PRVH - Providential Capital Advises Medical Career Colleges on Merger Plan; Transaction Gives Providential Significant Equity Stake in New Company
FOUNTAIN VALLEY, Calif.--(BUSINESS WIRE)--June 23, 2003--Providential Holdings, Inc. (OTCBB: PRVH, Berlin: PR7, WKN 935160), www.phiglobal.com , today announced that its wholly-owned subsidiary Providential Capital had entered into an agreement to provide merger and acquisition advisory services to CA-based Medical Career Colleges ("MCC") and assist these institutions to emulate the business models of Corinthian Colleges (NASDAQ:COCO), Concorde Career Colleges (NASDAQ:CDCC) and University of Phoenix Online (NASDAQ:UOPX).
PRVH is entitled to a significant equity stake in MCC for its consulting and advisory services.
Henry Fahman, Chairman and CEO of PRVH, stated, "We are glad to assist MCC in their merger plan and to provide continued support for them to grow. We strongly believe that their experienced management and their tested business model will generate significant value for shareholders of both companies in the near term."
Providential Capital will continue to assist MCC with respect to investment banking, corporate governance, strategic planning and further merger and acquisition plans in the future.
About MCC:
Medical Career Colleges provide educational programs in medical related fields and focus their development efforts in two areas:
-- Medical education for both degree and non-degree programs,
specializing in Ultrasound Technology, MRI, Pharmacy Tech, Medical Assistant, Registered Nursing (RN) and other related fields, as the market dictates.
-- Diagnostic imaging centers to provide services to individuals, doctors, clinics, HMO's and PPO's.
MCC plans to add campuses in additional Southern California areas, combining educational programs and full service diagnostic clinics:
1. Medical clinics that will provide full body scans at a reduced cost for the general public at the same time providing working externships for the graduates and providing jobs for them.
2. Degree programs as follows:
a. Ultrasound Degree
b. Nursing Degree (RN)
c. Management degree with Medical or General or entertainment industry business management.
3. On Line courses for the degree and the vocational programs with a live classroom concept and proprietary digital lectures available on line for the international population.
4. "On Line Library." This library will be specialized in various curriculums to help students of High School to Colleges to provide textbook information and help them prepare for the daily homework and various exams that they may need for their college and school curriculum.
5. Mobile on line libraries for the various underdeveloped countries and regions of the United States to promote education and general raising the standards of education needed for the present and the future world.
6. A Book Store and Coffee Shop at each campus. "Campus Coffee Shop" that will be equipped with computers and Internet access for any one who wants to take advantage of it.
7. Acquisition of other Vocational and Degree schools in the near future.
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