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WEDNESDAY, APRIL 26, 2006 11:02 AM
Providential Holdings Assists Cavico Vietnam to Ink Agreement With Agent155 Media Group to Become First Vietnamese Company to Go Public on a US Exchange
LOS ANGELES, CA, Apr 26, 2006 (MARKET WIRE via COMTEX) -- Providential Holdings, Inc. (PRVH) (Berlin Stock Exchange and Frankfurt Stock Exchange: PR7 - WKN 935160) (www.phiglobal.com), a diversified holding company primarily engaged in mergers and acquisitions and independent oil and gas business, today announced that it has helped Cavico Vietnam Joint Stock Company (www.cavicovn.com) enter into an asset purchase agreement with Agent155 Media Group, Inc. as the first step towards becoming a publicly-traded company and tapping into the US capital markets.
Agent155 Media Group will change its name to Cavico Corp., have a new trading symbol and CUSIP number, and exchange 81% of post-split shares of common stock, restricted under Rule 144, for the assets of Cavico Vietnam JSC, a Vietnamese construction conglomerate.
With over $US 64 million in total assets and $US 25 million in revenues for FY 2005 from Cavico Vietnam JSC, the new public company anticipates upgrading its status by filing for listing on a senior exchange following the audit of Cavico Vietnam JSC's financial statements as required by the Securities and Exchange Commission and the NASDAQ Stock Market.
Providential Holdings will retain a minority interest in Cavico Corp. as a result of the advisory and consulting services to Cavico Vietnam JSC.
"We are pleased to have reached an agreement with Cavico," stated Agent155 Media Group CEO, Christopher Martinez. "Cavico is a company with a large asset base and substantial existing revenues, operating in a region experiencing tremendous growth. This acquisition will provide Cavico with access to the US capital markets and the funding necessary to maintain and expand upon their growth."
Henry Fahman, Chairman and CEO of Providential Holdings, stated, "We are very pleased to announce the signing of the agreement between Cavico Vietnam JSC and Agent155 Media Group. We are confident the new public company will be qualified for listing on a senior exchange in the near future and able to attract institutional funding to execute its growth strategy, thus creating additional value for the shareholders of all the companies involved."
About Providential Holdings, Inc.
Providential Holdings is a diversified holding company primarily engaged in the oil and gas business and mergers and acquisitions. The Company acquires and consolidates special opportunities in selective 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 www.phiglobal.com.
Safe Harbor: 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.
Contact:
Henry Fahman
Phone: 714-843-5455
Email Contact via www.marketwire.com/mw/emailprcntct?id=51870E48514DC90B
SOURCE: Providential Holdings, Inc.
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