ... the highest growth rate during the forecast period. ... Company (U.S.), Medtronic plc ( Ireland ), Koninklijke ... Medical International Limited ( China ), held major ...
(Date:12/2/2016)... Quantum Radiology,s Mobile Breast Center (QR MBC) brings cutting-edge ... at the workplace, thereby maximizing convenience and compliance.  QR ... and SunTrust Bank, and community health groups to provide ... "I think it,s a great service for ... a mammogram without taking a large amount of time ...
Breaking Medicine Technology: