Providential Holdings Completes Merger and Arranges $5 Million Funding for Mirae Tech Co

Business Wire, Dec 17, 2004

HUNTINGTON BEACH, Calif. -- Providential Holdings, Inc. (OTCBB:PRVH) (Berlin Stock Exchange and Frankfurt Stock Exchange: PR7 - WKN 935160) (www.phiglobal.com), a diversified holding company which currently focuses on mergers and acquisitions services, cutting tool business, and international markets, announced today that the Company has assisted Mirae Tech Co., a Korean corporation, to complete its merger plan with Rapid Bio Tests Corporation, a Nevada corporation, (OTCBB:BOWC) and has successfully arranged a $5 million funding for the new combined company.

Mirae Tech Co. is engaged in the research and development and production of electrical energy and environment-related products. This company holds several international and domestic patents and produces electric conductive textile heating panel, mat, wall paper, laminated floor paper, sauna, negative potential plate, negative ion plate, fomenting machine and noise-related products like acoustic absorbent, soundproofing materials, etc. that are known to protect the environment and enhance people's life quality.

Providential Holdings will be receiving a fee for the services rendered.

Providential currently expands its M&A services in Southeast Asia and will be holding seminars on corporate growth and capitalization in Ho Chi Minh City and Tam Ky, Quang Nam Province, Vietnam on Dec. 20 and 21, 2004, respectively.

About Providential:

Providential Holdings and its subsidiaries engage in a number of diverse business activities, the most important of which are M&A advisory services, cutting tools, and international markets. 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.

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.

These and other risks are identified in the company's SEC filings and should be considered in evaluating the forward-looking statements made herein.