Providential Holdings Forms Vietnam-Focused Asset Management Company
Posted on: Tuesday, 25 March 2008, 09:00 CDT
Providential Holdings, Inc. (OTCBB: PRVH), a company providing advisory, merger and acquisition services as well as independently investing in Vietnamese economic opportunities, today announced the formation of Providential Asset Management, Inc. (ProAM), a joint venture between Young New York Partners, LLC and Providential Capital, Inc., a division of Providential Holdings. Under the terms of the agreement, Young New York Partners has a 40% stake on the venture, while Providential Capital will retain 60% ownership. ProAm specializes in asset allocation, restructuring and risk management services for Vietnamese companies.
ProAm Managing Partner, Quang Nguyen, said, "Our mission is to restructure and capitalize emerging businesses or distressed companies by effectively re-positioning them to become market leaders in Vietnam and prominent global players. To achieve this goal, we will provide diverse and proactive asset management along with world-class advisory services and state-of-the-art financial tools to maximize results for our clients and investors. Our professional team will assist clients in creating liquidity, provide stability for operations while putting new financial structures in place, and restore confidence in these companies."
"ProAM has recruited more than 30 investment and management professionals with advanced business degrees from the U.S. and around the world. All recruits have international business experience and have had direct experience doing business in Vietnam," Nguyen added.
"ProAM has already secured a large pipeline of clients who are eager to begin work with us. To service their needs more effectively, we are in the process of opening two branch locations in Vietnam, one in Hanoi and another one in Ho Chi Minh City," said Benjamin Tran, co-founder of the firm.
About Providential Asset Management, Inc.
Providential Asset Management, Inc. (ProAM) (http://www.proamvn.com) is a Vietnam-focused asset management company with headquarters in Huntington Beach, California. ProAM's mission is to empower Vietnamese companies to enter the global market in the post-WTO era by providing world-class asset management and advisory services to maximize results for clients and investors. ProAM is a joint venture between Young New York Partners, LLC and Providential Capital, Inc. (http://www.providentialcap.com), a cross-border M&A advisory arm of Providential Holdings, Inc. (http://www.phiglobal.com).
About Providential Holdings, Inc.
Providential Holdings and its subsidiaries engage in a number of diverse business activities, providing advisory, merger and acquisition services as well as independently investing in Vietnamese economic opportunities. As part of its activities in Vietnam, Providential has been hosting seminars in conjunction with the Nasdaq Stock Market, the Vietnam Chamber of Commerce and Industry and leading U.S. investment banking firms, to help Vietnamese companies go public and raise capital through the U.S. financial markets. For more information on Providential Holdings, visit http://www.phiglobal.com.
A profile for investors can be accessed at http://www.hawkassociates.com/profile/prvh.cfm.
For investor relations questions regarding Providential, contact Antonella Montagna or Frank Hawkins, Hawk Associates, at 305-451-1888, e-mail: Providential.holdings@hawkassociates.com, or visit http://www.americanmicrocaps.com or http://www.hawkassociates.com. To sign up for free e-mail notification of future releases, visit http://www.hawkassociates.com/about/alert/.
Safe Harbor: This news release contains forward-looking statements that are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected on the basis of such forward-looking statements. Such forward-looking statements are made based upon management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995.
Investor Relations Contact: Hawk Associates, Inc. Antonella Montagna and Frank Hawkins Phone: 305-451-1888 Email: Email Contact Providential Holdings 17011 Beach Boulevard Suite 1230 Huntington Beach, CA 92647 Telephone: 714-843-5455 Fax: 714-843-5452
SOURCE: Providential Holdings, Inc.
Source: MARKET WIRE
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