Providential Holdings Subsidiary Awarded Permit to Begin Major Development Project in Vietnam

LOS ANGELES, CA and HANOI, VIETNAM--(Marketwire - December 20, 2007) - Providential Holdings, Inc. (OTCBB: PRVH), a company that provides advisory, merger and acquisition services as well as independently investing in Vietnamese economic opportunities, today announced its wholly owned subsidiary PhiLand Corporation has set up PhiLand Vietnam, Ltd. in Quang Nam Province and received a permit to begin development of a luxury tourist facility, Pointe91, in the Chu Lai Open Economic Zone in Vietnam.

Pointe91 is slated to become a seaside gated community that will feature a luxury boutique hotel, private residences and a country club. The 57-acre development represents an investment of $35 million and is expected to begin construction in June 2008. Pointe91 is exempt from income taxes for the first four years and for the next nine years PhiLand Vietnam's income tax rate will be half of the regular 10% rate of the Chu Lai Economic Zone. Construction materials for the Pointe91 project are exempt from Vietnamese import taxes.

PhiLand Corporation Project Director Robert Buceta said, "We believe that Pointe91, as well as the larger South Hoi An project, will prove to be a popular destination for Vietnamese residents as well as foreign tourists. The South Hoi An project puts Providential Holdings at the forefront of coastal Vietnam's real estate market with plans to develop approximately 8,000 acres of waterfront property there. We look forward to moving ahead with our other projects in South Hoi An, which include luxury hotels, entertainment and recreation facilities, universities and residential housing."

About South Hoi An

Named as one of Vietnam's four World Heritage sites, Hoi An is a quiet riverside resort dotted with temples, shrines and Chinese style tile-roofed wooden houses girding a long narrow road. With its compelling architecture and history as one of Vietnam's most important international seaport towns, Hoi An is rapidly becoming a popular tourist destination.

The coastal areas of the central province of Quang Nam have already attracted the attention of both investors and authorities. Since 2004, these tourist areas have been developing strongly, registering over 166 projects with a total capital of over $1.6 billion. For more information about PhiLand and the South Hoi An Project, please visit

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 investing in the rapidly growing economies of Vietnam and Asia. For more information on Providential Holdings, visit 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.

A profile for investors can be accessed at

For investor relations questions regarding Providential, contact Frank Hawkins or Antonella Montagna, Hawk Associates, at 305-451-1888, e-mail:, or visit or To sign up for free e-mail notification of future releases, visit

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