...kommt sogleich Providential Holdings to Take Vietnam-Based Saplastic Public in the U.S.
Los Angeles, CA and Ho Chi Minh City, January 18, 2007 -- Providential Holdings, Inc. (OTC Bulletin Board: 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.”
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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.
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.