FOUNTAIN VALLEY, Calif., Oct. 13, 2003 (PRIMEZONE) -- Providential Holdings, Inc. (OTCBB:PRVH) (Berlin Stock Exchange: PR7, WKN 935160) (www.phiglobal.com) today announced its wholly-owned subsidiary ATC Technology Corp. (www.atctech.com), has received a major Christmas order from Wal-Mart (USA) (NYSE:WMT) for its flagship product, Gamego(tm).
This award-winning product, Gamego(tm), a mobile video game display system, will be available in Wal-mart stores across the USA for this Christmas season. Hundreds of thousands of X-Box, PS2 and Nintendo game console users will have a chance to buy this popular product in Wal-mart stores.
ATC Technology Corp, winner of a Design and Engineering award on its mobile display design and having appeared in numerous newspapers and TV channels, based in Tempe, Arizona, is an innovator and leader in mobile DVD and video game display products. It makes Gamego(tm), Moviego(tm), a mobile DVD 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). The Moviego and Vidego products are available through auto dealerships, such as Lexus, Mercedes Benz, Honda and Audi.
Henry Fahman, Chairman and CEO of Providential Holdings, commented, "ATC is in the forefront of this exciting mobile video category. This Wal-mart order underscores that ATC's product strategy is sound and that the potential for growth is enormous. This wholly-owned subsidiary will enable PRVH to create a significant value for our shareholders."
Keith Wong, President and CEO of ATC Technology Corp., stated, "This order from the world's biggest retailer means a lot to ATC and PRVH shareholders. Now our Gamego(tm) product will be exposed to millions of Wal-mart shoppers. We are now able to reach millions of the X-Box, PS2 and Nintendo console owners. We are working very closely with Wal-mart to introduce the other mobile products engineered by ATC. We believe that all the PRVH shareholders will benefit from ATC's successful product platform very soon. We are working with Wal-mart in other countries to carry our products as well."
About Providential Holdings
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.
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 late 2002, the Gamego(tm) gives children the opportunity to play video games or DVD movies in the car, RV, SUV, van or boat by connecting the 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 video games out of the home and to the places they want to be. URL: http://www.atctech.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.These and other risks are identified in the company's SEC filings and should be considered in evaluating the forward-looking statements made herein.