SOURCE: Providential Holdings, Inc.

Providential Holdings, Inc.

February 27, 2009 08:30 ET

Providential Holdings' Management Updates Shareholders

LOS ANGELES, CA and FRANKFURT, GERMANY--(Marketwire - February 27, 2009) - Providential Holdings, Inc. (OTCBB: PRVH) (FRANKFURT: PR7) (WKN 935160), a company engaged in mergers and acquisitions, real estate development, mining, and investing in special situations, today announced management updates regarding important corporate activities.

1) Effective February 23, 2009, the Board of Directors of Providential Holdings, Inc. (the "Company") accepted the resignation of Mr. Thorman Hwinn from his position as a director of the Company. Mr. Hwinn's resignation was not the result of any disagreements with the Company.

2) On February 26, 2009, the Company's Board of Directors appointed Tam T. Bui, Frank Hawkins and Paul K. Nguyen to fill three vacancies on the Board of Directors.

Mr. Tam T. Bui, born 1960, has served as Chief Technology Officer and intermittently Chief Operating Officer of the Company since May 2002. He holds a Bachelors in Mechanical Engineering and a Masters in Computer Information Science degrees from the University of Minnesota and has attended continuing Education at the University of California, Los Angeles. He has over 20 years of experience with Honeywell, Inc. and TRW in various capacities such as Program Manager, Project Director and Department Manager. One of his major responsibilities has been the development and implementation of the LAPD dual Emergency Command Control Communication centers and communication systems. He has broad knowledge and extensive experience in the areas of operations, project management, information technology, human resource management, and risk management. Previously, he served on the board of directors of Nettel Holdings, Inc., a publicly traded company. Mr. Bui holds a California real estate broker license and is a member of the Board of Directors of PhiLand Corporation, a majority owned subsidiary of our Company focused on real estate development in Vietnam.

Mr. Frank Hawkins, born 1940, is the founder and CEO of Hawk Associates and has served in that capacity since 1995. Mr. Hawkins has nearly 30 years of investor relations experience. He was formerly vice president/corporate relations and planning and head of the investor relations program at Knight-Ridder, Inc. in Miami.

Mr. Hawkins started his career as an agent handler in clandestine collection operations for the Defense Intelligence Agency in Germany and went on to become a foreign and war correspondent, international businessman, senior corporate executive and president of the Access Asia Group in Hong Kong. He has lived in eight countries. He has been involved in stock listings in Tokyo and Frankfurt and company presentations in London, Zurich, Geneva and Singapore. Fluent in German, he is a graduate of Cornell University and author of "Ritter's Gold," an adventure novel published in several languages by the New American Library.

He is a member of the Association of Former Intelligence Officers and the Audubon Society and is listed in Who's Who in America and Who's Who in the World. He serves on the boards of the Vietnam Financial Investment Media Group, the Florida Keys Electric Cooperative, Secure Outcomes, Inc. and Javian Graphics.

Mr. Paul K. Nguyen, born 1960, has been Senior Partner of Nguyen & Larsen, LLP, a law firm, since 1997 and Chief Executive Officer of Summit Medical Group, Inc. since 2004, both in Orange County, CA. Mr. Nguyen received an MS in aeronautical engineering from California Institute of Technology in 1984 and was named Research Scientist by NASA from 1984-1987. After graduating from the Harvard Business School JD/MBA program in 1991, Mr. Nguyen served as Institutional Investment Associate from 1991-1992 and Managing Director from 1992-1993 for JP Morgan Partners in New York and Tokyo. Mr. Nguyen served as Senior Associate attorney for Baker & McKenzie in Ha Noi, Vietnam from 1993-1995. In 2000, Mr. Nguyen received an MD from Loma Linda School of Medicine and was board certified in plastic surgery in 2005.

3) The annual shareholder meeting for 2008 will be held at 2:00 p.m., Friday, April 10, 2009, instead of March 13, 2009 as previously announced, at 17011 Beach Blvd., 2nd Floor, Huntington Beach, CA 92647.

4) The annual shareholder meeting for 2009 will be held at 2:00 p.m., Friday, October 16, 2009 and the record date for said meeting will be July 10, 2009.

Henry Fahman, Chairman and Chief Executive Officer of Providential Holdings, commented: "We would like to take this opportunity to extend our heart-felt thanks to Thorman for his dedication, efforts and contributions to our Company over the past several years and also to welcome Tam, Frank, and Paul to our board as we anticipate a new stage of robust and disruptive growth." Henry added: "With the new annual meeting date we will be able to assemble a board with qualified independent members to meet this requirement for upgrading to the NASDAQ Stock Market in the future and anticipate reporting important accomplishments to our shareholders at that time."

About Providential Holdings

Providential Holdings and its subsidiaries engage in a number of diverse business activities, the most important of which are M&A and consulting services, real estate development, mining and investing in special situations. The Company assists companies to go public and raise capital, develops "Pointe 91," a luxury resort and premium residential community in Chu Lai, central Vietnam, through Philand Corporation (www.philandranch.com), and engages in mining through PHI Mining Group (www.phimining.com). The Company's main web site address is 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