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Providential Holdings Gains 20% on 3X Average Volume After Announcements
Apr 2, 2004 (financialwire.net via COMTEX) -- (FinancialWire) Providential Holdings (OTCBB: PRVH) gained 20% Thursday on volume of 2,021,147, almost three times its average volume of 775,992, to close at \$0.168, following announcements that CEO Henry Fahman has been selected as a Businessman of the Year, and that the company will receive a new order from Wal-Mart Stores Inc. (NYSE: WMT) for its flagship product, Gamego(TM).
Fahman was recognized by the National Republican Congressional Committee at a function in Washington attended by President George Bush and California Governor Arnold Schwarzenegger, among others.
Meanwhile, the company said that Wal-Mart has " confirmed that it is re-ordering ATC`s flagship product, Gamego, from ATC Technology Corp. Both Wal-Mart and ATC are pleased with the sales activities in the stores for Gamego. This re-order is a testimony to the product`s strength in the marketplace. In order to create even more awareness of this product, ATC will launch TV and print ad campaigns nationwide. The first state chosen is the home state of Gamego: Arizona. Once proven successful, the other states will immediately follow, eventually leading up to the busy Christmas gift-buying season."
Norm Klein, VP of Operations of ATC Technology Corp., stated, " After many months of hard work, first on the production and shipments of their first order, secondly on the post delivery support and thirdly on collecting and analyzing the data we have learned from the individual stores, I am very happy to report to our PRVH shareholders that Wal-Mart has confirmed to give us another purchase order for our Gamego product. For our flagship Gamego product, the real potential is just beginning to be realized. In order to reach this proven customer base of tens of millions of PS2, Xbox and Gamecube kids out there, we will reach them by the mass media. We are hopeful that our Gamego will become a household name soon."
Providential Holdings has re- enrolled in Investrend Research`s unique and pioneering professional analyst program, which facilitates independent analysts to provide financial coverage for shareholders and investors in companies that otherwise would have little or no analyst following.
On March 1, 2004, Investrend Research analyst Mohammad Sharifzadeh, MBA, CFA, rated the company a " Speculatie Buy / 4," saying the company had " managed to establish a diversified holding of businesses with qualified management,"
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