FOUNTAIN VALLEY, Calif., April 9, 2003 (PRINMEZONE) -- Providential Holdings, Inc. (OTCBB:PRVH) (Berlin Stock Exchange: PR7, WKN 935160) (www.phiglobal.com) today announced that Nettel Telecom International, a wholly owned subsidiary of Nettel Global Communication, had completed its acquisition of substantially all of the business assets of Thai American Telecommunications, a provider of Voice over Internet Protocol (VoIP) solutions for next generation networks and enterprise convergent solutions.
Total consideration for the value of the assets acquired was approximately $1.2 million.
Michael Nguyen, Nettel's chairman and chief executive officer commented: "Nettel's operational strategy has, and will continue to encompass the following: increased focus on international markets; continued introduction of new features, functionality and products that expand Nettel's addressable markets; and providing Nettel's target customers with the complete solution they require, including applications, hardware, and technical expertise."
Nguyen continued, "The acquisition of Thai American Telecommunications is consistent with these objectives:
- The addition of Thai American Telecommunication's international distribution channels in key growth markets, such as Europe, Asia, the Middle East and Africa, more than doubles Nettel's current distribution capabilities. - Thai American Telecommunication's customer base spans 75 countries and includes 13 of the top 20 telecom service providers. - The addition of Thai American Telecommunication's carrier-grade Class 4 and Class 5 softswitch-based solutions accelerates Nettel's product development roadmap. - Thai American Telecommunication's enterprise and carrier solutions allow Nettel to address new market segments, such as the estimated $500 million market for enterprise VoIP Termination Solutions. - Nettel's complete solution is enhanced by adding additional revenue generating applications for its customers, including IP telephony clearinghouse solutions, local access solutions and enterprise managed services solutions."
"The merging of Nettel's leading pre-paid solution and Thai American Telecommunication's expertise in IP-based solutions allows the combined company to be more aggressive in its initiatives to deploy pre-paid applications in the wireless sector, which data shows to be one of the fastest growing opportunities in telecommunications."
Michael Nguyen added: "Thai American Telecommunications customers should look to Nettel for the continued commitment to product development and reliable service to which they have become accustomed. The combination of Thai American Telecommunications and Nettel can create new and exciting opportunities for the combined customer base."
Providential Holdings has consummated an agreement to acquire 46.5% of Nettel Global Communication.
URL: http://www.nettelcommunication.com
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Except for historical information contained herein, the statements in this news release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause a company's actual results in the future to differ materially from forecasted results. These risks and uncertainties include, among other things, the company's ability to attract qualified management, raise sufficient capital, and effectively compete against similar companies.