Providential Holdings Announces Successful Merger of Vietnamese Specialty Steel Company

Providential Holdings, Inc., which operates in merger and acquisitions consultancy, financial services, energy and resources, real estate development and invests in special opportunities, has successfully completed the reverse merger of Nam Kim Joint Stock Co., a Vietnam-based company, (”NAKISCO”) into a U.S. publicly traded entity, Sanitary Environmental Monitoring Labs, Inc., formerly known as SemcoLabs, Inc.

According to the Stock Purchase and Investment Agreement, Sanitary Environmental Monitoring Labs acquired 99% of NAKISCO’s issued and outstanding common stock in exchange for 28,000,000 shares of the Company’s post-split common stock. Effective August 12, 2008, the Company effected a 1 for 100 reverse split and changed its name to Vietnam United Steel Corporation. Kim & Lee, CPAs, an accounting firm registered with the Public Company Accounting Oversight Board (PCAOB), is completing a U.S. GAAP audit of NAKISCO’s financial statements for the Company to upgrade to a fully-reporting status on the Over the Counter Bulletin Board in the near future. The company also plans to move to a senior exchange at a later date.

“NAKISCO ranked fourth in galvanized and color coated steel production in Vietnam last year. Its management’s goal is to expand production deep into Southeast Asia and raise NAKISCO’s rank from fourth to second or even first in production by the end of 2009. To help NAKISCO better position itself in the global market moving forward, we are facilitating a joint venture between Vietnam United Steel Corp. and a reputable overseas steel company to bring new revenue stream to the company,” stated Benjamin Tran, Managing Director of Providential Capital, Inc.

“Through a new revolutionary manufacturing process, we expect to double our throughput from 40,000 tons of steel to 80,000 tons within the next twelve months and make our company more profitable with our current base of over 120 international customers that demand for more supply every quarter,” said NAKISCO Chairman and CEO Nghiep Tuan Tran.

NAKISCO’s unaudited net revenues last year totaled approximately $24.5 million, with total assets listed at $19 million. The company expects a 42% revenue growth in 2008.

Providential Holdings will own an equity stake in Vietnam United Steel Corporation for the mergers and acquisitions advisory services rendered.