Providential Holdings Signs Agreement with a World-Class Digital High Definition TV & LCD TV Manufacturer in China.Business Editors FOUNTAIN VALLEY, Calif.--(BUSINESS WIRE)--Oct. 30, 2003 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)(Berlin Stock Exchange:PR7, WKN WKN Wertpapier-Kenn-Nummer (identifying number assigned to securities traded in Germany) WKN Warrior Knowledge Network (US Army) 935160)(www.phiglobal.com) today announced that it has signed a distributorship agreement with Xoceco, a public company in Xiamen, China with 6,000 employees, annual sales over $460,000,000, (Shanghai Stock Exchange Shanghai Stock Exchange One of two major securities markets in China. :XOCECO, trade code '600870') (www.xoceco.com). According to the agreement, PRVH will set up a new subsidiary to sell Xoceco's advanced digital TV, LCD TV as well as super flat TV products worldwide. It is anticipated to generate $15,000,000 to $20,000,000 revenues per year immediately. Henry Fahman, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Providential Holdings, commented, "We are very excited about this joint co-operation opportunity with Xoceco. They are the leader in the fields of high definition TV and flat LCD TV technology. Their high quality products are sold in many countries, including Best Buy stores in the US. With this co-operation agreement, our new subsidiary will be able to expand on their success and add more focus to their North American business. Undoubtedly this will add more revenues and bring more opportunities to both companies." Li Yong, President of Xoceco Overseas Operations, commented, "Xoceco is very happy to reach this agreement with PRVH. Their new subsidiary, 100% dedicated to selling our digital TV products, will advance our expansion goals much more quickly. As we are in a high growth period right now for the new super thin TV products, such as LCD and Plasma, with PRVH's local support, we will be able to reach new customers and at the same time, serve our existing customers better." About Xoceco: Xiamen Overseas Chinese Electronic Co., Ltd. (Xoceco), established in 1984, is one of the largest and most advanced manufacturers and exporters of consumer electronics in China. The headquarters is located in Xiamen, a modern, industrialized in·dus·tri·al·ize v. in·dus·tri·al·ized, in·dus·tri·al·iz·ing, in·dus·tri·al·iz·es v.tr. 1. To develop industry in (a country or society, for example). 2. city of over one million people. Situated on the southeast coast of China, the production facilities consist of twenty different factories with a staff of over 6,000 employees. The combined production facilities cover over 2 million square feet. Products are exported to more than 100 countries throughout the world. Xoceco was the first company in China to develop the 25" and 27" color televisions and the first Chinese electronics manufacturer to receive ISO (1) See ISO speed. (2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. 9002 certification. The product line-up includes Pure Flat TV and HDTV (High Definition TV) A set of digital television (DTV) standards that offer the highest resolution and sharpest picture. Although some HDTV sets are available in standard (rather square) screen sizes, the overwhelming majority of sets are wide screen, which eliminates , computer, monitor and communication products. Annual sales are in excess of $460,000,000. 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.xoceco.com About Providential: 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. URL: www.phiglobal.com |
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