SOURCE: Providential Holdings, Inc.

December 06, 2006 14:00 ET

Providential Holdings Signs Agreement to Take Dai Dung Co. of Vietnam Public in the U.S.

High-Growth Profitable Company Seeking to Double Revenues in 2007 With $5M to $10M Expansion Financing

LOS ANGELES, CA and HO CHI MINH CITY, VIETNAM -- (MARKET WIRE) -- December 6, 2006 -- Providential Holdings, Inc. (OTCBB: PRVHE) (German Stock Exchanges: PR7, WKN 935160), a provider of international advisory services specializing in mergers and acquisitions, has signed a business and financial consulting agreement with Dai Dung Metallic Manufacture Construction and Trade Company, Ltd. of Vietnam (DDC) to help take the company public in the United States. Providential will also arrange $5 million to $10 million in financing to expand DDC's production facilities. In exchange, Providential will receive stock and/or cash from DDC.

Dai Dung Metallic Manufacture Construction and Trade Company Limited is one of the leading designers, manufacturers and suppliers of pre-engineered steel buildings in Vietnam. DDC provides consulting, designing, manufacturing and installation of factories, workshops, warehouses, supermarkets and other projects. Its customers include major companies in China, France, Germany, Indonesia, Japan, Korea, Malaysia, Singapore, Taiwan, Thailand, the United States and Vietnam. Founded in 1997 as Dai Dung Metallic Workshop, the company incorporated in 2000 and relocated to a 150,000 square-foot premises in 2003. In 2004, the company was awarded ISO 9001 Quality Management System.

DDC is profitable and has grown at a rate of approximately 50% per year from 2000 to 2004. The company anticipates generating about $12 million in revenues in 2006 and expects to double that in 2007, given adequate expansion capital.

Dai Dung's President Dung Tien Trinh said, "We will work with Providential to go public and access institutional funding through the U.S. stock market to further our growth strategy. Providential has the expertise and the contacts to help us raise capital and operate on Wall Street."

Chairman and CEO Henry Fahman said, "Dai Dung is well positioned to go public in the United States and can become a major player in the Southeast Asian region with proper financing. This is the second in a series of similar agreements with other companies in Vietnam and China that are seeking to go public in the United States."

For more information about Dai Dung, visit http://www.daidung.com.vn.

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 independent energy. The company acquires and consolidates special opportunities in selective high-growth industries to create additional value, acts as an incubator for emerging companies and technologies, and provides financial consultancy and M&A advisory services to U.S. and foreign companies. 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. For more information on Providential Holdings and its subsidiaries, visit http://www.phiglobal.com.

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

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.
    Frank N. Hawkins, Jr. or Julie Marshall
    Phone: (305) 451-1888
    Email: Email Contact