Fountain Valley, Calif. , Oct. 8, 2003 (PRIMEZONE) -- Providential Holdings, Inc. (OTCBB:PRVH) (Berlin Stock Exchange: PR7, WKN 935160) (www.phiglobal.com) today announced that the Company has closed the acquisition of ATC Technology Corp., an Arizona corporation, (www.atctech.com) effective October 6, 2003.
The Company and ATC Technology had entered into a Stock Purchase Agreement late last year and all the conditions antecedent to the final closing of the transaction were finally satisfied by both parties, including due diligence review, updated financial information and exchange of the required considerations.
ATC Technology's flagship products include award-winning Gamego(TM), a mobile video game system and Vidego(TM), a wireless car entertainment system. These patent-pending products and future additions will play an important role in the current $20 billion and the forecasted $60 billion mobile entertainment industry (statistics courtesy Video Game Review magazine).
Henry Fahman, Chairman and CEO of Providential Holdings, commented, "We are pleased to officially include ATC Technology as a wholly owned subsidiary of Providential and are confident that ATC's innovative products, its experienced management, and the synergistic strengths of the two companies will enable us to create significant value for our shareholders."
Keith Wong, President and CEO of ATC Technology Corp., stated, "We at ATC are very pleased with the closing of this transaction. We believe our current products are very strong and our future products will also have a major impact on the consumer electronics industry. We will continue working on the cutting edge consumer electronics technology to bring the wireless and mobile entertainment products to users worldwide."
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 mobile entertainment systems, information technology, identification technology, infrastructure development, and telecommunications. 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.
URL: http://www.phiglobal.com
About ATC Technology
ATC Technology Corporation, an Arizona corporation, is a manufacturer of mobile entertainment products, including Vidego(TM), Gamego(TM), and Moviego(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. With its wireless viewing monitor, which attaches easily to the back of any automobile headrest, the patent-pending Vidego(TM) system provides consumers with the highest quality DVD and Video players and hours of entertainment while traveling.
Launched in 2002, the Gamego(TM) allows people of all ages the opportunity to play video games in the car, RV, SUV, van or boat by connecting our product to an existing Microsoft X-Box(TM), Sony Playstation2(TM), or Nintendo Gamecube(TM). Like the Vidego(TM), the Gamego(TM) also has a viewing monitor which attaches easily to the back of any automobile headrest. Its portability enables video-gamers to take their favorite videogames out of the home and to the places they want to be. URL: http://www.atctech.com
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. These and other risks are identified in the company's SEC filings and should be considered in evaluating the forward-looking statements made herein.