New York, NY, March 08, 2019 (GLOBE NEWSWIRE) -- PHI Group, Inc. (www.phiglobal.com) (OTC Pink: PHIL), a U.S. diversified holding company focused on mergers and acquisitions and investments in select industries and special situations, today announced the following corporate updates:
1. PHI LUXEMBOURG DEVELOPMENT S.A., a wholly-owned subsidiary of the Company, which serves as the mother holding company for PHILUX GLOBAL FUNDS, has signed a Memorandum of Agreement with “Building and Construction Material One-Member Ltd. Co. No. 27 “ (“COMA27”), a company belonging 100% to the Ministry of Construction of Vietnam, for COMA27 to participate in the Public Private Partnership (PPP) with PHILUX Asia Diamond Center Development Fund in order to organize the Asia Diamond Exchange in the Free-trade Zone of the Chu Lai Open Economic Zone, Quang Nam Province, Vietnam. The Company has been working diligently to set up a diamond exchange in Vietnam according to the model of Dubai’s DMCC https://www.dmcc.ae/.
2. The financial audits of Vinafilms have taken longer than anticipated due to additional work associated with a previous merger between Vinafims and another local plastic manufacturing company. PHI Group’s auditor Dylan Floyd Accounting & Consulting has recently engaged ASC Auditing Company Limited to asssist in the audit process and expects to finish the audits of Vinafilms’ financial statements in time to allow PHI Group to consoliadte Vinafilms’ operating results with those of PHI Group for the quarter ending March 31, 2019.
3. PHI Group is awaiting the results of an independent valuation of Saigon Pho Palace JSC in order to close the acquisition of a majority interest in this company. PHI Group will be able to consolidate operating results of Saigon Pho Palace JSC after the GAAP audits of Saigon Pho Palace’s financial statements are finished.
4. The Company has discussed with DIO Group JSC http://diogroup.vn/ to modify the payment schedule for the Consulting Service Agreement between PHI Capital Holdings, Inc. and DIO Group. PHI Capital Holdings, Inc., a wholly-owned subsidiary of PHI Group, has signed an agreement to take DIO Group public in the U.S. Stock Markets.
5. Henry Fahman, the Company’s Chairman and CEO, will host a conference call for shareholders and investors at 4:30 P.M. EST Thursday March 14, 2019 to discuss the above topics in greater detail as well as the Company’s convertible notes, financial and operational plans, and other areas of interest. Also, contrary to some rumors and speculations, the Company has no plan to effectuate a reserve split of its stock.
To participate in the conference call, please note:
Topic: Conference Call
Time: Mar 14, 2019 4:30 PM Eastern Time (US and Canada)
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About PHI Group
PHI Group (www.phiglobal.com) primarily focuses on mergers and acquisitions and invests in select industries and special situations that may substantially enhance shareholder value. In addition, the Company’s wholly owned subsidiary, PHI Capital Holdings, Inc. (www.phicapitalholdings.com) provides M&A consulting services and assists companies to go public and access international capital markets. We have also been working diligently to launch PHILUX Global Funds with several subfund compartments for investment in renewable energy, agriculture, real estate and a diamond exchange center in Vietnam together with reputable international advisers and partners.
Safe Harbor Act and Forward-looking Statements
This news release contains “forward-looking statements” pursuant to the “safe-harbor” provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may,” “future,” “plan” or “planned,” “will” or “should,” “expected,” “anticipates,” “draft,” “eventually” or “projected,” which are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements as a result of various factors.
PHI Group, Inc.