Providential Holdings Updates on Development Project in South Hoi An
Los Angeles, Calif. and Da Nang, Vietnam -- July 18, 2007 -- Providential Holdings, Inc. (OTC Bulletin Board: PRVH) (German Stock Exchanges: PR7, WKN 935160), a company investing in the rapidly growing economies in Vietnam and Asia, announced today the signing of a principle agreement with the People’s Committee of Quang Nam Province which allows for the lease and development of a 3,250-hectare area, equivalent to about 8,030 acres, in the Thang Binh and Duy Xuyen districts of South Hoi An and in the Tam Thanh, Tam Hoa and Tam Hai villages on Vietnam’s central coast of Quang Nam Province.
Under the terms of the agreement, Providential will be granted a 70-year lease for the land, during which time it will pay a total of approximately US $250 million for the lease.
According to the agreement, the company is required to establish a master plan together with a feasibility study for the development of the project within 12 months. The plan is anticipated to include five-star hotels and resorts, a world-class university, a teaching hospital, golf courses, mixed-use housing, entertainment centers, sports centers, parks, marinas, retail centers with office and commercial spaces, and luxury gaming operations. The company has established PhiLand Corporation as a wholly owned subsidiary of Providential Holdings, Inc. to manage this project.
Providential Holdings Chairman and CEO Henry Fahman said, “Vietnam is rapidly becoming a popular tourist destination and we expect to contribute to the development of a major new tourism area by planning and creating communities with world-class leisure facilities and retail centers to meet the region’s growing needs. Providential is also dedicated to meeting Vietnam’s major development needs, including education, health care and employment.”
Named as one of Vietnam’s four World Heritage sites, Hoi An is a quiet riverside resort dotted with temples, shrines and Chinese style tile-roofed wooden houses girding a long narrow road. With its compelling architecture and history as one of Vietnam’s most important international seaport towns, Hoi An is rapidly becoming a popular tourist destination.
Sama Dubai, the international real estate investment arm of Dubai Holding (www.sama-dubai.com), and VinaCapital (www.vinacapital.com) has also undertaken projects in the South Hoi An area.
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 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.
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.