Nettel Trading, Providential's Newly Invested Company, Lands Contract Worth $5,750,000 from the Largest Vietnamese Steel Company.

Business Editors

FOUNTAIN VALLEY, Calif.--(BUSINESS WIRE)--Dec. 17, 2002

Providential Holdings, Inc. (OTCBB:PRVH), http://www.prvh.com, announced today that Nettel Trading Corporation, a wholly-owned subsidiary of Nettel Global Communication Corp ("Nettel"), had received a firm purchase order worth $5,750,000 from Tong Cong Ty Thep Viet Nam or Vietnam Steel Corporation, the largest government-owned steel company in Vietnam, for Grade A heavy melting rail track scraps.

This order will be fulfilled in two shipments and will be renewed after these shipments are completed.

Providential Holdings has signed a definitive agreement to acquire 46.5% of Nettel and is confident that these orders will generate increased revenues and profitability for both companies.

About Nettel Trading Corporation

Nettel Trading Corporation, a subsidiary of Nettel Global Communication Corporation, was set up in 2001. The business scope covers: import and export of technology, machinery, equipment, instrument, light industry products, textile and chemicals, seafood products and also investment in different enterprises. Over the past years, Nettel Trading has established excellent connections and cooperative relations with over 1,000 companies of more than 40 countries and regions in the world, with and through which, the company has successfully imported plenty of advanced plants, production lines, key equipment and technologies, know-how for the fields of textile, machinery, electronics, chemicals, light industry, building materials, transportation and agriculture. The company has also exported all kinds of mechanical, electrical and instrumental products as well as completed plants and technologies to the international market. During recent years, Nettel Trading has concentrated efforts on expanding its export scale and the volume of export has consistently increased every year. URL: www.netteltrading.com

Safe Harbor: Except for historical information contained herein, the statements in this news release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause a company's actual results in the future to differ materially from forecasted results. These risks and uncertainties include, among other things, the company's ability to attract qualified management, raise sufficient capital, and effectively compete against similar companies.