SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 30, 2001
COMMISSION FILE NUMBER: 002-78335-NY
Nevada 13-3121128 ------ ---------- (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization) 8700 Warner Avenue, Fountain Valley, California 92708 ------------------------------------------------ ----- (Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (714) 596.0244
(Former name or former address, if changed since last report)
Thomas E. Stepp, Jr.
Stepp Law Group
1301 Dove Street, Suite 460
Newport Beach, California 92660
Facsimile: (949) 660-9010
Item 5. Other Events
On June 30, 2001, Nhi Trong Le resigned as a director of the Registrant. On July 5, 2001, the company announced the appointment of Thorman Hwinn as Director and Group Vice-President. Mr. Hwinn replaced Nhi T. Le, who resigned to pursue personal interests but will continue to serve the company as an advisor and consultant. We are not reporting this as an Item 6 disclosure because Mr. Le has no disagreement with the company on any matter relating to the company's operations, policies or practices.
17.1 Resignation of Nhi Trong Le
17.2 Press Release regarding appointment of Thorman Hwinn
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Providential Holdings, Inc.
DATED: July 9, 2001 By: /s/ Henry Fahman ----------------------------------- Henry Fahman, President
June 30, 2001
Henry Fahman, Chairman & CEO
Providential Holdings, Inc.
8700 Warner Avenue, Suite 200
Fountain Valley, CA 92708
I hereby resign, effective June 30, 2001, from all positions with Providential Holdings, Inc., including Director and Corporate Strategist.
Very truly yours,
/s/ Nhi Trong Le ------------------ Nhi Trong Le
Providential Holdings, Inc. Coffin Communications Group
8700 Warner Ave. 15300 Ventura Blvd., Suite 303
Fountain Valley, CA 92708 Sherman Oaks, CA 91403
(714) 849-1577 (818) 789-0100 Henry D. Fahman, Chairman & CEO John Paul Salvador, Market Intelligence
Providential Holdings, Inc. Appoints Thorman Hwinn Director and Group Vice-President
o Trade development expert and former professor will also head Company's Provimex Division
Fountain Valley, Calif., July 6, 2001 - Providential Holdings, Inc. (OTC Pink Sheets: PRVH) today announced the appointment of Thorman Hwinn as Director and Group Vice-President for the Company. Mr. Hwinn replaces Nhi T. Le, who has resigned to pursue personal interests but will continue to serve the Company as an advisor and consultant. Mr. Le is a longtime investment banker, previously the highest-ranking executive of Deutsche Bank - Morgan Grenfell in Vietnam.
In addition to his responsibilities at the corporate level, Mr. Hwinn will become the chief operating officer of the Provimex Division, which specializes in promoting trade commerce between the United States and Vietnam, replacing Bob V. Nguyen, who also will continue to advise the Company on an ongoing basis.
On May 7, 2001, Providential Holdings announced the formation of Providential Imex, which was renamed to Provimex on July 5, 2001, a wholly owned division that will focus on business opportunities in the area of imports and exports, with a particular focus on trade between the United States and Vietnam, and which has received orders from the Chu Lai Industrial Zone (CLIZ) Authority, Vietnam. On May 4, the government of Vietnam approved a $50 million industrial infrastructure development program for the CLIZ, which was a U.S. military base during the Vietnam War, and on July 29, Providential became the first American partner in the development of the CLIZ.
Thorman Hwinn, a native of Vietnam who was born Tho Thanh Huynh, has most recently held managerial positions for retailers catering to the Vietnamese-American community in California, and from 1993-1994 was Vice President of Vinusa Investment & Holding Company. In that position, he developed international markets for Vinusa and planned its foreign investment strategy, advised U.S. companies making investments in Vietnam and managed the implementation of import-export and wholesale distribution strategies.
From 1978 to 1987, he was a Professor with Vietnam's University of Finance, serving as Chief of the Mathematics Department, recruiting math instructors and teachers' assistants, preparing curricula and texts for the Department and teaching applied mathematics in such economics and business disciplines as advanced calculus, statistics and probabilities and operations research. From 1970 to 1975, Mr. Hwinn was an economic specialist at the Cabinet level for the Vice Prime-Minister's Office for Economic Development and a Banking Specialist with the Agricultural Development Bank, and studied, prepared and appraised economic development projects for Vietnam that were financed by the World Bank, the IMF, the Asian Development Bank (ADB) and other international financial institutions. These included a $200 million World Bank beef cattle project, a $150 million Asian Development Bank fisheries development project, a $250 million ADB agricultural mechanization project for 16 provinces in Vietnam and a $200 million grain storage and facilities project funded by Kreditanstalt Bank of Germany.
Mr. Hwinn earned his MBA in the United States and a Master's Degree in Economics and Bachelor's degrees in philosophy, economics and mathematics in Vietnam.
"I eagerly look forward to assuming my responsibilities with Providential Holdings and its Provimex Division," said Mr. Hwinn. "Providential and Provimex are superbly positioned to contribute to the exciting prospects for growth in U.S./Vietnamese trade commerce, which I firmly believe will profoundly benefit both countries and ultimately result in a vibrantly modern, world-class economy in Vietnam, serving as the economic hub of all of Southeast Asia."
"We are pleased to welcome Thorman Hwinn aboard," said Henry D. Fahman, Chairman and CEO of Providential Holdings. "His deep knowledge of the economic needs and potential of Vietnam is unparalleled, and his proven ability to succeed in both his native and adopted countries will enable him to make significant contributions both to Providential Holdings and to the overall development of U.S./Vietnamese trade commerce, which is estimated to reach $30 billion in U.S. dollars this year."
About Providential Holdings, Inc.
Safe Harbor: This release contains 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, product price volatility, product demand, market competition and risk inherent in the operations of a company. Those statements include the intent, belief or current expectations of the company and its management team. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Accomplishing the strategy described herein is significantly dependent upon numerous factors, many that are not in management's control. Some of these factors include the ability of the company to raise sufficient capital, attract qualified management, attract new customers and effectively compete against similar companies.