Correction: Providential Holdings Announces Completion of Blueocean Investment's Reorganization.

LOS ANGELES -- 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 the receipt of 8,550,000 shares of Cinnabar Enterprises, Inc. (CINN.PK) for its assistance in the reorganization and merger of Los Angeles-based Blueocean Investment, LLC. During the reorganization, Blueocean Investment acquired 83.9% of all the issued and outstanding shares of Cinnabar Enterprises, Inc.

About Oceanblue Investment, LLC

Blueocean Investment is a California limited liability company that serves 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. Budget Telecomm posted unaudited revenues of $8,448,000 in 2004; $11,028,000 in 2005; and $12,992,000 in 2006.

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 [phone], e-mail: [e-mail], 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.