Providential Holdings to Speed up Investments in Chu Lai Open Economic Zone in Vietnam.Business Editors FOUNTAIN VALLEY, Calif.--(BUSINESS WIRE)--June 26, 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: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 the Company intends to speed up its investment efforts in the newly-approved Open Economic Zone of Chu Lai, Vietnam. On June 5, 2003, Vietnam's Prime Minister Phan Van Khai signed a decision establishing her first Open Economic Zone (OEZ OEZ Osteuropaeische Zeit (German: Eastern European Time) OEZ Open Economic Zone OEZ Olympia-Einkaufs-Zentrum (Munich shopping mall) ) in Chu Lai, a former US military base in Quang Nam Province Quang Nam (Vietnamese: Quảng Nam; pronunciation ; Hán Tự: ) is a province on the South Central Coast of Vietnam. , where investors can enjoy the most favorable climate for business and investment in Vietnam (http://www.quangnam.gov.vn/viet/default.htm). Providential Holdings is the first American company that has eyed Chu Lai as a potential investment opportunity since early 2001. The Company has secured approximately 250 acres of land in this area from the People's Committee of Quang Nam Province and has agreed to assist this province in the areas of human resources and investment promotion for the OEZ. The Company has also entered into a joint-venture agreement with Ky Ha Chu Lai Development & Investment Company (CDI CDI compact disc interactive: a system for storing a mix of software, data, audio, and compressed video for interactive use under processor control , Co.) to establish a paper factory with expected capacity of 20,000 metric tons per year and to develop processing platforms that can help reduce production costs for US and foreign manufacturers. While Providential has taken decisive steps to reorganize its business portfolio and refocus its resources and energy on those areas that can bring about near-term bottom-line performance and profitability, the Company also pays attention to future potential in selective international markets. The OEZ, which is adjacent to Dung Quat Industrial Park and Oil Refinery in neighboring Quang Ngai Province Quang Ngai (Vietnamese Quảng Ngãi; Hán Tự: ) is a province in the South Central Coast region of Vietnam, on the coast of South China Sea. It is located 883 km south of Hà Nội and 838 km north of Hồ Chí Minh City. and 50 miles South of Danang International Airport, Danang City, is divided into two territories: non-customs and customs. In the non-customs territory associated with Ky Ha Seaport, imports and exports of goods will be tax-free. Value-added tax value-added tax (VAT), levy imposed on business at all levels of the manufacture and production of a good or service and based on the increase in price, or value, provided by each level. will not be imposed on goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. and goods can be stored in the non-customs territory without time limits. Goods imported into the non-customs territory from the domestic market and the customs territory of the zone will enjoy a 0% VAT. The non-customs territory's transactions with the customs territory and the domestic market are deemed as foreign trade and governed by the current import-export regulations, but enjoy the most relaxed customs procedures possible. The OEZ will provide sufficient infrastructure for telecoms, banking, finance, transportation and insurance services. The Vietnamese government encourages and protects investments of Vietnamese organizations and individuals, overseas Vietnamese and foreign investors. Top priority will be given to infrastructure, urban and industrial development, services, tourism, entertainment, finance-banking, transport, insurance, education, healthcare, accommodation, and imports-exports. About Providential: 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, telecommunications, and computer hardware and software. 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 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. : http://www.phiglobal.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 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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