FOUNTAIN VALLEY, Calif., Sept. 17, 2002 (PRIMEZONE) -- Providential Holdings, Inc. (OTCBB:PRVH) (www.prvh.com) today announced that it had completed the acquisition plan of ATC Technology Corp., an Arizona corporation (www.atctechnologycorp.com).
According to the terms of the definitive agreement, Providential Holdings acquired all the issued and outstanding stock of ATC Technology in exchange for a combination of notes and restricted common stock of PRVH. The transaction was closed on September 12, 2002.
Keith Wong, President and CEO of ATC Technology Corp., commented: "We are very excited that we are now officially a member of Providential Holdings. In this new position, we will be able to further our work on the cutting-edge consumer electronics technology to bring the wireless and mobile products to users worldwide. We believe our current products are very strong and our future products will play an important role in this industry. We are ready to begin our sales and marketing campaigns to increase our sales figures."
Henry D. Fahman, Chairman and CEO of Providential Holdings, reaffirmed: "We are pleased to have ATC Technology as our new wholly owned subsidiary and confident that its innovative products, its experienced management, and the synergistic strengths of the two companies will enable us to create additional value for all our shareholders, investors and stakeholders in the near future."
To listen to the interview with Henry Fahman and Keith Wong on the merger, click:
For RealAudio: http://www.gaskinsco.com/prvh2.ram For Windows Media: http://gaskinsco.com/prvh2.asx (If this is not a direct link simply copy and paste to your Internet browser to listen to the interview) ARCHIVED RADIO SHOW Taking Advantage of Special Situation Opportunities http://biz.yahoo.com/bw/020916/160239_1.html (click)
About Providential Holdings
Providential Holdings, Inc., a diversified service and manufacturing company, focuses on selective technologies, financial services, international markets and special situations. Products and services include liquid crystal displays (LCDs), mobile entertainment systems, information technology, identification technology, industrial and construction equipment, telecommunications, and computer hardware and software. The Company also engages in trade commerce and mergers and acquisitions, especially in the U.S. and emerging overseas markets with high potential for growth.
Providential's Website is at: http://www.prvh.com
About ATC Technology
ATC Technology Corp, an Arizona corporation, is a manufacturer of mobile entertainment products, including Vidego(TM) and Gamego(TM). The Vidego(TM), winner of the prestigious 2001 Innovation Engineering and Design Award from IDSA (Industrial Designers Society of America), is one of the finest and affordable car theater systems available to consumers. The Gamego(TM), launched in 2002, allows people of all ages the opportunity to play video games in the car, RV, SUV, van or boat by connecting the unit to an existing Microsoft X-Box(TM), Sony Playstation2(TM), or Nintendo Gamecube(TM). Both the Vidego(TM) and Gamego(TM) are portable units that have an LCD viewing monitor which attaches easily to the back of any automobile headrest.
ATC's Website address is at: http://www.atctechnologycorp.com
Safe Harbor:
In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, the company notes that statements in this news release, and elsewhere, that look forward in time, which include everything other than historical information, involve risks and uncertainties that may affect the company's actual results of operations. The following important factors, among others that are discussed in company filings with the Securities and Exchange Commission, could cause actual results to differ materially from those set forth in the forward-looking statements:
a) Intense competition may cause us to lose projects or result in decreased revenues;
b) We may not be able to hire qualified technical personnel;
c) The highly competitive market for technical personnel may increase our costs;
d) Our operating results may fluctuate significantly; and,
e) Acquisitions involve numerous risks, including the following:
(i) Difficulties in integration of the operations, technologies and products of the acquired companies;
(ii) The risk of diverting management's attention from normal daily operations of the business;
(iii) Risks of entering markets in which the company has no or limited direct prior experience and where competitors in such markets have stronger market positions; and
(iv) The potential loss of key employees of acquired companies.