Contact Information: Investor Relations Contact: Hawk Associates, Inc. Frank N. Hawkins, Jr. or Julie Marshall Phone: (305) 451-1888 E-mail: Email Contact
Providential Holdings to Take Vietnam-Based Saplastic Public in the U.S.
| Source: Providential Holdings, Inc.
LOS ANGELES, CA and HO CHI MINH CITY, VIETNAM -- (MARKET WIRE) -- January 18, 2007 -- Providential
Holdings, Inc. (OTCBB : PRVH ) (German Stock Exchanges: PR7, WKN 935160), a
provider of international advisory services specializing in mergers and
acquisitions, announced today a preliminary agreement with Saplastic Co.,
Ltd. to help take the company public in the United States. In exchange,
Providential will receive stock and/or cash from Saplastic for its
services.
Chairman and CEO Henry Fahman said, "We intend to finalize the agreement by
Friday, Feb. 12. Saplastic, certified under ISO-9001 and ISO-14001, is a
Vietnamese plastic packaging company located in Tan Binh Industrial Zone,
Ho Chi Minh City. The company specializes in manufacturing and marketing of
plastic packaging products for the Vietnamese and export markets. We
believe Saplastic is well positioned for a U.S. listing."
Saplastic's revenues are approximately $6.5 million. The company has a
well-diversified client base and is growing at approximately 50% a year.
Recognized as one of the excellent brand names in Vietnam
(http://www.thuonghieuviet.com.vn/Vietnam/index.php?cmd=brand&cate=8), the
company plans to increase new product lines and, with funding, use
Saplastic as the platform to consolidate other companies into a $100
million company in the next three to five years.
Saplastic CEO Thai Q. Duong said, "This is a major milestone for our
company. With the help of Providential Holdings, we look forward to listing
our stock on a U.S. exchange to gain visibility from the Wall Street
community and raise additional capital to take our company to the next
levels."
About Saplastic
Saplastic, the short name for Saigon Plastic Packaging Co., Ltd.,
specializes in the manufacturing and marketing of high-quality plastic
packaging products, including flexible packaging, calendars, lottery
tickets, corrugated boxes, cardboard boxes, brochures, leaflets, posters,
greeting cards, etc., serving a wide spectrum of industries in Vietnam and
the export markets. The company was certified under ISO-9001 in 2000 and
ISO-14001 in 2004 for its high-quality products and environmental control.
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.