SOURCE: Providential Holdings, Inc.

November 15, 2007 16:00 ET

Providential Holdings Reports Q1 FY '08 Financial Results

LOS ANGELES, CA--(Marketwire - November 15, 2007) - Providential Holdings, Inc. (OTCBB: PRVH) (German Stock Exchanges: PR7, WKN 935160), a company engaged in mergers and acquisitions, consulting and advisory services, fund management and Asian and special situations investments, announced financial results for the first quarter of fiscal year 2008 ended September 30, 2007.

Providential Holdings reported $28,500 in consulting and advisory fee revenues for the quarter, a decrease from revenues of $37,000 in the same period last year. Total operating expenses decreased slightly to $337,000 for the quarter due to a decrease in professional services, bad debt and impairment expenses. Net loss for the quarter was $337,409 or $0.00 per diluted share as compared to a net loss of $58,185 in the same quarter last year. The year ago period included a $382,000 gain on the sale of marketable securities.

Cash for the quarter increased 38% to $113,222 from $81,523 reported in the comparable quarter last year. Total assets for the quarter grew from approximately $3 million in the first fiscal quarter of 2007 to $12.1 million on the first quarter of 2007, primarily due to an increase in marketable securities.

Providential Chairman and CEO Henry Fahman said, "Though not shown in our financial statements, we were able to accomplish several important transactions during the last quarter. We completed a merger transaction for one of our clients; however, we did not record the stock to be received for services as the value of this minority equity ownership was yet to be determined by an independent appraiser. During the quarter, the company and its subsidiaries entered into agreements to form a joint venture with holding company WRC Partners to engage in the development of approximately 2,700 acres of minerals near Bakersfield, CA, to assist VIP Network in going public in the U.S., and to establish a new Vietnamese-style noodle soup ("PHO") restaurant chain with the owner of Pho Express. In addition, we secured an agreement to develop an integrated tourism zone of approximately 8,000 acres in Quang Nam Province, which will benefit from the rapidly growing economy in Vietnam. We also successfully engaged Orrick, Herrington & Sutcliffe LLP to launch a $200 million Cayman Islands-based private equity fund to invest in Vietnam. As we continue to focus on building our pipeline of deals in Asia and viewing Vietnam in particular as a key market, we believe these activities will yield superior long-term value for our shareholders and investors."

About Providential Holdings, Inc.

Providential Holdings and its subsidiaries engage in a number of diverse business activities, the most important of which are M&A advisory services and investments in the rapidly growing economies in Vietnam and Asia. For more information on Providential Holdings and its subsidiaries, 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 Vietnamese 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 Julie Marshall, 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.
    Ken AuYeung and Frank Hawkins
    Phone: (305) 451-1888
    Email: Email Contact