FOUNTAIN VALLEY, Calif.--(BUSINESS WIRE)--Dec. 2, 2003--Providential Holdings, Inc. (OTCBB:PRVH - News; Berlin and Frankfurt Stock Exchanges:PR7, WKN 935160) (www.phiglobal.com) today announced that it has formed "PHI Digital Corp," a Nevada corporation, to begin the distribution of Home Electronic Products such as Car Monitor, Mobile Phone, Computer, Audio and Video products, DVD, HDTV and LCD TV products worldwide for XOCECO, according to an agreement previously signed by the two companies.
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 the 25" and 27" color televisions and the first Chinese electronics manufacturer to receive ISO9002 certification. XOCECO's products include Car Monitor, Fax Machine, Communication Products, Computer, DVD and CTV 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') (www.xoceco.com).
PHI Digital Corp anticipates generating approximately $15-20 million in revenues in the first twelve months with a healthy profit margin because of the exploding new series of digital Home Electronic Appliances worldwide. Providential Holdings currently owns 95% of PHI Digital Corp.
Frank Lin, President of PHI Digital Corp and a fifteen-year consumer electronics veteran, commented, "Among the new digital appliances, the TV technology is going through a revolution right now. It is like the black and white TV to the color TV transition in the late 1960's. Every family room now awaits a new digital TV. We, at PHI Digital Corp, are working closely with XOCECO, one of the world's largest TV manufacturers, to capture this opportunity."
Henry Fahman, Chairman and CEO of Providential Holdings, concurred, "We are very pleased to work with XOCECO in this capacity." Fahman added: "We believe this new subsidiary will start adding significant revenues and profits to Providential Holdings in the very near future."
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