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Providential Holdings Reports Increased Revenues and Profits for FY '08
| Source: Providential Holdings, Inc.
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.