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Providential Holdings’ Subsidiary ATC Technology Completed Its
Christmas Shipments to Wal-mart Stores
Fountain Valley, Calif., (November 26, 2003) – Providential Holdings, Inc. (OTCBB: PRVH; Berlin and Frankfurt Stock Exchanges: PR7, WKN 935160; www.phiglobal.com) today announced its wholly-owned subsidiary ATC Technology Corp. (www.atctech.com), has completed its shipment to Wal-mart Stores Inc. (USA) (NYSE:WMT) for its flagship product, GamegoTM.
This award-winning product, GamegoTM will be available in 500 select and larger high-video-game-volume Wal-mart stores across the USA for this Christmas season. Shoppers can go to www.atctechnologycorp.com\Wal-mart\store-locations.htm site to see the 500 stores and locate the stores in their states for this product. Estimated available date in the stores will be after December 8 and shoppers are suggested to call the individual Wal-mart store to confirm the actual arrival date. Many thousands of Xbox, PS2 and Nintendo game console users will have a chance to buy this popular product in these Wal-mart stores. Wal-mart has indicated that the retail price will be under $200. We believe that this aggressive pricing will create a fast sell-through and enable Wal-mart to re-order from ATC very quickly.
ATC Technology Corp, winner of a Design and Engineering award on its mobile display design and having appeared in numerous newspapers and TV channels, based in Tempe, Arizona, is an innovator and leader in mobile DVD and video game display products. It makes GamegoTM, MoviegoTM, a mobile DVD system and VidegoTM, a wireless car entertainment system. These patent-pending products and future additions will play an important role in the current $20 billion and the forecasted $60 billion mobile entertainment industry (statistics courtesy Video Game Review magazine). The Moviego and Vidego products are available through auto dealerships, such as Lexus, Mercedes Benz, Honda and Audi.
Henry Fahman, Chairman and CEO of Providential Holdings, commented, “The ATC team has done a fabulous job in completing the Wal-mart production. This has manifested Providential’s ability to make things happen and to create value for our shareholders. We also want to thank the other Providential team leaders for their dedication in their work in progress and wish them the same success as the ATC team.”
Norm Klein,VP of Operations of ATC Technology Corp., stated, “I am very happy to report to our PRVH shareholders that ATC has executed this Wal-mart project right on time and within our projected budget. With this large Wal-mart order’s experience under our belt, we are now ready to work on several equally big orders for 2004.”
Keith Wong, President and CEO of ATC Technology Corp., added, “I am proud and invigorated at the same time today. I am very proud that ATC has become a supplier to Wal-mart, which is very selective of its suppliers. I am very invigorated because ATC has overcome all the challenges to meet Wal-mart’s production and shipment deadlines.”
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: http://www.phiglobal.com
About ATC Technology:
ATC Technology Corporation, an Arizona corporation, is a manufacturer of mobile entertainment products, including Vidego™, Gamego™, and Moviego ™.
The Vidego™, winner of the prestigious 2001 Innovation Engineering and Design Award from IDSA (Industrial Designers Society of America), is one of the finest and affordable car theater systems available to consumers. With its wireless viewing monitor, which attaches easily to the back of any automobile headrest, the patent-pending Vidego™ system provides consumers with the highest quality DVD and Video players and hours of entertainment while traveling.
Launched in late 2002, the Gamego™ gives children the opportunity to play video games or DVD movies in the car, RV, SUV, van or boat by connecting the product to an existing Microsoft X-Box™, Sony Playstation2™, or Nintendo Gamecube™. Like the Vidego™, the Gamego™ also has a viewing monitor which attaches easily to the back of any automobile headrest. Its portability enables video-gamers to take their favorite video games out of the home and to the places they want to be. URL: http://www.atctech.com
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
Contact:
ATC Technology, Keith Wong, (480) 966-6800, http://www.atctech.com
Providential Holdings, Henry Fahman, (714) 849-1577, http://www.phiglobal.com
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