LOS ANGELES, CA--(Marketwire - June 15, 2007) - Providential Holdings, Inc. (
OTCBB:
PRVH)
(German Stock Exchanges: PR7, WKN 935160), a company providing
international advisory services specializing in mergers and acquisitions
and investing in the rapidly growing economies in Vietnam and Asia,
announced today a definitive agreement to assist in a reorganization and
merger plan for Los Angeles-based Oceanblue Investment, LLC. In exchange
for its services, Providential Holdings will receive equity and/or cash
upon the closing of the transaction, which is expected to occur by June 30,
2007.
Oceanblue Investment will be reorganized to serve as a holding company for
a number of business ventures, including Budget Telecomm, Inc., which
posted unaudited revenues of $8,448,000 in 2004; $11,028,000 in 2005 and
$12,992,000 in 2006.
Budget Telecomm, established in 1998, provides long distance services,
calling cards, post-paid phones, VoiP and IPTV technologies.
Providential Chairman and CEO Henry Fahman said, "Providential's vast
experience assisting companies as they become publicly traded will benefit
Oceanblue, whose reorganization and access to capital funding will further
its development, allowing it to better serve its niche markets and to
embark on new ventures with potential for high growth."
About Oceanblue Investment, LLC
Oceanblue Investment is a California limited liability company reorganized
to serve as a holding entity for a number of business ventures, including
Budget Telecomm (
www.budget2call.com) which provides long distance
services, calling cards, VoiP and IPTV technologies.
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 investments in the rapidly growing economies in
Vietnam and Asia. 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.
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.
Providential Holdings, Inc.
17011 Beach Boulevard, Suite 1230
Huntington Beach, CA 92647
Telephone: (714) 843-5455
Fax: (714) 843-5455
Contact Information: Investor Relations Contact:
Hawk Associates, Inc.
Frank N. Hawkins, Jr.
Julie Marshall
Phone: (305) 451-1888
Email: