PRVH NEWS ... Providential Files for $25 Million Offering to Execute Growth Plan
Wednesday January 29, 7:01 am ET
FOUNTAIN VALLEY, Calif.--(BUSINESS WIRE)--Jan. 29, 2003-- Providential Holdings, Inc. (OTCBB:PRVH - News; www.phiglobal.com) announced today that it had filed an SB-2 shelf registration statement with the Securities and Exchange Commission to offer 50 million shares of common stock for up to $25,000,000 in order to execute its growth and expansion plan.
According to the registration statement, proceeds from the sale of these shares will be primarily used to fund the growth plan of ATC Technology Corp.; to fund the shipments of Slim Tech's purchase orders of LCD computer flat screens; to provide additional investments for Clear Pass, Inc.; to meet funding commitments for Nettel Global Communication Corp.; to acquire a majority stake in and fund the growth plan of Vinet Communications, Inc.; to fund Clear Promo, Inc.'s business plan; and to provide for working capital and other projects. The company may also use these shares for possible acquisitions of other companies and assets, for cancellation of debts, and for other corporate services.
The Los Angeles-based Mercator Momentum Fund has agreed to purchase up to $10,000,000 through an equity line of credit and covenanted not to engage in any short sale of the common stock of the company.
As part of the overall capitalization plan, the company has also recently retained Denver-based Castle, Overmyer, Poole and Schubert to provide a $5 million financing through a five-year senior debt instrument.
Henry Fahman, chairman and CEO of Providential Holdings, commented: "Providential has succeeded in bringing together a number of important components with high-growth potential and we are confident that with adequate funding we expect to see increasing revenue growth, profitability and valuation for the Company in the near future."
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