Nettel Trading, Providential Holdings' Recent Acquiree, Receives Firm Order Valued at $2,875,000 from Vietnam-based MINEXPORT for Urea Fertilizer.Business Editors FOUNTAIN VALLEY Fountain Valley, city (1990 pop. 53,691), Orange co., S Calif.; inc. 1957. Chiefly residential, Fountain Valley also has diverse manufactures, including apparel, computer equipment, semiconductors, and medical equipment. A U.S. navy helicopter facility is there. , Calif.--(BUSINESS WIRE)--Dec. 19, 2002 Providential prov·i·den·tial adj. 1. Of or resulting from divine providence. 2. Happening as if through divine intervention; opportune. See Synonyms at happy. Holdings, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :PRVH), http://www.prvh.com, announced today that Nettel Trading Corporation, a wholly-owned subsidiary of Nettel Global Communication Corp. ("Nettel"), had received a firm purchase order valued at $2,875,000 from Vietnam National Minerals Export -- Import Corporation (MINEXPORT HANOI) for Agricultural Grade Urea Fertilizer. This order is financed by an irrevocable confirmed letter of credit Confirmed Letter of Credit A letter of credit which a bank other than the bank that opened it agrees to honor as though they had themselves issued it. This additional confirmation is in addition to the obligation of the bank which issued the letter of credit. and is to be fulfilled by May 13, 2003. Providential Holdings has signed a definitive agreement to acquire 46.5% of Nettel and anticipates that Nettel's business transactions will generate increased revenues and profitability for both companies. About Nettel Trading Corporation Nettel Trading Corporation, a subsidiary of Nettel Global Communication Corporation, was set up in 2001. The business scope covers: import and export of technology, machinery, equipment, instrument, light industry products, textile and chemicals, seafood products and also investment in different enterprises. Over the past years, Nettel Trading has established excellent connections and cooperative relations with over 1,000 companies of more than 40 countries and regions in the world, with and through which, the company has successfully imported plenty of advanced plants, production lines, key equipment and technologies, know-how for the fields of textile, machinery, electronics, chemicals, light industry, building materials Building materials used in the construction industry to create . These categories of materials and products are used by and construction project managers to specify the materials and methods used for . , transportation and agriculture. The company has also exported all kinds of mechanical, electrical and instrumental products as well as completed plants and technologies to the international market. During recent years, Nettel Trading has concentrated efforts on expanding its export scale and the volume of export has consistently increased every year. URL URL in full Uniform Resource Locator Address of a resource on the Internet. The resource can be any type of file stored on a server, such as a Web page, a text file, a graphics file, or an application program. : www.netteltrading.com, www.nettelcommunication.com Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. : Except for historical information contained herein, the statements in this news release are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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. |
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