Tuesday, 24 March 2009

Providential Holdings Updates Shareholders on Important Corporate Activities

LOS ANGELES, CA and PHNOM PENH, CAMBODIA--(Marketwire - March 23, 2009) - Providential Holdings, Inc. (OTCBB: PRVH) (FRANKFURT: PR7) (WKN 935160), a company engaged in mergers and acquisitions, real estate development, mining, and investing in special situations, today updated shareholders regarding several important corporate activities.

Firstly, together with Paul Cham Group Co., Ltd., a Phnom Penh-based company, Providential Holdings, Inc. has recently formed PHI Cham Joint Venture Corporation ("PHI Cham") under the law of the Kingdom of Cambodia to engage in mining and other businesses in Cambodia. Providential Holdings will own 51% of this joint venture company.

Secondly, during the visit with Madame Bun Rany Hun Sen, President of Cambodian Red Cross, on March 11, 2009, PHI Cham presented a cash donation to the Cambodian Red Cross to help the needy people in the Province of Mondul Kiri. PHI Cham has also donated a variety of medicines from the United States to local religious groups for distribution to Cambodian people. As Chairman of PHI Cham, Henry Fahman expressed the joint venture company's commitment to contributing towards health care, education, affordable housing, and creating job opportunities for the Cambodian people while doing business in this country. Cham Nguyen, President of PHI Cham, also affirmed PHI Cham's continued support of the Cambodian Red Cross and helping the needy in Cambodia.

Thirdly, Providential has filed the Definitive Proxy Statement with the Securities and Exchange Commission for its 2008 annual general meeting to be held on April 10, 2009 and sent the same information to the Company's shareholders of record as of December 05, 2008. The proxy information can also be accessed at http://phiglobal.com/2008_Proxy.pdf.

At the meeting, shareholders will be asked to: 1) Review the preceding year operations; 2) Vote for five to seven Directors; 3) Ratify the Board of Directors' resolutions to amend the Articles of Incorporation to change the Company's name to "PHI GROUP, INC." to enhance corporate branding and to change the par value of the Company's Common Stock from $0.04 to $0.001 to reduce annual filing fees for the Company; 4) Authorize the Board of Directors to upgrade the listing of the Company's common stock to the NASDAQ Stock Market or another senior exchange in the near future; and 5) Consider any other business, if properly raised.

About Providential Holdings

Providential Holdings and its subsidiaries engage in a number of diverse business activities, the most important of which are M&A and consulting services, real estate development, mining and investing in special situations. The Company assists companies to go public and raise capital, develops "Pointe 91," a luxury resort and premium residential community in Chu Lai, central Vietnam, through Philand Corporation (www.philandranch.com), and engages in mining through PHI Mining Group (www.phimining.com). The Company's main web site address is www.phiglobal.com.

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.

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