SOURCE: Providential Holdings, Inc.

October 27, 2005 14:16 ET

Providential Holdings and Tulon Pacific Terminate Acquisition Plan

LOS ANGELES, CA -- (MARKET WIRE) -- October 27, 2005 -- Providential Holdings, Inc. (OTC BB: PRVHE); (Berlin and Frankfurt Stock Exchanges: PR7, WKN 935160), a provider of international advisory services specializing in mergers and acquisitions, announced today that it is unable to complete the announced agreement to acquire a controlling interest in Tulon Pacific, LLC, the subject of previous press releases.

Tulon Pacific and the Company had intently pursued a business combination strategy to create additional value for both companies by turning Tulon into a platform for further growth globally in the printed circuit board market. However, due to recent changes in both companies' dynamics, Tulon Pacific and Providential were unable to reach a revised agreement for a business combination.

Henry Fahman, chairman of Providential Holdings, commented: "While Tulon Pacific's business prospects are exciting, both the management of Tulon Pacific and the management of Providential Holdings believe that given the increased focus of Providential Holdings upon the many business opportunities it is developing in Asia and the demands and growth opportunities for Tulon Pacific, that it is in the best interest of both companies to focus their attention on what they do best. We sincerely wish Tulon Pacific and its management continued success in their business endeavors."

About Providential Holdings, Inc.

Providential Holdings is a provider of international advisory services specializing in mergers and acquisitions. The Company acquires and consolidates special opportunities in selective 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. For more information on Providential Holdings and its subsidiaries, visit http://www.phiglobal.com.

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

  • Contact:
    Providential Holdings, Inc.
    Timothy Pham
    714-843-5450, ext. 5456
    Email Contact