SOURCE: Providential Holdings, Inc.

December 07, 2007 11:15 ET

Providential Holdings Subsidiary Acquires 60% of Vietnamese Cuisine Restaurant; Pho Restaurant to Become National Chain

LOS ANGELES, CA--(Marketwire - December 7, 2007) - Providential Holdings, Inc. (OTCBB: PRVH), a company that provides advisory, merger and acquisition services as well as independently investing in Vietnamese opportunities, announced today that its majority-owned subsidiary Provimex, Inc. has acquired 60% ownership in Pho Express International, LLC for $165,000. Pho Express, based in Pomona, Calif., operates a Vietnamese cuisine restaurant that will serve as the first production base for the planned rollout of a national chain.

Pho Express serves popular Vietnamese dishes, specializing in pho noodle soup, a traditional meal in Vietnam, made with its own proprietary recipe. The Vietnamese pho is a one-course meal made with clear broth, rice noodles, beef or chicken, and vegetables including cilantro, mint and bean sprouts.

Terence Phan, President of Pho Express International, said, "Based on the success of our restaurant in California, we believe that our customers have found Pho Express to be a healthy alternative in today's restaurant industry. We believe Pho Express will become increasingly popular. We plan to open three restaurants next year and expand more aggressively the year after that. Our goal is to become a national chain, recognized for our healthy ethnic cuisine. Provimex and Providential Holdings' involvement will be crucial to begin our expansion into a nationwide chain."

Henry Fahman, CEO of Providential Holdings, said, "While the popularity of pho dishes and restaurants has increased across non-Vietnamese ethnic groups, Pho Express is the first restaurant to plan a large scale expansion into mainstream America. We are confident that Pho Express will be successful in this endeavor and create returns for Providential and our shareholders."

About Pho Express International, LLC.

Pho Express International, LLC operates a profitable Vietnamese cuisine restaurant in Pomona, Calif., that offers high-grade Vietnamese cuisine and an upscale dining experience at affordable prices. Established in 2004, the company plans to expand first in California, with immediate plans to open locations Irvine, Garden Grove, Riverside, Santa Ana, Fountain Valley, and Costa Mesa. For more information, please visit, http://www.beyondpho.com.

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 investing in the rapidly growing economies of Vietnam and Asia. 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 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.
    Antonella Montagna
    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