.. PRVH .. NEWS ..!!
Providential Holdings Inc. Consummates Investment Plan in ClearPass, a Homeland Security Company
FOUNTAIN VALLEY, Calif.--(BUSINESS WIRE)--Jan. 16, 2003--Providential Holdings Inc. (OTCBB:PRVH) (www.phiglobal.com), a diversified service and manufacturing company, today announced that it had consummated its investment plan in Clear Pass, Inc. ("ClearPass"), a Homeland Security company using a biometric technology originally developed by Lucent/Bell Labs (NYSE:LU).
According to the investment plan, the company acquired 51% of all the authorized common stock of ClearPass in exchange for 3,000,000 shares of common stock of Providential Holdings and a non-interest bearing note.
Providential entered into a Letter of Intent and an agreement with ClearPass in January 2002 and November 2002, respectively, to invest into this company as a vehicle to pursue its Homeland Security initiative and started making investments in ClearPass since June 2002.
ClearPass has recently announced the imminent release of its CP-5000 system for airport and Homeland Security applications and its CP-1000 fingerprint sensors for online authentication and PC security applications. Embedded with a touch chip developed by Lucent/Bell Labs that has a False Acceptance Rate (FAR) of only 0.0001%, these products take security to a new level by eliminating pin numbers and ID tags which can be lost or forged.
The Company expects to report substantial revenue streams from these products in the near term.
........Larry....!!..
....................The best is YET to come....!!
Songs I Luv
( NEWER )
( NEW )
