posted
Providential Holdings Relinquishes Purchase of Western Medical Asset Wednesday August 30, 9:00 am ET
LOS ANGELES, CA--(MARKET WIRE)--Aug 30, 2006 -- Providential Holdings, Inc. (OTC BB:PRVH.OB - News) (www.phiglobal.com) today announced that it has decided not to pursue the contemplated purchase of Western Medical, Inc.'s assets. The decision was made based on the final audit by Providential's financier Northern Healthcare Capital prior to the scheduled closing, which showed significant material changes. The accelerated deterioration of Western Medical's business has consequently forced it to sell some of its assets separately. ADVERTISEMENT
Robert Buceta, Chairman of Providential Western Medical, a wholly owned subsidiary of Providential Holdings, commented: "We were disappointed for not being able to close this transaction as anticipated; however, in light of the latest developments concerning the contemplated purchase, we believe it is in the best interest of Providential's shareholders not to pursue it further under the current structure."
About Providential Holdings, Inc.
Providential Holdings is a diversified holding company primarily engaged in mergers and acquisitions and independent energy business. 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 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.
posted
Providential Holdings Engages Hawk Associates for Investor Relations Thursday September 14, 10:04 am ET
LOS ANGELES, CA--(MARKET WIRE)--Sep 14, 2006 -- Providential Holdings, Inc. (OTC BB:PRVH.OB - News), a provider of international advisory services specializing in mergers and acquisitions, announced today that it has engaged Hawk Associates to provide investor relations services. Providential will be featured for investor awareness and information on the Hawk Associates website, http://www.hawkassociates.com, in addition to the American Microcap Institute website, http://www.americanmicrocaps.com. ADVERTISEMENT
With a strong focus on Vietnam and Asia, Providential's emphasis is on acquiring, consolidating and taking public undervalued companies in selective high-growth industries. Providential's services include capital restructuring, financing, consulting and assistance in fundraising activities in an advisory capacity. Through business combinations and reverse mergers, the company has successfully brought a number of companies public, most notably Cavico Corporation, the first Vietnamese company to be publicly traded company in the United States.
Henry Fahman, chairman and CEO of Providential Holdings, said, "Hawk Associates is one of the most respected and effective IR firms working in the microcap arena today. Through the two Hawk websites and the company's highly sophisticated and proven process that includes the well-established Hawk profiles and proprietary e-mail alert system, the company has consistently demonstrated the ability to successfully project their clients' stories to the investment community. To accomplish this, Frank Hawkins and Julie Marshall have assembled a world-class team. We are pleased to be working with them."
Hawk Associates CEO Frank Hawkins said, "Providential is particularly well positioned to capitalize on its unique expertise and close relationships to business and government leaders in the region, particularly in Vietnam, which now has one of the fastest growing economies in the world. Henry's high level contacts and knowledge of the Vietnamese markets provide Providential with a powerful edge in successfully finding undervalued companies that could benefit from a listing on a U.S. exchange. Targeting profitable companies with at least $10 million in annual revenue, Providential is working closely with the Vietnamese Chamber of Commerce and Industry, officials of leading U.S. stock markets (NYSE and NASDAQ) and a number of major investment banking firms to find companies that would be suitable for a U.S. listing and for which capital could be raised in the United States.
"The Vietnamese market is expected to continue to grow at a 7% to 10% rate at least through 2010 and is regarded by leading U.S. financial institutions including Merrill Lynch as a major investment opportunity, particularly as the country prepares to join the World Trade Organization, which will open extensive opportunities for growing Vietnamese companies to go public on U.S. exchanges. We believe Henry and his team have the skills necessary to be successful in their endeavors," Hawkins said.
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.
Hawk Associates, Inc. is a full-service national investor relations and financial media relations consulting firm serving clients nationwide as well as in China, Vietnam and Canada. Hawk Associates operates the American Microcap Institute website, http://www.americanmicrocaps.com. For more information about Hawk Associates, visit http://www.hawkassociates.com or contact Frank Hawkins or Julie Marshall at (305) 451-1888, e-mail: info*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.
Contact: Investor Relations Contact: Frank N. Hawkins, Jr. (305) 451-1888 Email Contact
Hawk Associates, Inc. 17011 Beach Boulevard, Suite 1230 Huntington Beach, CA 92647 Telephone: (714) 843-5450 Fax: (714) 843-5452
Posts: 24 | Registered: Sep 2006
| IP: Logged |
Providential Holdings, Inc. (PRVH.E) (German Stock Exchanges: PR7, WKN 935160), a provider of international advisory services specializing in mergers and acquisitions, reported its year-end earnings today. The company expects that its "E" designation will be removed shortly after it files its 10-KSB.
