SOURCE: Providential Holdings, Inc.

July 05, 2005 03:30 ET

Providential Holdings Assisted Lexor Holdings in Merger with Denim Jean Manufacturer

LOS ANGELES, CA -- (MARKET WIRE) -- July 5, 2005 -- Providential Holdings, Inc. (OTC BB: PRVH) (Berlin and Frankfurt Stock Exchanges: PR7, WKN 935160), a provider of international advisory services specializing in mergers and acquisitions, has assisted Lexor Holdings, Inc. (OTC BB: LXRH) (Berlin Stock Exchange: WKN 727489) to successfully acquire Jeantex, Inc., a California corporation engaged in the design, development, manufacturing, and marketing of consumer products for the apparel markets worldwide.

According to the terms of the business combination agreement, which was closed on June 29, 2005, Lexor Holdings has acquired 100% of the issued and outstanding shares of Jeantex and will issue 56,350,000 new restricted shares in connection with this transaction, all of which are subject to the Rule 144 holding period and the filing of a Registration Statement. Lexor will not effect a reverse split of its already issued and outstanding shares.

Lexor Holdings has submitted paperwork with the State of Florida to change its corporate name to Jeantex Group, Inc. and will subsequently change its stock trading symbol to better reflect the new business focus.

Providential Holdings receives stock in Jeantex Group as compensation for its advisory services and will retain a minimum of ten percent equity in the new combined company.

Jeantex manufactures denim jeans for prominent brand names such as ABS, Blue Cult, Guess, Hurley, Limited Express, and Lucky. It also manufactures and markets new lines of uniquely designed premium jeans, T-Shirts, and accessories under the "Bone People" trademark, which are being marketed in Germany, Japan, Portugal, Scandinavia, Spain, and the U.S.

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, cutting tools, and international markets. 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.

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 Information

  • Contact:
    Providential Holdings, Inc.
    Henry Fahman
    714-843-5450, Ext. 5455
    Email Contact