Providential Acquires Majority Stake in Irvine College of Medical Sciences
FOUNTAIN VALLEY, Calif.--(BUSINESS WIRE)--Nov. 21, 2003--Providential Holdings, Inc. ( PRVH - news) (Berlin Stock Exchange and Frankfurt Stock Exchange:PR7; WKN 935160) (www.phiglobal.com) today announced that it has signed an agreement to acquire a 51% ownership of Irvine College of Medical Sciences, Inc., a California corporation DBA Atlantis Career College, for a combination of cash and the Company's restricted stock, in a move to emulate successful business models such as Concorde Career Colleges ( CCDC - news) , Corinthian Colleges ( COCO - news) , and Career Education Corp. ( CECO - news) .
Irvine College of Medical Sciences, a profitable company, is currently approved to provide educational programs in medical-related fields, including Ultrasound Technology, MRI, Medical Assistant, Pharmacy Tech, Pharmaceutical Sales, Registered Nurse, NCLEX, Professional Child Care, and curricula in information technology such as 3-D Animation and Network certifications.
This transaction is scheduled to close no later than December 12, 2003, subject to further satisfactory due diligence review.
Henry Fahman, Chairman and CEO of Providential Holdings, commented, "We believe there are a lot of opportunities in the for-profit post-secondary education sector, thanks to the advent of the Internet, which makes on-line learning a way of life." Fahman added: "Investors flocked to shares of for-profit education companies such as COCO, CCDC, CECO, and APOL as weakening job markets led many people to seek additional education, which positioned the sector for a strong growth phase. Yet with rising ambition levels also prompting many US workers to go back to school to enhance their skills and ever-growing international student populations who wish to have an American degree, we expect education demand to remain strong in the future even as the economy bounces back."
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: www.phiglobal.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.
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