The company reported revenues of $4,119,009 from consulting and advisory services for the year ended June 30, 2006, compared to $4,242,303 for the year ended June 30, 2005, a 3% decrease. This decrease is mainly due to a slight decrease in the size and scope of the merger and acquisition activities. The company reported no sales for the fiscal year ended June 30, 2006, compared to $37,049 for the fiscal year ended June 30, 2005. The decrease in sales reflected the diminished activities of Provimex, a majority-owned subsidiary of Providential Holdings.
Providential reported income from operations of $1,279,850 in FY '06, compared to a loss from operations of $3,268,147 in FY '05. This increase was mainly due to a 62% decrease in operating expenses during the current fiscal year. Total operating expenses were $2,839,159 in FY '06, compared to $7,517,916 in FY '05. This was primarily due to the decrease in the impairment of assets and professional services, including non-cash compensation during the current fiscal year.
The company had net income of $991,513 for the year ended June 30, 2006 as compared to a net loss of $2,119,904 for the year ended June 30, 2005. Fiscal year ended June 30, 2005 included a net loss of $393,997 on discontinued operations as well as a gain on the disposal of a subsidiary of $1,955,579 that are not present in fiscal year ended 2006. The net income based on the basic and diluted weighted average number of common shares outstanding for the year ended June 30, 2006 was $0.01 as compared to that of ($0.02) for the year ended June 30, 2005.
Providential Chairman and CEO Henry Fahman said, "Providential has returned to profitability for FY 2006 and expects operating results to continue improving for FY 2007. For the next 12 months, we intend to emphasize on M&A advisory services for small and mid-sized companies in the U.S. and the Pacific Rim, to help Vietnamese companies with their listing and raising capital through the U.S. stock markets, to develop the joint ventures in the cement, hydropower and mining businesses with Cavico Vietnam, to pursue oil and gas transactions through our upcoming European division, and to engage in alternative energy such as bio-diesel and fuel cells."
Posts: 1442 | From: Lugano - Switzerland | Registered: Sep 2003
| IP: Logged |
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 it has signed a joint venture agreement with the Thanh Viet Fund Management Company (TVMC) (www.thanhviet.com.vn).
Under the terms of the agreement, the two companies will work closely together to raise and establish Vietnam equity investment funds and provide advisory services to assist Vietnamese companies list on foreign exchanges, particularly in the United States.
Initially, the agreement covers raising up to $12.5 million to form a growth fund, Saigon A2, focusing on Vietnam-listed companies. The fund is expected to close by the end of December 2006 with up to 49% of foreign investment capital.
TVMC and Providential also are seeking to establish the Saigon Real Estate Investment Fund and raise up to $100 million capital for the fund. The fund is expected to close in the first quarter of 2007 with 49% of total capital from foreign investors. The fund will focus on real estate development projects such as housing complexes, office buildings and shopping centers.
Chairman and CEO Henry Fahman, said, "Our alliance with TVMC and Chairman Vo Van Tai will help provide investors with favorable opportunities to invest in the rapidly growing Vietnamese economy. With a growth rate in Vietnam estimated at an estimated 8% a year over the next decade, we believe there will be appealing growth vehicles for serious investors. Through these new funds and taking Vietnamese companies public in the United States, we intend to establish structures for foreign capital investors to benefit from the enormous growth ahead."
Vo Van Tai, chairman of TVMC, said, "Vietnam's growing economy, dynamic private sector, huge reserves of idle funds held by commercial banks and the public and buoyant stock market provide a good foundation to attract investors. Many investors are showing keen interest in our funds and activities. We are delighted to be working with Henry Fahman and his people at Providential. They have excellent access to capital as well as the American investment community where we expect to build strong support for our activities."
TVMC was founded by Ho Chi Minh City-based TVH Corporation, Phuong Nam Commercial Bank (PNB) and a number of local investors. TVMC currently runs the Saigon Fund A1, which has about $2 million under management. Tai is a former principal with Dragon Capital.
Posts: 1442 | From: Lugano - Switzerland | Registered: Sep 2003
| IP: Logged |
UBBFriend: Email this page to someone!
Printer-friendly view of this topic
![[Smile]](smile.gif)
