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Press Release Source: Providential Holdings, Inc.

Providential Holdings Distributes Irvine College Stock Dividends
Monday August 16, 1:26 am ET

HUNTINGTON BEACH, CA--(MARKET WIRE)--Aug 16, 2004 -- Providential Holdings, Inc. (OTC BB:PRVH.OB - News); (Berlin Stock Exchange and Frankfurt Stock Exchange:PR7 - WKN 935160) (www.phiglobal.com) today announced that the Company will distribute 15% of Irvine College of Medical Sciences, DBA Atlantis Career College (http://www.atlantiscareercollege.net) common stock as a special dividend on a pro-rata basis to PRVH shareholders of record as of August 31, 2004.
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These dividend shares are expected to be mailed out by September 15, 2004 without any action on the part of the eligible Providential Holdings' shareholders. The Company also plans to distribute stock dividends from its other subsidiaries in the future.

Irvine College of Medical Sciences will start filing the necessary documents with the appropriate regulatory agencies to become a fully-reporting publicly-traded company.

The College is currently approved to provide educational programs in medical-related fields, including Ultrasound Technology, MRI, Medical Assistant, Pharmacy Tech, Pharmaceutical Sales, Registered Nurse, NCLEX, Professional Child Care, and curricula in information technology such as 3-D Animation and Network certifications. It also intends to acquire certain target companies in the for-profit postsecondary education sector as part of its future growth plan.