SOURCE: Providential Holdings, Inc.

October 15, 2008 09:00 ET

Providential Holdings Reports Increased Revenues and Profits for FY '08

LOS ANGELES, CA and HO CHI MINH CITY, VIETNAM--(Marketwire - October 15, 2008) - Providential Holdings, Inc. (OTCBB: PRVH) (FRANKFURT: PR7) (WKN 935160), a company engaged in mergers and acquisitions, consulting and advisory services, real estate development, mining and investing in special situations, today announced that in the fiscal year ended June 30, 2008, the company earned $2,359,282 or $0.01 EPS, compared with net income of $34,304 or $0.00 EPS in fiscal 2007. The company generated $3,609,318 from consulting and advisory services in fiscal 2008 compared with $3,572,347 for the year ended June 30, 2007.

Providential Chairman and CEO Henry Fahman said, "Although the global financial crises during the course of the year have adversely impacted some of our plans, our M&A and consulting services have continued to generate increased revenues and profits for the company as more Vietnamese companies look to go public and raise capital through international markets. We have made steady progress with our Pointe 91 real estate development project (www.philandcorp.com) and also laid a firm foundation for the advancement of our other initiatives."

"As a result, we believe fiscal year 2009 and beyond will witness a period of exceptional growth and value creating for our shareholders," Fahman added.

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. As part of its activities in Vietnam, Providential has been hosting seminars in conjunction with the Nasdaq Stock Market to help Vietnamese companies go public and raise capital through the U.S. financial markets. The Company currently develops "Pointe 91," an upscale residential community and luxury resort in Chu Lai, central Vietnam. For more information, visit http://www.phiglobal.com

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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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