SOURCE: Providential Holdings, Inc.

Providential Holdings, Inc.

February 17, 2009 08:00 ET

Philand Corporation Partners With Vietnam-Based Thien Nam Investment and Construction Corp.

LOS ANGELES, CA and FRANKFURT, GERMANY--(Marketwire - February 17, 2009) - Providential Holdings, Inc. (OTCBB: PRVH) (FRANKFURT: PR7) (WKN 935160), a company engaged in mergers and acquisitions, real estate development, mining, and investing in special situations, today announced that Philand Corporation, a majority owned subsidiary of the Company, has signed an agreement with Thien Nam Investment and Construction Corporation, a Vietnam-based design and construction company, to cooperate in the areas of commercial, industrial and residential real estate construction.

Thien Nam, established in 1993, has successfully completed numerous major commercial, industrial and residential projects for Vietnamese and international clients, including Vietnam VMEP R&D Center, Olympic Cable Factory (Malaysian), Kazu Furniture Factory (Japanese), Bonfigliory Electric Motor Factory (Italian), Vietnam Australia Hotel (Australian), IDT Office Building (Korean), and Duc Thanh Resort (Taiwanese), to name a few.

Besides serving as the key partner in the construction of the Pointe 91 luxury hotel resort and premium residential community in Chu Lai, central Vietnam, Thien Nam will also work with Philand Corporation to build affordable housing to meet the growing needs of the general population of Vietnam.

The 118-acre Pointe 91, the first stage of Philand's overall development plan, is slated to be a seaside community featuring 227 grand private homes in seven separate sectors, an exclusive Five-Star Riveria Beach Hotel & Spa with 180 rooms and 30 detached premium residences that will be offered as a Private Residence Club, an industrial park, educational facilities, worship centers, and a 250-seat outdoor amphitheatre reminiscent of ancient stone constructions in the area. Urban Arena, the California-based firm responsible for the design of the property, has orchestrated a balance between the outdoors and indoors that will flow from Violin Lake, a natural pond at the entrance of the property, down to the beachfront resort hotel and spa. In addition, the interior design team will mirror the identity of South Hoi An; ancient style seamlessly married to the ease of modern luxury. An outdoor marketplace for local artisans will bring a local flavor and give tourists and residents a chance to interact with the local community.

Tran Dinh Doan, General Director of Thien Nam Corporation, stated: "This cooperation is a great opportunity for our company to work with PHILAND in the construction of the Pointe 91 project, the development of master-planned communities, and building affordable housing in Vietnam. With 15-plus years of experience and excellent track records in civil engineering, design and construction, our dynamic workforce, our local network and knowledge of Vietnamese business environment, we look forward to being a long-term partner with PHILAND in its development program in Vietnam."

Daniel St. John, PHILAND project director, commented: "We are excited to have Thien Nam as our construction partner and believe Vietnam is ready for a community that mixes local flavor with the spacious layout of a planned community." He added: "Pointe 91 is one of the most visually majestic areas of the world -- it's easy to imagine a new life in a place surrounded by such natural beauty."

About PHILAND

PHILAND Corp., a U.S.-based company, develops master planned communities in Vietnam using high-quality materials and ecologically sustainable construction practices. The Company is currently applying to list its common stock on the Open Market Segment of the Frankfurt Stock Exchange. Web sites: www.philandranch.com, www.philancorp.com.

About Thien Nam Investment and Construction Corp.

Established in 1993, Thien Nam is a Vietnam-based design and construction company, with more than 2,000 staff and construction employees. The company has successfully completed numerous major commercial, industrial and residential projects for Vietnamese and international clients in Vietnam.

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.

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