SOURCE: Providential Holdings, Inc.

September 06, 2007 09:15 ET

Providential Holdings Announces Agreement to Form Joint-Venture for Mineral Mining, Oil and Gas Project

LOS ANGELES, CA and QUANG NAM, VIETNAM--(Marketwire - September 6, 2007) - Providential Energy Corp., a wholly owned subsidiary of Providential Holdings, Inc. (OTCBB: PRVH) (German Stock Exchanges: PR7, WKN 935160), a company engaged in various business activities including mergers and acquisitions, consulting and advisory services, fund management and investment in special situations, announced its agreement to form a joint-venture company, WRCP PEC Mining Corporation (CPMC), with WRC Partners (WRCP), which will engage in mining and natural resource development.

WRC Partners is in the process of acquiring up to 2,700 acres of mineral, oil and gas rights near Bakersfield, Calif. for CPMC to own, develop and operate. According to the agreement, Providential Holdings will be responsible for taking CPMC public and will manage the public company related activities required to be in full compliance with regulatory and market demands. Providential will own up to a maximum of 40% of the equity interest in CPMC.

Providential Chairman and CEO Henry Fahman said, "The access to capital funding will provide CPMC with the means to develop and operate mines and explore other mineral and oil possibilities while offering investors an excellent opportunity to participate in a high-demand industry."

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

    17011 Beach Boulevard, Suite 1230
    Huntington Beach, CA 92647
    Telephone: (714) 843-5455
    Fax: (714) 843-5455