SOURCE: Providential Holdings, Inc.

April 16, 2007 15:01 ET

Providential Holdings Announces Major Vietnam Development Agreement

LOS ANGELES, CA and DA NANG, VIETNAM -- (MARKET WIRE) -- April 16, 2007 -- Providential Holdings, Inc. (OTCBB: PRVH) (German Stock Exchanges: PR7, WKN 935160), a company investing in the rapidly growing economies in Vietnam and Asia, announced today an agreement with the People's Committee of Quang Nam Province to survey, study and establish a master plan for development of a 5,000 hectare area (about 12,500 acres) of South Hoi An.

Under the terms of a memorandum of understanding, Providential will provide a master plan for facilities and services in the support of tourism, recreation, wellness, education, culture, spirituality, shopping, dining and finance. The plan will also feature a convention center and multi-grade housing.

Providential will be responsible for all expenses related to the establishment and completion of the master plan, which will be submitted to the People's Committee in July 2007. Under the terms of the agreement Providential will be granted a 70-year lease for the land. Expenses incurred by Providential for site clearance and relocation of residents will be deducted from the lease.

Vice Chairman of the Provincial People's Committee Le Minh Anh said, "A number of other U.S.-based groups have recently made investments into Quang Nam with various sizes of capital commitment. The Providential plan, however, is substantially larger than previously announced commitments by other U.S. firms and is expected to have an important impact in the development of our economy."

Providential Holdings Chairman and CEO Henry Fahman said, "Hoi An is poised for rapid tourism development. We expect that our plan will lead to the development of a major new tourism area that will further help in attracting visitors from all over the world."

Named as one of Vietnam's four World Heritage sites, Hoi An is a quiet riverside resort dotted with temples, shrines and Chinese style tile-roofed wooden houses girding a long narrow road. With its compelling architecture and history, it is rapidly becoming a desired spot for tourists. From the 16th century to the late 19th century Hoi An was Vietnam's most important international seaport town with merchants from both Asia and Europe trading goods from spices to gold.

The coastal areas of the central province of Quang Nam are targeting the tourism market by following a successful village-garden model, which has already attracted the attention of both investors and authorities. Since the Dien Ngoc-Cua Dai road was built in 2004, these tourist areas have been developing strongly, registering over 166 projects so far with a total capital of over $1.6 billion.

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.

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 receive free e-mail notification of future press releases for Providential, sign up at 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 Hawkins or Julie Marshall
    Phone: (305) 451-1888
    E-mail: Email Contact