SOURCE: Providential Holdings, Inc.

August 26, 2005 05:00 ET

Providential Holdings Announces Agreement With Vietnam's Intimex Corporation

LOS ANGELES, CA -- (MARKET WIRE) -- August 26, 2005 -- Providential Holdings, Inc. (OTC BB: PRVH) (Berlin and Frankfurt Stock Exchanges: PR7, WKN 935160), a provider of international advisory services specializing in mergers and acquisitions, announced that the Company has signed a Memorandum of Agreement with Intimex Import-Export Corporation, a company under Vietnam's Ministry of Trade, to assist Intimex and its subsidiaries in their privatization and recapitalization plan.

According to the agreement, Providential Holdings will assist Intimex and its subsidiaries to become fully reporting publicly traded companies in the US stock market, access institutional funding in the US, and consider potential merger and acquisition opportunities in Vietnam and abroad.

Intimex Import-Export Corporation, with annual revenues in excess of $US 250 million, was established in 1979 as an arm of Vietnam's Ministry of Trade to promote trade between Vietnam and the world. Besides its main activity in domestic and foreign trade, Intimex also specializes in food processing, manufacturing, tourism and distribution services. Further information about Intimex can be found at www.intimexco.com

Anh Vu, General Director of Intimex, stated: "We are eager to work with Providential Holdings to complete the imminent privatization and recapitalization program for Intimex and our subsidiary companies. We are also confident in the opportunity to increase value for Intimex by listing our shares in the U.S. and tapping international institutional funding to further our future growth."

Henry Fahman, Chairman of Providential Holdings, concurred: "We look forward to assisting Intimex's management in their worthy pursuit and are convinced that we will be able to help create significant value for both companies." Fahman added: "In wake of Vietnam's joining the WTO and the privatization of her State-Owned Enterprises, those companies in Vietnam that are able to avail themselves of the U.S. and international capital markets will undoubtedly have an added advantage as they compete with other international players in their respective product and service markets."

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, industrial tools, and international markets. The Company acquires and consolidates special opportunities in selective high-growth 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.
    Henry Fahman
    Chairman
    714-843-5455
    Email Contact

    Intimex Import-Export Corporation
    Anh Vu
    General Director
    84-4-9423240
    Email Contact