SOURCE: Providential Holdings, Inc.

January 24, 2008 09:15 ET

Providential Holdings Appoints Lawrence Olson as a Non-Executive Independent Member of the Board

Company Expands Board to Pursue Future Nasdaq Listing

LOS ANGELES, CA and HANOI, VIETNAM--(Marketwire - January 24, 2008) - Providential Holdings, Inc. (OTCBB: PRVH), a company providing advisory, merger and acquisition services as well as independently investing in Vietnamese economic opportunities, has named Lawrence Olson as non-executive independent member of the Board, in order to expand the Board of Directors in preparation for an eventual Nasdaq listing.

Olson, a civil engineer, has been active in sales and marketing for more than 40 years, and has been involved with public companies since 2000. Olson is currently Chairman of the Board for Santa Fe Gold Corp., and Nettel Communications. From 2000 to 2003, Olson served as the Chief Executive Officer for Santa Fe Gold Corp. after Arizona Mica Properties, Inc., which he partially owned, was purchased by Santa Fe Gold Corp. Olson is also a co-founder and director of LoveWorks International, a non-governmental organization overseeing the operation of New Hope Orphanage and School in Africa. Currently Olson serves as the CEO of Olson Precast of Arizona, Inc., a company he founded in 1973.

CEO of Providential Holdings Henry Fahman said, "Larry's experience with managing public companies will be invaluable as we move forward with our Asian and Vietnamese opportunities. This appointment is also a move to add independent board members to form audit, compensation and nominating committees in preparation for a Nasdaq listing in the future."

Olson said, "I am pleased to join Providential Holdings' board of directors. I believe my background in managing and leading public companies will assist Providential as it seeks to list in a Senior Exchange in the United States."

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 For more information on Providential Holdings, visit http://www.phiglobal.com. 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 a leading U.S. investment banking firm, to help Vietnamese companies go public and raise capital through the U.S. financial markets.

A profile for investors can be accessed at http://www.hawkassociates.com/prvhprofile.aspx.

For investor relations questions regarding Providential, contact Frank Hawkins or Antonella Montagna, Hawk Associates, at 305-451-1888, e-mail: info@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/email.aspx.

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.

Contact Information

  • Investor Relations Contact:
    Hawk Associates, Inc.
    Antonella Montagna and Frank Hawkins
    Phone: 305-451-1888
    Email: Email Contact

    Providential Holdings, Inc.
    17011 Beach Boulevard, Suite 1230
    Huntington Beach, CA 92647
    Telephone: 714-843-5455
    Fax: 714-843-5452