Providential Subsidiary PHILAND Breaks Ground on Pointe91 Project

LOS ANGELES, CA and HANOI, VIETNAM -- (MARKET WIRE) -- 08/27/08 --

Providential Holdings, Inc. (OTCBB: PRVH), which provides advisory, merger and acquisition services as well as independently investing in Vietnamese opportunities, today announced that its subsidiary PHILAND has broken ground on Phase One of the Pointe91 project in Quang Nam, Vietnam. Phase One work includes clearing approximately 20 acres of land as well as grading and excavation for the construction of the lake, entry guardhouse, and a sales office.

Pointe91 will showcase Quang Nam's otherworldly beauty and vibrant culture as a backdrop for a seaside community fusing modern décor and timeless French Colonial design. Pointe91 is a premier 118-acre development that includes luxury private residences, a beachfront resort, a marina, a marketplace and extensive landscaping. Photographs of the groundbreaking and site plan are available at http://hawkassociates.com/clients/additional/index.cfm?client_id=13.

PHILAND project director Daniel St. John said, "We are thrilled to begin work on Pointe91 after awarding contracts for the grading, irrigation, landscaping, construction of roadways, pools, and fountains needed to complete Phase One of construction. Upon completion, the guardhouse, the violin-shaped lake that anchors the property, a sales office and an interior design center where buyers will be able to choose interiors for their home, will be finished. This infrastructure, aside from formally kicking off construction of Pointe91, will give us an on-the-ground location from which we can show the property and entertain prospective buyers."

About Pointe91

Pointe91 is slated to be a seaside residential and resort community located in Quang Nam province, Vietnam offering luxury residences, a marina, a beachfront hotel and spa, and other amenities. CBRE Vietnam markets the residences. Please visit http://www.philandcorp.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. 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 leading U.S. investment banking firms, to help Vietnamese companies go public and raise capital through the U.S. financial markets. For more information on Providential Holdings, visit http://www.phiglobal.com. For information about PhiLand's Pointe91 project in Vietnam, visit http://www.philandcorp.com/P91%20Site%20Plan.htm

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.

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Investor Relations Contact:

Hawk Associates, Inc.

Frank N. Hawkins, Jr. or Julie Marshall

Phone: (305) 451-1888

Email: Email Contact

17011 Beach Boulevard, Suite 1230

Huntington Beach, CA 92647

Telephone: (714) 843-5455

Fax: (714) 843-5455