LOS ANGELES, CA and HANOI, VIETNAM--(Marketwire - Jan 24, 2013) - PHI Group, Inc. (OTCQB: PHIL) (PINKSHEETS: PHIL), a company focused on energy and natural resources, announced today that it has delivered 3,288,443 shares of the Company's common stock to the majority shareholder of PT Tambang Sekarsa Adadaya ("TSA") as a deposit towards the total purchase price for a seventy-percent equity ownership in TSA, an Indonesian company that owns 9,690 hectares of coal concessions purportedly with 71,038,925 MT measured coal resources and 205,334,343 MT indicated coal resources in West Sulawesi, Indonesia.
Henry Fahman, Chairman and CEO of PHI Group, met with its corporate counsel and the majority shareholder in Jakarta, Indonesia January 23, 2013 to deliver the share certificate to TSA and plan for the technical, legal, and financial due diligence reviews before the closing of this transaction.
The Company has retained Jakarta-based ES&P Law Firm to assist in the legal due diligence and coordinate with a leading international mining consulting firm for the technical due diligence of the TSA concessions. The Company expects to begin the due diligence works in early February 2013 and will continue to provide further updates to its shareholders and investors on the progress of this project.
Henry Fahman stated: "We are delighted to work with world-class consultants to quickly move this project forward and consider ourselves fortunate to be associated with local partners who share our vision and strategy for creating significant long-term value for all shareholders and stakeholders."
About PHI Group
Focused on energy and natural resources, PHI Group accumulates coal assets in Indonesia, cooperates with international partners to develop power plants, and provides advanced renewable energy technologies in conjunction with select industry groups. Website: www.phigroupinc.com/.
Safe Harbor: This news release contains forward-looking statements pursuant to the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995.