SOURCE: Providential Holdings, Inc.

April 19, 2006 11:37 ET

Providential Holdings Assists First Vietnamese Company to Go Public and Obtain Institutional Funding via the US Capital Market

LOS ANGELES, CA -- (MARKET WIRE) -- April 19, 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, has signed an Agreement with Cavico Corporation, a Vietnamese joint stock company, to assist Cavico to become a publicly-traded company in the US and obtain $10 Million in funding from institutional investors.

According to the terms of the Agreement, Providential Holdings will receive up to 10% of stock in the new public company for consulting services and invest up to $500,000 into Cavico Corporation.

Cavico Corporation (www.cavicovn.com) currently employs over 3,000 people working in the fields of infrastructure construction, mining, energy, and investment in selective projects, including construction of roads, bridges and underground works. The company has been engaged in thirteen hydropower projects and twenty-two civil transportation projects in Vietnam.

Founded in 2000 with an initial capital investment of VND 60 billion (equivalent to US $4 million) Cavico has been growing very fast, ranking among the leading companies specializing in infrastructure projects and mining in Vietnam. Together with other state-owned corporations Cavico has been awarded construction contracts for many critical hydropower projects in Vietnam. Currently the company has total assets that have grown to over VND 400 billion (equivalent to US $30 million), consisting mainly of construction equipment from leading firms such as Caterpillar (America) and Atlas Copco (Sweden).

Henry Fahman, Chairman and CEO of Providential Holdings, stated: "We are very pleased to work with Cavico Corp. as the first Vietnamese company to become publicly-traded in the US. We are very impressed with Cavico's experienced and energetic management team and look forward to assisting Cavico in its growth strategy, especially in the area of funding from institutional investors through the US capital market."

About Providential Holdings, Inc.

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

Contact Information

  • Contact:
    Providential Holdings, Inc.
    Henry Fahman
    714-843-5455
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