Providential Holdings Resumes Trading Status and Announces Corporate Update Monday January 3, 2:30 am ET
HUNTINGTON BEACH, CA--(MARKET WIRE)--Jan 3, 2005 -- Providential Holdings, Inc. (OTC BB:PRVHE.OB - News) (Berlin: PR7, WKN 935160), www.phiglobal.com, resumes its normal trading symbol "PRVH" effective today, as a result of its current filing status with the SEC, and issues an update on the Company's operating plan.
The Company has taken steps to increase its M&A advisory activities in the US, China, Korea and Vietnam. During the month of December 2004, the Company successfully assisted Mirae Tech Company, a Korean corporation, in its business combination plan with Rapid Bio Tests Corp, a fully reporting publicly traded company. We also co-hosted seminars with the International Center for Training and Consulting under the Ministry of Trade in Ho Chi Minh City and with Chu Lai Development and Investment Company in Tam Ky, Vietnam, to provide consulting and M&A advisory services to Vietnamese businesses. We have negotiated with several potential M&A clients and targets in Vietnam as well as in the US and are hopeful that we will be able to consummate one or more transactions during the current quarter. We will be reporting revenues for the services rendered in connection with these transactions as they occur.
We have extended our transaction with Tulon Pacific and will continue working diligently to conclude this acquisition as soon as possible and grow the cutting tool business as an important component of our portfolio.
Due to some constraints beyond the Company's control, we were unable to send out the share dividend distributions from some of our subsidiaries before the end of December 2004 as previously planned. However, we are currently coordinating with the related parties to finish these distributions as quickly as possible. We believe it is extremely important to formulate appropriate strategies to create value for these spin-offs and take them public to provide liquidity for our shareholders. Though it has taken longer than anticipated, we will continue pressing forward to accomplish these goals.
Our majority-owned Provimex-HTV Joint Venture Company, which focuses on providing cooking gas and related gas supply equipment to high rise buildings and premium housings in Vietnam, has landed several sizable contracts and will start operation this quarter.
We will continue to work with Smart Technologies & Investments, Ltd., a Hong Kong-based company with subsidiary factories located in mainland China, to acquire a substantial interest in Smart Battery International, Ltd., a battery manufacturing company using an environment-friendly technology.
While we strongly believe that the Company has a tremendous upward potential in the long run, we want to caution our readers that investing in our company, or any company on the OTCBB or the Pink Sheets for that matter, can be very risky and such an investment may not be suitable for everyone. Actual results may take longer to materialize or differ materially from those projected due to unforeseen circumstances.
Our commitment is to manage for enduring long-term shareholder value and focus more on areas with high returns on equity and competitive advantage.
About Providential:
Providential Holdings (www.phiglobal.com) and its subsidiaries engage in a number of diverse business activities, the most important of which are M&A advisory services, cutting tools, and international markets. The Company acquires and consolidates special opportunities in selective high-growth industries to create additional value, acts as an incubator for emerging companies and technologies, and provides financial consultancy and M&A advisory services to U.S. and foreign companies.
This news release contains forward-looking statements that are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected on the basis of such forward-looking statements. Such forward-looking statements are made based upon management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995.
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