Providential Holdings, Inc. announced that it has signed a Letter of Intent to cooperate with Xoceco (Xiamen Overseas Chinese Electronic Co., Ltd.), a Chinese manufacturer of consumer electronics products with 6,000 employees and annual sales over U.S. $460,000,000, in a number of business initiatives that are expected to be mutually beneficial to both parties.
According to the Letter of Intent, Xoceco will award a non-exclusive distributorship to one of Providential's subsidiaries with an anticipated sales volume of at least $20,000,000 per year and a minimum annual increase of 10 percent. Providential Holdings agrees to use one of its subsidiaries, ATC Technology Corp., to manufacture certain LCD TV products for Xoceco in the U.S. for the U.S. market for a negotiated fee under brands to be decided by Xoceco.
Both parties expect to sign and begin implementing the distributorship agreement by the end of next month.
to Daily News