Providential Holdings Signs Agreement to Assist Oceanblue Investment, LLC in Reorganization Plan


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: