Providential Holdings Announces Appointment of David Wilson as President of Its Joint Venture PhiTex Energy Corp.
LOS ANGELES, CA and HANOI, VIETNAM--(Marketwire - June 13, 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 the appointment of David Wilson as president of PhiTex Energy Group,
Inc., a joint-venture company between Providential Energy Corp. (a wholly
owned subsidiary of Providential Holdings, Inc.), which holds 87.5% of the
venture and Texas-based Unitex Oil and Gas, LLC., which holds the other
12.5% of the venture.
Wilson, who has been active in the oil and gas industry for more than a
decade, has evaluated, acquired and operated oil and gas properties as
president of Unitex Oil and Gas, LLC. During his six year tenure as
president, Wilson streamlined day-to-day operations and focused on
acquiring additional oil and gas properties with upside potential.
Wilson said, "My goal, as president of Unitex Oil and Gas, LLC. and PhiTex
Energy Group, Inc., will continue to be to progressively seek out and
identify under explored, under valued, or under developed oil and gas
properties in the West Texas region. By coupling a common sense approach
with years of experience and cutting edge technology, Unitex and PhiTex
will be jointly successful as we acquire and develop oil and gas
Providential Holdings Chairman and CEO Henry Fahman said, "David has a
strong record of expertise in the oil and gas industry. We are pleased that
with this joint venture agreement he will take the helm as president and
continue to identify, evaluate, negotiate, acquire and operate oil and gas
properties throughout West Texas."
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
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,
independent energy and investment in the growing Asian and Vietnamese
economies. 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:
email@example.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
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 Contacts:
Hawk Associates, Inc.
Phone: (305) 451-1888