Contact Information: Investor Relations Contact: Hawk Associates, Inc. Frank N. Hawkins, Jr. or Julie Marshall Phone: (305) 451-1888 Email: Email Contact
Providential Holdings Signs Agreement to Take Horsepower & Chrome Public
| Source: Providential Holdings, Inc.
LOS ANGELES, CA -- (MARKET WIRE) -- February 22, 2007 -- Providential Holdings, Inc. (OTCBB : PRVH )
(German Stock Exchanges: PR7, WKN 935160), a company providing
international advisory services specializing in mergers and acquisitions
and investing in the rapidly growing economies in Vietnam and Asia,
announced today a definitive agreement to arrange for initial funding and
take California-based Horsepower & Chrome LLC, public in the United States.
In exchange for its services Providential Holdings will receive stock in
the company. The company posted revenues of $1.7 million last year and is
currently projecting $7 million in revenues for the next 12-months, fueled
by an aggressive national and international expansion plan.
Horsepower & Chrome is a leading U.S. motorcycle and lifestyle company
manufacturing American V-twin Cruisers, Choppers, Bobbers, Customs and
accessories, operating under the Von Dutch Kustom Cycle brand since 2003.
Retail and distribution outlets are rapidly growing worldwide, with various
sites throughout the United States in Caesar's Palace in Las Vegas, as well
as in Arizona, California, Delaware, New Jersey, New York, Ohio and
Virginia. The company has branched out at international locations
including Calgary, Airdrie and Edmonton, Canada; Moscow, Russia and in the
United Emirates in Dubai.
In addition to its core business, the company designs, produces and sells
customized motorcycle parts, tools, apparel, art and home décor branded to
the Von Dutch lifestyle. Von Dutch is the professional name of the late
Kenneth Howard, California's legendary hot-rod "Kustom Kulture" king,
credited with being the first to pinstripe and paint flames on cars and
motorcycles in the 40's and 50's.
Horsepower & Chrome CEO Alex Mardikian said, "Becoming publicly-traded is a
monumental step for our company. With the help of Providential Holdings, we
will be able to add more products and increase our market presence in an
artistic celebration of America's rock & roll, hot rod and motorcycle past.
'Kustom kulture' dictates an open road and creativity leading to a
statement of individualism. Our goal is to become a world-leading 'kustom
kulture lifestyle' company, manufacturing high profile products specialized
in style and design."
Providential Chairman and CEO Henry Fahman said, "Going public will provide
Horsepower & Chrome with access to capital funding for further growth and
will provide investors with an excellent opportunity to participate in a
specialized industry with a recognizable brand name."
About Horsepower & Chrome LLC
Horsepower & Chrome is a leading U.S. custom motorcycle manufacturer and
lifestyle brand producing American V-twin Cruisers, Choppers, Bobbers,
Customs and accessories, including apparel, art, home décor and
memorabilia. It operates under the Von Dutch Kustom Cycle brand. Horsepower
& Chrome is located in California, with merchandise sold worldwide. Von
Dutch Kustom Cycle motorcycles meet Federal Motorcycle Vehicle Safety
Standards and are DOT / EPA compliant. They are listed in the Kelly Blue
Book and the N.A.D.A Blue Book and have a two-year aftermarket warranty
hub-to-hub. For more information visit www.vondutchkustomcycles.com.
About Providential Holdings, Inc.
Providential Holdings and its subsidiaries engage in a number of diverse
business activities, the most important of which are M&A advisory services
and independent energy. The company acquires and consolidates special
opportunities in selective high-growth industries to create additional
value, acts as an incubator for emerging companies and technologies, and
provides financial consultancy and M&A advisory services to U.S. and
foreign companies. For more information on Providential Holdings and its
subsidiaries, visit http://www.phiglobal.com. As part of its activities in
Vietnam, Providential has been hosting seminars in conjunction with the
Nasdaq Stock Market, the Vietnamese Chamber of Commerce and Industry and a
leading U.S. investment-banking firm to help Vietnamese companies go public
and raise capital through the U.S. financial markets.
A profile for investors can be accessed at
http://www.hawkassociates.com/prvhprofile.aspx.
For investor relations questions regarding Providential, contact Frank
Hawkins or Julie Marshall, Hawk Associates, at (305) 451-1888, e-mail:
info@hawkassociates.com, or visit http://www.americanmicrocaps.com or
http://www.hawkassociates.com
Safe Harbor: This news release contains forward-looking statements that are
subject to certain risks and uncertainties that may cause actual results to
differ materially from those projected on the basis of such forward-looking
statements. Such forward-looking statements are made based upon
management's beliefs, as well as assumptions made by, and information
currently available to, management pursuant to the "safe-harbor" provisions
of the Private Securities Litigation Reform Act of 1995.