SOURCE: Providential Holdings, Inc.

July 16, 2007 09:55 ET

Providential Holdings Forms PhiLand Corporation to Develop South Hoi An Project

LOS ANGELES, CA and DA NANG, VIETNAM--(Marketwire - July 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 the formation of PhiLand Corporation, a Nevada corporation and wholly owned subsidiary of Providential Holdings, to engage in the development of the South Hoi An real estate project located on Vietnam's central coast of Quang Nam Province.

PhiLand Corporation was created to manage the South Hoi An project which includes five-star hotels and resorts, a convention center, multi-use housing, marinas and a world-class international university. The project may also include luxury gaming operations. The project master plan provides for retail centers, offering office and commercial space to create employment opportunities and provide resources and supplies to the community.

Providential Holdings Chairman and CEO Henry Fahman said, "PhiLand Corporation's mission is to focus on the development and implementation of the entire South Hoi An project. We are very excited to work alongside Sama Dubai (www.sama-dubai.com) and VinaCapital (www.vinacapital.com) to develop South Hoi An into a choice destination with world-class leisure facilities, luxury beachfront and riverside residences, quality services, and many more to meet the growing needs of worldwide travelers and the future local communities. "

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 as one of Vietnam's most important international seaport towns, Hoi An is rapidly becoming a popular tourist destination.

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 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 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

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