SOURCE: Providential Holdings, Inc.

February 12, 2007 09:39 ET

Providential Holdings Signs Agreement to Take Vietnam-Based Saplastic Public in the U.S.

LOS ANGELES, CA and HO CHI MINH CITY, VIETNAM -- (MARKET WIRE) -- February 12, 2007 -- Providential Holdings, Inc. (OTCBB: PRVH) (German Stock Exchanges: PR7, WKN 935160), a company providing international advisory services specializing in mergers and acquisition and investing in the rapidly growing economies in Vietnam and Asia, announced today a definitive agreement to take Saplastic Co., Ltd. public in the United States and arrange $5M to $10M to help implement Saplastic's growth plan. Providential will receive stock from the new public company for its services.

Saplastic, certified under ISO-9001 and ISO-14001, is one of the fastest growing companies in Vietnam, specializing in the manufacturing and marketing of plastic packaging products for the Vietnamese and export markets. The company has a well-diversified client base and is recognized as an excellent brand name in Vietnam, which can be viewed at http://www.thuonghieuviet.com.vn/Vietnam/index.php?cmd=brand&cate=8. The company plans to increase new product lines and, with funding, execute a rollup strategy to consolidate selective targets and become a $100 million company during the next three to five years.

Saplastic CEO Thai Q. Duong said, "This is indeed a major milestone for our company. We believe by listing our stock on a U.S. exchange, Saplastic will gain greater visibility, enhanced liquidity, and a higher valuation, which will enable us to raise the required capital to take our company to the next level."

Chairman and CEO Henry Fahman said, "We are pleased to seal the agreement with Saplastic as planned. We believe Saplastic is well positioned to create tremendous value for shareholders of both companies when it becomes a fully-reporting publicly traded company in the U.S."

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.

Contact Information

  • Investor Relations Contact:
    Hawk Associates, Inc.
    Frank N. Hawkins, Jr. or Julie Marshall
    Phone: (305) 451-1888
    Email: Email Contact