Contact Information: Contact: Investor Relations Contact: John Nguyen, VP Phone: 714-843-5460 E-mail:
Providential Holdings Announces Successful Merger of Vietnamese Specialty Steel Company
| Source: Providential Holdings, Inc.
LOS ANGELES, CA and HO CHI MINH CITY, VIETNAM--(Marketwire - September 4, 2008) - Providential
Holdings, Inc. (OTCBB : PRVH ) (FRANKFURT : PR7 ), which operates in merger and
acquisitions consultancy, financial services, energy and resources, real
estate development and invests in special opportunities, has successfully
completed the reverse merger of Nam Kim Joint Stock Co., a Vietnam-based
company, ("NAKISCO") into a U.S. publicly traded entity, Sanitary
Environmental Monitoring Labs, Inc., formerly known as SemcoLabs, Inc.
According to the Stock Purchase and Investment Agreement, Sanitary
Environmental Monitoring Labs acquired 99% of NAKISCO's issued and
outstanding common stock in exchange for 28,000,000 shares of the Company's
post-split common stock. Effective August 12, 2008, the Company effected a
1 for 100 reverse split and changed its name to Vietnam United Steel
Corporation. Kim & Lee, CPAs, an accounting firm registered with the
Public Company Accounting Oversight Board (PCAOB), is completing a U.S.
GAAP audit of NAKISCO's financial statements for the Company to upgrade to
a fully-reporting status on the Over the Counter Bulletin Board in the near
future. The company also plans to move to a senior exchange at a later
date.
"NAKISCO ranked fourth in galvanized and color coated steel production in
Vietnam last year. Its management's goal is to expand production deep into
Southeast Asia and raise NAKISCO's rank from fourth to second or even first
in production by the end of 2009. To help NAKISCO better position itself in
the global market moving forward, we are facilitating a joint venture
between Vietnam United Steel Corp. and a reputable overseas steel company
to bring new revenue stream to the company," stated Benjamin Tran, Managing
Director of Providential Capital, Inc.
"Through a new revolutionary manufacturing process, we expect to double our
throughput from 40,000 tons of steel to 80,000 tons within the next twelve
months and make our company more profitable with our current base of over
120 international customers that demand for more supply every quarter,"
said NAKISCO Chairman and CEO Nghiep Tuan Tran.
NAKISCO's unaudited net revenues last year totaled approximately $24.5
million, with total assets listed at $19 million. The company expects a
42% revenue growth in 2008.
Providential Holdings will own an equity stake in Vietnam United Steel
Corporation for the mergers and acquisitions advisory services rendered.
About Nam Kim Steel Joint Stock Company (NAKISCO)
Nam Kim Steel Joint Stock Company (NAKISCO) specializes in manufacturing
and distributing galvanized steel sheet and color coated steel sheet. Its
product lines are widely applied in the field of industrial and civil
construction, interior-exterior decoration and handicraft goods. NAKISCO
is a subsidiary of Huu Lien Asia Group, a Vietnam leading company in
manufacturing steel pipes, stainless steel pipes, beams and girders steel.
For more information on NAKISCO, please visit http://www.nakisco.com
About Providential Holdings, Inc.
Providential Holdings and its subsidiaries engage in a number of diverse
business activities, the most important of which are merger and
acquisitions advisory services and investing in the rapidly growing
economies of Vietnam and Asia. As part of its activities in Vietnam,
Providential hosts seminars in conjunction with the Nasdaq Stock Market,
the Vietnamese Chamber of Commerce and Industry and leading U.S. investment
banking firms to help Vietnamese companies go public and raise capital
through the U.S. financial markets. For more information on Providential
Holdings, visit http://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.