Contact Information: Investor Relations Contact: Hawk Associates, Inc. Antonella Montagna Frank Hawkins Phone: 305-451-1888 Email: Providential Holdings, Inc. 17011 Beach Boulevard, Suite 1230 Huntington Beach, CA 92647 Telephone: 714-843-5455 Fax: 714-843-5452
Providential Holdings Subsidiary Acquires 60% of Vietnamese Cuisine Restaurant; Pho Restaurant to Become National Chain
| Source: Providential Holdings, Inc.
LOS ANGELES, CA--(Marketwire - December 7, 2007) - Providential Holdings, Inc. (OTCBB : PRVH ),
a company that provides advisory, merger and acquisition services as well
as independently investing in Vietnamese opportunities, announced today
that its majority-owned subsidiary Provimex, Inc. has acquired 60%
ownership in Pho Express International, LLC for $165,000. Pho Express,
based in Pomona, Calif., operates a Vietnamese cuisine restaurant that will
serve as the first production base for the planned rollout of a national
chain.
Pho Express serves popular Vietnamese dishes, specializing in pho noodle
soup, a traditional meal in Vietnam, made with its own proprietary recipe.
The Vietnamese pho is a one-course meal made with clear broth, rice
noodles, beef or chicken, and vegetables including cilantro, mint and bean
sprouts.
Terence Phan, President of Pho Express International, said, "Based on the
success of our restaurant in California, we believe that our customers have
found Pho Express to be a healthy alternative in today's restaurant
industry. We believe Pho Express will become increasingly popular. We plan
to open three restaurants next year and expand more aggressively the year
after that. Our goal is to become a national chain, recognized for our
healthy ethnic cuisine. Provimex and Providential Holdings' involvement
will be crucial to begin our expansion into a nationwide chain."
Henry Fahman, CEO of Providential Holdings, said, "While the popularity of
pho dishes and restaurants has increased across non-Vietnamese ethnic
groups, Pho Express is the first restaurant to plan a large scale expansion
into mainstream America. We are confident that Pho Express will be
successful in this endeavor and create returns for Providential and our
shareholders."
About Pho Express International, LLC.
Pho Express International, LLC operates a profitable Vietnamese cuisine
restaurant in Pomona, Calif., that offers high-grade Vietnamese cuisine and
an upscale dining experience at affordable prices. Established in 2004,
the company plans to expand first in California, with immediate plans to
open locations Irvine, Garden Grove, Riverside, Santa Ana, Fountain Valley,
and Costa Mesa. For more information, please visit,
http://www.beyondpho.com.
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 investing in the rapidly growing economies of Vietnam and Asia. For
more information on Providential Holdings, 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.