SOURCE: Providential Holdings, Inc.

September 25, 2007 12:00 ET

Providential Holdings Announces Agreement to Take VIP Network Holdings, Inc. Public in the U.S. Capital Markets

LOS ANGELES, CA--(Marketwire - September 25, 2007) - 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 today its wholly owned subsidiary Providential Capital, Inc. signed an agreement to help California-based VIP Network Holdings, Inc. go public in United States capital markets through a business combination. In exchange for its services, which include arranging financing for VIP Network Holdings, Providential will receive shares of stock from the new public company.

VIP Network Holdings and its wholly owned subsidiaries operate telecom business ventures with state-of-the-art telecommunication technologies in Vietnam. The company's vision is to become a one-stop shop for "triple play" services: voice, data and video. The company plans to expand its businesses into advertising and entertainment, specifically the diverse and affluent American-Asian market, to tap into the tremendous buying power of the fastest growing segment of the population in America. The company also provides technical, marketing and operations expertise to incubating firms interested in investing, joint venturing, or marketing in Vietnam, and to Vietnamese firms interested in investing or marketing in U.S.

VIP Network Holdings Chairman and CEO Paul Phong Le said, "We are confident that Providential's consulting services will help to increase awareness in the U.S. capital markets and make the transition from a private to public company seamless. Our company has been building a reputation within the Asian market as a telecom provider and is poised and ready to move on to the next level. We are excited to have Providential as our partner to create value for our shareholders."

Providential Capital Managing Director Benjamin Tran said, "We are particularly pleased to be working with VIP Network Holdings, which we believe has a business model that will significantly benefit from the rapid growth of the Asian market both in the U.S. and abroad. The access to capital funding will provide VIP with the means to grow the company and at the same time offer investors an excellent opportunity to participate in a rapidly growing industry."

About VIP Network Holdings, Inc.

VIP Network Holdings, Inc. is a facilities-based, leading provider of wholesale and retail telecommunication services for consumer and business markets. Vietnam84 is its flagship enterprise providing long distance services at the lowest prices. VIP Network Holdings has several subsidiaries:

VIP Advertising and Media is a subsidiary focusing and targeting specific Asian ethnic culture, especially the Vietnamese community. VIP Advertising is the first ethnic online advertising enterprise targeting ethnic concentration by distributing advertising content across multiple media worldwide.

VIP Global Investment is another subsidiary that has a network connection with an array of industries including, manufacturing, biotechnology, entertainment, special business services, consumer products, healthcare, education, information technology and telecommunications. The company's expertise resides in cross-cultural investing and managing strategic investment activity for incubating early-stage private companies. VIP Global provides start-up companies strategic guidance and operational support in the areas of technology, sales and marketing, business development and financing.

For more information about VIP Network Holdings, Inc., visit http://www.vipthenetwork.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 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.
    Ken AuYeung and Frank Hawkins
    Phone: (305) 451-1888
    Email: Email Contact

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