Press Release Source: Providential Holdings, Inc.
Providential Holdings Updates on Recent Acquisitions and Other Important Corporate Developments
Friday October 1, 4:03 am ET
HUNTINGTON BEACH, CA--(MARKET WIRE)--Oct 1, 2004 -- Providential Holdings, Inc. (OTC BB:PRVH.OB - News) (Berlin Stock Exchange and Frankfurt Stock Exchange:PR7 - WKN 935160) (www.phiglobal.com) today announced updates on the recent acquisitions of Tangshan Yutian Saw Corporation ("TYSC") and Tulon Pacific , LLC and on other important corporate developments.
The auditing work of TYSC has been temporarily postponed due to the slower than expected pace of information gathering PRVH's auditors have encountered in the past few weeks. Though Providential management is disappointed at the delay of the audit, it hopes to reach an equitable resolution that will be in the best interests of all parties including the Company's shareholders. PRVH intends to work more closely with TYSC to determine whether an audit according to the US GAAP can be accomplished relatively quickly to comply with the SEC reporting requirements, or to amend the final closing day of the transaction subject to the completion of the audit. Providential and TYSC are also in talks to formulate an alternative cooperation arrangement, which can also be rewarding to shareholders of both companies, in lieu of an acquisition if necessary.
The Company has recently finished the distribution of share dividends from ATC Technology Corp. and E-Check Recovery, Inc. and will proceed to complete the distribution of share dividends from Irvine College of Medical Sciences, Provimex, and Touchlink Communications by the end of October, 2004. Providential is also on track in taking these companies public, believing that it can better provide incentives to the management of each subsidiary to unlock and create additional value for our PRVH shareholders.
During their most recent trip to Asia, Providential management have also reached important agreements with several business partners in China, Korea, and Vietnam with respect to joint ventures, direct investments, strategic alliances, and M&A advisory services. Details regarding these agreements will be announced in the near future.
At the same time, the Company has begun the due diligence review regarding the acquisition of a 70% ownership in Tulon Pacific, LLC, an Irvine, California-based company that provides precision cutting tools and drilling solutions. This transaction is targeted to be completed within the month of October, 2004.
In the past, while management was aggressive they were unable to complete a number of important transactions due to the lack of timely financing. However, with the funding commitments in excess of $50 million from three different investment groups that have been arranged recently, the Company's management is confident it will be able to execute its growth plan and significantly increase PRVH shareholder value.
About Providential:
Providential Holdings (www.phiglobal.com) and its subsidiaries engage in a number of diverse business activities, the most important of which is cutting tools. The Company also 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.
URL: www.phiglobal.com
Safe Harbor
Except for historical information contained herein, the statements in this news release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause a company's actual results in the future to differ materially from forecasted results. These risks and uncertainties include, among other things, the company's ability to attract qualified management, raise sufficient capital, and effectively compete against similar companies.
These and other risks are identified in the company's SEC filings and should be considered in evaluating the forward-looking statements made herein.
Contact:
Contact:
Providential Holdings
Henry Fahman, 714-843-5450
www.phiglobal.com
--------------------------------------------------
Source: Providential Holdings, Inc.
Providential Holdings Updates on Recent Acquisitions and Other Important Corporate Developments
Friday October 1, 4:03 am ET
HUNTINGTON BEACH, CA--(MARKET WIRE)--Oct 1, 2004 -- Providential Holdings, Inc. (OTC BB:PRVH.OB - News) (Berlin Stock Exchange and Frankfurt Stock Exchange:PR7 - WKN 935160) (www.phiglobal.com) today announced updates on the recent acquisitions of Tangshan Yutian Saw Corporation ("TYSC") and Tulon Pacific , LLC and on other important corporate developments.
The auditing work of TYSC has been temporarily postponed due to the slower than expected pace of information gathering PRVH's auditors have encountered in the past few weeks. Though Providential management is disappointed at the delay of the audit, it hopes to reach an equitable resolution that will be in the best interests of all parties including the Company's shareholders. PRVH intends to work more closely with TYSC to determine whether an audit according to the US GAAP can be accomplished relatively quickly to comply with the SEC reporting requirements, or to amend the final closing day of the transaction subject to the completion of the audit. Providential and TYSC are also in talks to formulate an alternative cooperation arrangement, which can also be rewarding to shareholders of both companies, in lieu of an acquisition if necessary.
The Company has recently finished the distribution of share dividends from ATC Technology Corp. and E-Check Recovery, Inc. and will proceed to complete the distribution of share dividends from Irvine College of Medical Sciences, Provimex, and Touchlink Communications by the end of October, 2004. Providential is also on track in taking these companies public, believing that it can better provide incentives to the management of each subsidiary to unlock and create additional value for our PRVH shareholders.
During their most recent trip to Asia, Providential management have also reached important agreements with several business partners in China, Korea, and Vietnam with respect to joint ventures, direct investments, strategic alliances, and M&A advisory services. Details regarding these agreements will be announced in the near future.
At the same time, the Company has begun the due diligence review regarding the acquisition of a 70% ownership in Tulon Pacific, LLC, an Irvine, California-based company that provides precision cutting tools and drilling solutions. This transaction is targeted to be completed within the month of October, 2004.
In the past, while management was aggressive they were unable to complete a number of important transactions due to the lack of timely financing. However, with the funding commitments in excess of $50 million from three different investment groups that have been arranged recently, the Company's management is confident it will be able to execute its growth plan and significantly increase PRVH shareholder value.
About Providential:
Providential Holdings (www.phiglobal.com) and its subsidiaries engage in a number of diverse business activities, the most important of which is cutting tools. The Company also 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.
URL: www.phiglobal.com
Safe Harbor
Except for historical information contained herein, the statements in this news release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause a company's actual results in the future to differ materially from forecasted results. These risks and uncertainties include, among other things, the company's ability to attract qualified management, raise sufficient capital, and effectively compete against similar companies.
These and other risks are identified in the company's SEC filings and should be considered in evaluating the forward-looking statements made herein.
Contact:
Contact:
Providential Holdings
Henry Fahman, 714-843-5450
www.phiglobal.com
--------------------------------------------------
Source: Providential Holdings, Inc.
