Providential Holdings' Subsidiary PHI Digital Ships Orders Worth $1.6 Million
TUESDAY, DECEMBER 23, 2003 2:00 AM
- BusinessWire
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FOUNTAIN VALLEY, Calif., Dec 23, 2003 (BUSINESS WIRE) -- Providential Holdings, Inc. (PRVH) (Berlin, Frankfurt, and Munich Stock Exchanges:PR7, WKN 935160) today announced that its wholly owned subsidiary, PHI Digital, has booked and shipped several large TV and other consumer electronics orders worth a total of $1.6 million in its first month of operation. These products were made by XOCECO (www.xoceco.com) and shipped to several overseas markets.
PHI Digital is an authorized distributor for XOCECO in the U.S. and select international markets. PHI Digital expects to ship $15 million - $20 million worth of products for XOCECO in Fiscal 2004.
Established in 1984, XOCECO is one of the largest and most advanced manufacturers and exporters of consumer electronics in China. Situated on the southeast coast of China, XOCECO's production facilities consist of twenty different factories covering over 2 million square feet, with a staff of over 6,000 employees. Products are exported to more than 100 countries and areas throughout the world. XOCECO was the first company in China to develop 25" and 27" color televisions and the first Chinese electronics manufacturer to receive ISO-9002 certification. XOCECO's products include car monitors; fax machines; communication products; computers; DVDs; and CTVs, including HDTV and LCD TV. Annual sales are in excess of $460,000,000. XOCECO's stock trades on the Shanghai Stock Exchange (trade code "600870").
Frank Lin, President of PHI Digital Corp and a fifteen-year consumer electronics veteran, commented, "We are building momentum to increase our sales quickly. Since XOCECO's products are well known to the international customers, we believe as long as we give them good service and good prices, they will buy from us."
About Providential
Providential Holdings, Inc. (PHI) (www.phiglobal.com) 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.
Safe Harbor
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.
These and other risks are identified in the company's SEC filings and should be considered in evaluating the forward-looking statements made herein.
SOURCE: Providential Holdings, Inc.
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