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PROVIDENT VENTURES CORP. AND CLASPED HANDS INC. SIGN FINAL LETTER OF INTENT

 CALGARY, Alberta, May 4 /PRNewswire/ -- Provident Ventures Corp. (Alberta: PVE) and Clasped Hands Inc. (CHI) jointly announced that the companies have signed a final letter of intent for a new agreement dated April 30, 1993. The March 24, 1993, Merger Agreement could not be expeditiously closed.
 CHI will be assigning its water and water-related assets to a newly created wholly owned subsidiary, Americana Natural Waters Inc. ("Americana"). Development debt in the amount of U.S. $3.9 million incurred by CHI and funds previously advanced by PVE will be forgiven. PVE will retain its land and water assets and will purchase a 40 percent interest in Americana. PVE is required to invest U.S. $1 million to be raised by private placement and issue to CHI 40 percent of the outstanding shares of PVE on a fully diluted basis, subject to Alberta Stock Exchange approval.
 In the future, CHI will undertake to use its best efforts through the expert advice and direction of a securities law firm of Beverly Hills, Calif., to have the shares of Americana (ANW) listed as a publicly trading company on the United States NASDAQ exchange as soon as its business operations make such a listing feasible.
 Based upon the performance of the terms of the final letter of intent, the "state-of-the-art" water bottling plant located in Valencia, Calif., is expected to be finished next week and is expected to commence start-up soon thereafter. Clasped Hands Inc. Chief Executive Officer Tex Chamberlin, states that the company has signed a sales and distribution agreement with Original New York Seltzer for bottled water distribution throughout the United States and certain foreign countries. Other distribution agreements are pending at the time of this release and negotiations on additional contracts are in various stages of completion. Sufficient orders are expected to operate the new water bottling plant at full present capacity. PVE shareholders will be kept informed of all future distribution agreements and contracts.
 The Alberta Stock Exchange has neither approved nor disapproved the information contained herein.
 -0- 5/4/93
 /CONTACT: R. B. Furukawa, president of Provident Ventures, 403-221-8440/
 (PVE.)


CO: Provident Ventures Corp.; Clasped Hands Inc. ST: Alberta IN: FOD SU: TNM

JB-MS -- LA011 -- 4190 05/04/93 09:17 EDT
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Publication:PR Newswire
Date:May 4, 1993
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