SOURCE: Providential Holdings, Inc.

February 28, 2008 09:00 ET

Providential Holdings Signs Joint Venture Agreements With Russian Conglomerate

LOS ANGELES, CA--(Marketwire - February 28, 2008) - Providential Holdings, Inc. (OTCBB: PRVH), a company providing advisory, merger and acquisition services as well as independently investing in Vietnamese economic opportunities, today announced that it has signed a cooperation agreement with Center of Credit & Investment Cooperation LTD ("CCIC"), a Russian conglomerate primarily engaged in energy, construction, and trade of oil products and metals. Under the terms of the agreement, Providential and CCIC will set up joint ventures to pursue a commodity trading business, an oil refinery business, and an asset placement enterprise. The agreement is effective immediately.

For the first stage of this agreement, Providential has incorporated RANCOR TRADING GROUP, INC., a fifty-one-percent-owned subsidiary of Providential Holdings, as a new trading division under the management of Horace Horumba, Peter Bendheim and with the assistance of A.I. Sokolov, chairman of CCIC.

Henry Fahman, CEO of Providential Holdings, said, "This marks the first time that Providential does business in Russia. The Russian oil and gas market is one of the largest in the world, and with the high global demand for energy this market can only increase. With this agreement, we further our activities in the oil and gas arena and stand to benefit from other business opportunities as they arise."

About Center of Credit & Investment Cooperation, LTD.

The Center of Credit & Investment Cooperation is a conglomerate engaged primarily in infrastructure, construction, energy, mining, trade of oil products & metals, and real estate development. The company is headquartered in Moscow and operates worldwide.

About Providential Holdings, Inc.

Providential Holdings and its subsidiaries engage in a number of diverse business activities, providing advisory, merger and acquisition services as well as independently investing in Vietnamese economic opportunities. As part of its activities in Vietnam, Providential has been hosting seminars in conjunction with the Nasdaq Stock Market, the Vietnam Chamber of Commerce and Industry and leading U.S. investment banking firms, to help Vietnamese companies go public and raise capital through the U.S. financial markets. For more information on Providential Holdings, visit http://www.phiglobal.com.

A profile for investors can be accessed at http://www.hawkassociates.com/prvhprofile.aspx.

For investor relations questions regarding Providential, contact Antonella Montagna or Frank Hawkins, Hawk Associates, at 305-451-1888, e-mail: info@hawkassociates.com, or visit http://www.americanmicrocaps.com or http://www.hawkassociates.com. To sign up for free e-mail notification of future releases, visit 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.
    Antonella Montagna and Frank Hawkins
    Phone: 305-451-1888
    Email: Email Contact

    Providential Holdings, Inc.
    17011 Beach Boulevard, Suite 1230
    Huntington Beach, CA 92647
    Telephone: 714-843-5455
    Fax: 714-843-5452