Contact Information: Investor Relations Contact: Hawk Associates, Inc. Frank Hawkins or Julie Marshall Phone: (305) 451-1888 E-mail: Email Contact
Providential Holdings Subsidiary Enters Joint Venture Agreement for Oil and Gas Projects
| Source: Providential Holdings, Inc.
LOS ANGELES, CA and HANOI, VIETNAM -- (MARKET WIRE) -- April 3, 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 its wholly owned subsidiary Providential Energy Corp. has entered a
joint venture agreement with Texas-based Unitex Oil & Gas, LLC. Through
the joint venture agreement Unitex will identify, evaluate, negotiate,
acquire and operate oil and gas properties in West Texas and other U.S.
locations, while Providential will raise capital for the purchase and
operation of each property.
Providential will raise the required capital for the joint venture company
and will hold 87.5% of the stock for the joint venture company. Unitex
will hold 12.5% of the joint venture's stock.
Providential Holdings Chairman and CEO Henry Fahman said, "Unitex has a
strong record of expertise in the oil and gas industry. We are pleased with
this joint venture agreement and look forward to working with Unitex to
cooperate in funding, owning, developing and operating potential oil and
gas projects."
President of Unitex, David Wilson, said, "With Providential's capital
raising ability and our industry knowledge we are poised for a successful
venture and we look forward to beginning our partnership."
About Unitex Oil & Gas, LLC.
Unitex Oil & Gas, LLC. is a company that focuses on acquiring, operating
and further developing oil and gas assets through proven fields. Unitex
targets fields that have upside potential such as "in field" drilling,
additional reservoir exploitation (BHP potential), formation stimulation,
water flood programs and "cost effectively" streamlining day-to-day field
operations.
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 independent energy. The company acquires and consolidates special
opportunities in selective high-growth industries to create additional
value, acts as an incubator for emerging companies and technologies, and
provides financial consultancy and M&A advisory services to U.S. and
foreign companies. 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.
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.