Contact Information: Contact: John Nguyen Tel: 714-843-5460
Providential Holdings Updates Shareholders on Important Corporate Activities
| Source: Providential Holdings, Inc.
LOS ANGELES, CA and PHNOM PENH, CAMBODIA--(Marketwire - March 23, 2009) - Providential
Holdings, Inc. (OTCBB : PRVH ) (FRANKFURT : PR7 ) (WKN 935160), a company
engaged in mergers and acquisitions, real estate development, mining, and
investing in special situations, today updated shareholders regarding
several important corporate activities.
Firstly, together with Paul Cham Group Co., Ltd., a Phnom Penh-based
company, Providential Holdings, Inc. has recently formed PHI Cham Joint
Venture Corporation ("PHI Cham") under the law of the Kingdom of Cambodia
to engage in mining and other businesses in Cambodia. Providential Holdings
will own 51% of this joint venture company.
Secondly, during the visit with Madame Bun Rany Hun Sen, President of
Cambodian Red Cross, on March 11, 2009, PHI Cham presented a cash donation
to the Cambodian Red Cross to help the needy people in the Province of
Mondul Kiri. PHI Cham has also donated a variety of medicines from the
United States to local religious groups for distribution to Cambodian
people. As Chairman of PHI Cham, Henry Fahman expressed the joint venture
company's commitment to contributing towards health care, education,
affordable housing, and creating job opportunities for the Cambodian people
while doing business in this country. Cham Nguyen, President of PHI Cham,
also affirmed PHI Cham's continued support of the Cambodian Red Cross and
helping the needy in Cambodia.
Thirdly, Providential has filed the Definitive Proxy Statement with the
Securities and Exchange Commission for its 2008 annual general meeting to
be held on April 10, 2009 and sent the same information to the Company's
shareholders of record as of December 05, 2008. The proxy information can
also be accessed at http://phiglobal.com/2008_Proxy.pdf.
At the meeting, shareholders will be asked to: 1) Review the preceding year
operations; 2) Vote for five to seven Directors; 3) Ratify the Board of
Directors' resolutions to amend the Articles of Incorporation to change
the Company's name to "PHI GROUP, INC." to enhance corporate branding and
to change the par value of the Company's Common Stock from $0.04 to $0.001
to reduce annual filing fees for the Company; 4) Authorize the Board of
Directors to upgrade the listing of the Company's common stock to the
NASDAQ Stock Market or another senior exchange in the near future; and 5)
Consider any other business, if properly raised.
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. The Company assists companies to go public and raise capital,
develops "Pointe 91," a luxury resort and premium residential community in
Chu Lai, central Vietnam, through Philand Corporation
(www.philandranch.com), and engages in mining through PHI Mining Group
(www.phimining.com). The Company's main web site address is
www.phiglobal.com.
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.