SOURCE: Providential Holdings, Inc.

February 22, 2007 13:34 ET

Providential Holdings Signs Agreement to Take Horsepower & Chrome Public

LOS ANGELES, CA -- (MARKET WIRE) -- February 22, 2007 -- Providential Holdings, Inc. (OTCBB: PRVH) (German Stock Exchanges: PR7, WKN 935160), a company providing international advisory services specializing in mergers and acquisitions and investing in the rapidly growing economies in Vietnam and Asia, announced today a definitive agreement to arrange for initial funding and take California-based Horsepower & Chrome LLC, public in the United States. In exchange for its services Providential Holdings will receive stock in the company. The company posted revenues of $1.7 million last year and is currently projecting $7 million in revenues for the next 12-months, fueled by an aggressive national and international expansion plan.

Horsepower & Chrome is a leading U.S. motorcycle and lifestyle company manufacturing American V-twin Cruisers, Choppers, Bobbers, Customs and accessories, operating under the Von Dutch Kustom Cycle brand since 2003. Retail and distribution outlets are rapidly growing worldwide, with various sites throughout the United States in Caesar's Palace in Las Vegas, as well as in Arizona, California, Delaware, New Jersey, New York, Ohio and Virginia. The company has branched out at international locations including Calgary, Airdrie and Edmonton, Canada; Moscow, Russia and in the United Emirates in Dubai.

In addition to its core business, the company designs, produces and sells customized motorcycle parts, tools, apparel, art and home décor branded to the Von Dutch lifestyle. Von Dutch is the professional name of the late Kenneth Howard, California's legendary hot-rod "Kustom Kulture" king, credited with being the first to pinstripe and paint flames on cars and motorcycles in the 40's and 50's.

Horsepower & Chrome CEO Alex Mardikian said, "Becoming publicly-traded is a monumental step for our company. With the help of Providential Holdings, we will be able to add more products and increase our market presence in an artistic celebration of America's rock & roll, hot rod and motorcycle past. 'Kustom kulture' dictates an open road and creativity leading to a statement of individualism. Our goal is to become a world-leading 'kustom kulture lifestyle' company, manufacturing high profile products specialized in style and design."

Providential Chairman and CEO Henry Fahman said, "Going public will provide Horsepower & Chrome with access to capital funding for further growth and will provide investors with an excellent opportunity to participate in a specialized industry with a recognizable brand name."

About Horsepower & Chrome LLC

Horsepower & Chrome is a leading U.S. custom motorcycle manufacturer and lifestyle brand producing American V-twin Cruisers, Choppers, Bobbers, Customs and accessories, including apparel, art, home décor and memorabilia. It operates under the Von Dutch Kustom Cycle brand. Horsepower & Chrome is located in California, with merchandise sold worldwide. Von Dutch Kustom Cycle motorcycles meet Federal Motorcycle Vehicle Safety Standards and are DOT / EPA compliant. They are listed in the Kelly Blue Book and the N.A.D.A Blue Book and have a two-year aftermarket warranty hub-to-hub. For more information visit www.vondutchkustomcycles.com.

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