LAS VEGAS, NV and HANOI, VIETNAM--(Marketwire - Nov 21, 2012) - PHI Group, Inc. (OTCQB: PHIL), a company focused on energy and natural resources, today provided updates on a number of corporate issues for the company's shareholders and investors. The company also announced a conference call for shareholders and investors on November 26.
The company is currently striving to complete its annual audit for the fiscal year ended June 30, 2012 in order to file all the outstanding reports with the Securities and Exchange Commission with the intent of resuming its status as a fully reporting company with the SEC by December 31, 2012 or shortly thereafter.
The company will reserve the number of shares allocated for a previously announced special dividend on the books of the company by November 30, 2012 and will postpone the date of the distribution to March 31, 2013. The company intends to promptly file a registration statement to include the dividend shares so that eligible shareholders will be able to receive free-trading shares instead of restricted securities when the registration statement becomes effective.
The company will negotiate with and engage the owners of the AHR and TSA coal concessions in Indonesia as local partners by reducing its acquisition holdings to 70-80% in these projects from 100% as previously contemplated. The company continues to investigate other opportunities to add to its portfolio of coal assets in Indonesia in order to provide long-term coal supplies to Asia Pacific countries, especially Vietnam, in the years ahead.
The company is in the process of divesting other businesses from its core holdings in order to concentrate on the development of its energy and natural resources activities.
PHI Group CEO Henry Fahman will host a conference call for shareholders and investors at 04:30 P.M. EST on Monday, November 26, 2012. To participate in the conference call, dial +1-209-647-1000 and enter Conference ID 767368#.
Topics to be discussed include supply chain management activity, coal concession acquisition and operation plan, power plant projects, renewable energy initiatives, divestiture of non-core businesses and the potential up-listing of the company's stock.
There will be a session for live questions and answers; however, priorities will be given to individual shareholder questions submitted at least one day in advance via email to firstname.lastname@example.org.
About PHI Group
Focused on energy and natural resources, PHI Group (OTCQB: PHIL) cooperates with local companies in Asia to develop power plants, accumulates coal assets and other natural resources, and provides advanced renewable energy technologies in conjunction with select industry partners. Website: www.phigroupinc.com/.
Safe Harbor: This news release contains forward-looking statements that are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected on the basis of such forward-looking statements pursuant to the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995.