Contact Information: Investor Relations Contact: Hawk Associates, Inc. Ken AuYeung and Frank Hawkins Phone: (305) 451-1888 Email:
Providential Holdings Reports Q1 FY '08 Financial Results
| Source: Providential Holdings, Inc.
LOS ANGELES, CA--(Marketwire - November 15, 2007) - Providential Holdings, Inc. (OTCBB : PRVH )
(German Stock Exchanges: PR7, WKN 935160), a company engaged in mergers and
acquisitions, consulting and advisory services, fund management and Asian
and special situations investments, announced financial results for the
first quarter of fiscal year 2008 ended September 30, 2007.
Providential Holdings reported $28,500 in consulting and advisory fee
revenues for the quarter, a decrease from revenues of $37,000 in the same
period last year. Total operating expenses decreased slightly to $337,000
for the quarter due to a decrease in professional services, bad debt and
impairment expenses. Net loss for the quarter was $337,409 or $0.00 per
diluted share as compared to a net loss of $58,185 in the same quarter last
year. The year ago period included a $382,000 gain on the sale of
marketable securities.
Cash for the quarter increased 38% to $113,222 from $81,523 reported in the
comparable quarter last year. Total assets for the quarter grew from
approximately $3 million in the first fiscal quarter of 2007 to $12.1
million on the first quarter of 2007, primarily due to an increase in
marketable securities.
Providential Chairman and CEO Henry Fahman said, "Though not shown in our
financial statements, we were able to accomplish several important
transactions during the last quarter. We completed a merger transaction for
one of our clients; however, we did not record the stock to be received for
services as the value of this minority equity ownership was yet to be
determined by an independent appraiser. During the quarter, the company and
its subsidiaries entered into agreements to form a joint venture with
holding company WRC Partners to engage in the development of approximately
2,700 acres of minerals near Bakersfield, CA, to assist VIP Network in
going public in the U.S., and to establish a new Vietnamese-style noodle
soup ("PHO") restaurant chain with the owner of Pho Express. In addition,
we secured an agreement to develop an integrated tourism zone of
approximately 8,000 acres in Quang Nam Province, which will benefit from
the rapidly growing economy in Vietnam. We also successfully engaged
Orrick, Herrington & Sutcliffe LLP to launch a $200 million Cayman
Islands-based private equity fund to invest in Vietnam. As we continue to
focus on building our pipeline of deals in Asia and viewing Vietnam in
particular as a key market, we believe these activities will yield superior
long-term value for our shareholders and investors."
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 investments in the rapidly growing economies in Vietnam and Asia. 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.
A profile for investors can be accessed at
http://www.hawkassociates.com/prvhprofile.aspx.
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 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.