Contact Information: Investor Relations Contact: Hawk Associates, Inc. Frank N. Hawkins, Jr. or Julie Marshall Phone: (305) 451-1888 Email: Email Contact
Providential Holdings Announces Registration of Its Former Subsidiary EastBridge Investment Group Corp.
| Source: Providential Holdings, Inc.
LOS ANGELES, CA and HO CHI MINH CITY, VIETNAM -- (MARKET WIRE) -- November 3, 2006 -- Providential
Holdings, Inc. (OTCBB : PRVH ) (German Stock Exchanges: PR7, WKN 935160), a
provider of international advisory services specializing in mergers and
acquisitions, announced today that its former subsidiary, EastBridge
Investment Group Corp., previously known as ATC Technology Corp., has filed
a registration statement to become publicly traded. EastBridge provides
financial services including public offering guidance, joint venture and
merchant banking services to the small- to medium-size businesses in China
and India.
Providential currently holds a 10% equity stake in EastBridge. In July 2004
the company distributed 20% of EastBridge's stock to Providential
shareholders. Providential acquired EastBridge (then known as ATC
Technology Corp.) in 2002. In 2005, ATC and Providential agreed to a
financial and ownership restructuring in exchange for notes owed to ATC and
its original shareholders. As a result of the restructuring, Providential
became a minority stockholder and the original ATC stockholders have become
the majority shareholders as a group.
Keith Wong, CEO of EastBridge, said, "We believe that China and India will
offer lucrative opportunities for our shareholders in the next 10 years. We
will work with small- to medium-size companies that have demonstrated a
steady income stream or are ready to launch a commercially exciting new
product that offers double-digit growth in market share for the next five
years. Very few companies can match our combined 30-plus years of expertise
in China. Larger companies are bureaucratic and generally not interested in
the small- to medium-size companies, which we believe give us a clear and
imminent advantage. While waiting for our SEC clearance, shareholders are
encouraged to visit our website, http://www.EbigCorp.com to keep informed
of our business development already in progress before public stock trading
occurs."
Providential Chairman and CEO Henry Fahman said, "This is the first of
several spun-off subsidiaries that will become publicly traded in the
coming months. We believe that taking the other remaining subsidiaries
public, each with a potentially rewarding business focus, will increase
their transparency and result in a more favorable valuation for our
shareholders."
About EastBridge Investment Group Corp.
EastBridge Investment Group Corp., formerly known as ATC Technology,
provides financial-related services in Asia, with a strong focus on the
high GDP growth countries and territories such as Hong Kong, China, Macao,
Taiwan and India. Its products will be financial services help small- to
medium-size companies obtain capital to grow their business. The company's
financial services include small public offerings, joint ventures, wholly
foreign-owned enterprises, guaranteed return ventures, investment banking,
financial advisory services or any other financial services allowed by the
local government and in compliance with U.S. SEC regulations. In addition,
the company provides marketing, sales and strategic planning services for
its clients to assist them in entering the U.S. market. For more
information, visit http://www.EbigCorp.com.
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
and independent energy. 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. As part of its activities in
Vietnam, Providential has been hosting seminars in conjunction with the
Nasdaq Stock Market, the Vietnamese Chamber of Commerce and Industry and a
leading U.S. investment-banking firm to help Vietnamese companies go public
and raise capital through the U.S. financial markets.
A profile for investors can be accessed at
http://www.hawkassociates.com/prvhprofile.aspx.
For investor relations questions regarding Providential, contact Frank
Hawkins or Julie Marshall, Hawk Associates, at (305) 451-1888, e-mail:
info@hawkassociates.com, or visit http://www.americanmicrocaps.com or
http://www.hawkassociates.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.