FOUNTAIN VALLEY, Calif., Oct. 13, 2003 (PRIMEZONE) -- Providential Holdings, Inc. (OTCBB:PRVH) (Berlin Stock Exchange: PR7, WKN 935160) www.phiglobal.com , today announced that its wholly-owned subsidiary Providential Capital has assisted Lexor, Inc., a Maryland corporation, to successfully consummate a business combination with Western Silver-Lead Corp, a Florida corporation and fully-reporting publicly-traded company, whose name has been changed to Lexor Holdings, Inc. (OTCBB:LXRH).
According to the Agreement and Plan of Merger, Western Silver-Lead Corp acquired 100% of the outstanding shares of Lexor Inc. in exchange for 10,867,000 shares of Western Silver-Lead Corp restricted common stock issued from treasury following a 1-for-10 reverse recapitalization. As a result of the merger, LXRH currently has 15,000,000 shares issued and outstanding with less than eight hundred thousand shares in the float.
Lexor Holdings expects to post over $6,000,000 in revenues and be highly profitable for FY 2003. The Company specializes in the manufacturing and distribution of state-of-the-art luxury pedicure spas and other products for the beauty supply and beauty salon industries.
Providential Capital has earned approximately 10% equity stake in Lexor Holdings and will continue to assist its management with respect to further merger and acquisition activities, corporate governance, strategic planning, and investment banking.
Christopher Long, President and CEO of Lexor Holdings, said: "Lexor Inc. has successfully established itself as a seasoned operator in the area of pedicure spas and beauty supply and has been looking for a way to rapidly grow the business from this strong foundation. Using the Western Silver-Lead public company, we plan to grow the company organically and pursue an aggressive Mergers and Acquisitions strategy to acquire the assets of complementary businesses in the beauty supply and nail salon industries and other related services."
Henry Fahman, Chairman and CEO of Providential Holdings, stated: "We are glad to have assisted Lexor to reach an important milestone in its growth plan. We strongly believe that Lexor, as a new public company, will be able to have access to the US and international capital markets to implement its business plan and will generate significant value for shareholders of both Lexor and Providential in the very near future."
Further information about Lexor can be found at www.lexorinc.com
About Providential:
Providential Holdings, Inc. (PHI) is a diversified holding company committed to creating shareholder value through growth. The company focuses on selective technologies, capital and financial services, international markets and special situations.
Products and services include mobile entertainment systems, information technology, identification technology, infrastructure development, telecommunications, trade commerce, and mergers and acquisitions, especially in the U.S. and emerging overseas markets with high potential for growth.
Safe Harbor: 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.