Providential Holdings, Inc. (OTC BB:PRVH.OB -News) (Frankfurt:PR7.F -News), which operates in merger and acquisitions consultancy, financial services, energy and resources, real estate development and invests in special opportunities, has successfully completed the reverse merger of Nam Kim Joint Stock Co., a Vietnam-based company, ("NAKISCO") into a US publicly traded entity, Sanitary Environmental Monitoring Labs, Inc., formerly known as SemcoLabs, Inc.
According to the Stock Purchase and Investment Agreement, Sanitary Environmental Monitoring Labs acquired 99% of NAKISCO's issued and outstanding common stock in exchange for 28,000,000 shares of the Company's post-split common stock. Effective August 12, 2008, the Co effected a 1 for 100 reverse split and changed its name to Vietnam United Steel Corporation. Kim & Lee, CPAs, an accounting firm registered with the Public Co Accounting Oversight Board (PCAOB), is completing a US GAAP audit of NAKISCO's financial statements for the Co to upgrade to a fully-reporting status on the Over the Counter Bulletin Board in the near future. The company also plans to move to a senior exchange at a later date.
"NAKISCO ranked fourth in galvanised and color coated steel production in Vietnam last year. Its management's goal is to expand production deep into Southeast Asia and raise NAKISCO's rank from fourth to second or even first in production by the end of 2009. To help NAKISCO better position itself in the global market moving forward, we are facilitating a joint venture between Vietnam United Steel Corp and a reputable overseas steel company to bring new revenue stream to the company," stated Benjamin Tran, Managing director of Providential Capital, Inc.
"Through a new revolutionary manufacturing process, we expect to double our throughput from 40,000 tonnes of steel to 80,000 tonnes within the next twelve months and make our company more profitable with our current base of over 120 international customers that demand for more supply every quarter," said NAKISCO Chair and CEO Nghiep Tuan Tran.
NAKISCO's unaudited net revenues last year totaled approximately US$24.5 million, with total assets listed at US$19 million. The company expects a 42% revenue growth in 2008.
Providential Holdings will own an equity stake in Vietnam United Steel Corp for the mergers and acquisitions advisory services rendered.
About Nam Kim Steel Joint Stock Co (NAKISCO)
Nam Kim Steel Joint Stock Co (NAKISCO) specialises in manufacturing and distributing galvanised steel sheet and color coated steel sheet. Its product lines are widely applied in the field of industrial and civil construction, interior-exterior decoration and handicraft goods. NAKISCO is a subsidiary of Huu Lien Asia Group, a Vietnam leading company in manufacturing steel pipes, stainless steel pipes, beams and girders steel. For more information on NAKISCO, please visit http://www.nakisco.com
About Providential Holdings, Inc.
Providential Holdings and its subsidiaries engage in a number of diverse business activities, the most important of which are merger and acquisitions advisory services and investing in the rapidly growing economies of Vietnam and Asia. As part of its activities in Vietnam, Providential hosts seminars in conjunction with the Nasdaq Stock Market, the Vietnamese Chamber of Commerce and Industry and leading US investment banking firms to help Vietnamese companies go public and raise capital through the US financial markets. For more information on Providential Holdings, visit http://www.phiglobal.com.
Contact:
Investor Relations Contact:
John Nguyen, VP
Phone: 714-843-5460
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