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:6/25/2016)... ... ... Austin residents seeking Mohs surgery services, can now turn to Dr. Jessica ... Peckham for medical and surgical dermatology. , Dr. Dorsey brings specialization to include Mohs ... Mohs Micrographic Surgery completed by Dr. Dorsey was under the direction of Glenn Goldstein, ...
(Date:6/25/2016)... ... ... First Choice Emergency Room , the largest network of independent freestanding emergency ... its new Mesquite-Samuell Farm facility. , “We are pleased to announce Dr. Ogunleye ... M. Muzzarelli, Executive Medical Director of First Choice Emergency Room. , Dr. Ogunleye ...
(Date:6/25/2016)... ... 25, 2016 , ... On Friday, June 10, Van Mitchell, Secretary of the ... to iHire in recognition of their exemplary accomplishments in worksite health promotion. , The ... Health & Wellness Symposium at the BWI Marriott in Linthicum Heights. iHire was one ...
(Date:6/24/2016)... , ... June 24, 2016 , ... Those who have ... these feelings, many turn to unhealthy avenues, such as drug or alcohol abuse, as ... Michigan, has released tools for healthy coping following a traumatic event. , Trauma sufferers ...
(Date:6/24/2016)... (PRWEB) , ... June 24, 2016 , ... ... Conference and Scientific Sessions in Dallas that it will receive two significant new ... the grants came as PHA marked its 25th anniversary by recognizing patients, medical ...
Breaking Medicine News(10 mins):
(Date:6/23/2016)... Research and Markets has announced the ... to 2022" report to their offering. ... patients with kidney failure, it replaces the function of kidneys ... blood and thus the treatment helps to keep the patient ... Increasing number of ESRD patients & substantial ...
(Date:6/23/2016)... Roche (SIX: RO, ROG; OTCQX: RHHBY) announced ... BRAHMS PCT (procalcitonin) assay as a dedicated testing solution ... this clearance, Roche is the first IVD company in ... sepsis risk assessment and management. PCT is ... levels in blood can aid clinicians in assessing the ...
(Date:6/23/2016)... Bracket , a leading clinical trial technology and specialty ... Bracket eCOA (SM) 6.0, at the 52 nd ... in Philadelphia , Pennsylvania.  A demonstration of ... its kind to fully integrate with RTSM, will be held ... a flexible platform for electronic clinical outcomes assessments that is ...
Breaking Medicine Technology: