SOURCE: Providential Holdings, Inc.

May 12, 2006 10:11 ET

Providential Holdings Announces Closing of Asset Purchase Agreement Between Cavico Vietnam JSC and US Public Company

New Public Company Anticipates Listing on Senior Exchange and Substantial Funding From Institutional Investors

LOS ANGELES, CA -- (MARKET WIRE) -- May 12, 2006 -- Providential Holdings, Inc. (OTC BB: PRVH) (Berlin Stock Exchange and Frankfurt Stock Exchange: PR7 - WKN 935160) (www.phiglobal.com), a diversified holding company primarily engaged in mergers and acquisitions and independent oil and gas business, today announced that Agent155 Media Group, Inc. has closed the previously announced asset purchase agreement with Cavico Vietnam Joint Stock Company (www.cavicovn.com) and has changed its name to Cavico Corp.

Effective May 12, 2006, Cavico Corp will begin trading under the new symbol (OTC: CVCP) on the Pink Sheets and new CUSIP number (149646101), following a 300 for 1 reverse split.

With over $US 64 million in total assets, $US 25 million in revenues for FY 2005 and $US 70 million forecasted revenues for FY 2006 from Cavico Vietnam JSC, Cavico Corp plans to upgrade its trading status by filing for listing on a senior exchange in the near future following the audit of Cavico Vietnam JSC's financial statements as required by the Securities and Exchange Commission and the NASDAQ Stock Market.

Providential Holdings will retain a minority interest in Cavico Corp. as a result of the advisory and consulting services in connection with this transaction.

Additional information about Cavico can be obtained from the company's website at: http://www.cavicovn.com.

Henry Fahman, Chairman and CEO of Providential Holdings, stated, "We are very pleased to announce the closing of this transaction and a new beginning for Cavico Corp. We are confident the new public company will be qualified for listing on a senior exchange and able to attract institutional funding to execute its growth strategy, thus creating additional value for the shareholders of all the companies involved."

About Providential Holdings, Inc.

Providential Holdings is a diversified holding company primarily engaged in mergers and acquisitions and independent oil and gas business. 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.

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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