PRVH news (BSNS WIRE) Providential Holdings Announces Contract with Egyptian Clothing M nufacturer Sanatex Providential Holdings Announces Contract with Egyptian Clothing Manufacturer San tex
Business Editors
LOS ANGELES--(BUSINESS WIRE)--Aug. 18, 2005-- Providential Holdings, Inc. (OTCBB:PRVH) (Berlin and Frankfurt Stock Exchanges: PR7, WKN 935160), a provider of international advisory services specializing in mergers and acquisitions, announced that the Company has signed an agreement with Sanatex, Inc., a California corporation with 238,000 square-foot manufacturing facilities in Egypt, to assist Sanatex in becoming a fully reporting publicly traded company and raising capital from institutional investors in the U.S. to further its growth. According to the agreement, Providential will receive a combination of cash and stock from Sanatex as compensation for its consulting services. Sanatex is engaged in the manufacturing of clothes and packaging materials, dyeing, and finishing for the apparel and fashion industries. With manufacturing facilities situated in the Private Free Zones in Kalubeia, Egypt, Sanatex enjoys exemption from tariffs on finished goods shipped to the U.S. The Company's revenues for Fiscal Year 2004 were about $15 million and it has been consistently profitable. Hassanein M. Hassanein, Chief Executive Officer of Sanatex, Inc., stated: "We manufacture quality apparel goods in Taiwan, China, and Egypt for Target, Kohl's, Sears and Wal-Mart. After 18 years of success in this market, we are now poised to expand our services in the U.S. by providing our customers with product development and design fashions for the private label market. Our business fundamentals, of marketing a fashion product at a competitive price during this business cycle, will create years of steady growth and added value for our shareholders." Henry Fahman, Chairman of Providential Holdings, concurred: "We look forward to assisting Sanatex's management to execute their growth strategy and are confident that with our background experience, resources and contacts, we will be able to help increase shareholder value for both companies."
About Providential Holdings, Inc.
Providential Holdings and its subsidiaries engage in a number of diverse business activities, the most important of which are M&A advisory services, industrial 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. For more information on Providential Holdings and its subsidiaries, visit http://www.phiglobal.com.
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.
KEYWORD: NORTH AMERICA AFRICA/MIDDLE EAST CALIFORNIA UNITED STATES EGYPT INDUSTRY KEYWORD: MANUFACTURING TEXTILES PROFESSIONAL SERVICES CONSULTING FINANC RETAIL FASHION CONTRACT/AGREEMENT SOURCE: Providential Holdings, Inc.
CONTACT INFORMATION: Providential Holdings, Inc. Henry Fahman, 714-843-5455 henry@phiglobal.com or Sanatex, Inc. Hassanein M. Hassanein, 310-637-5500 hmh@sanatexgroup.com
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