NEW YORK, NY--(Marketwired - July 06, 2016) - PHI Group (www.phiglobal.com) (OTC PINK: PHIL), a U.S. public company focused on conventional energy and renewables, announced today that the Company has signed a definitive Purchase and Sale Agreement to acquire 50.90% equity ownership in a LPG distribution and service company in Southeast Asia for cash.
The identity of the target company and certain details will be kept confidential until closing. The transaction is scheduled to close by the end of December 2016 and no later than March 31, 2017, subject to additional due diligence of the target, compliance with US GAAP accounting, and establishment and capitalization of a non-US special purpose acquisition subsidiary.
On another note, Pacific Petro JSC and PHI Group have agreed in principle to extend the closing of the previously announced acquisition of Pacific Petro until August 31, 2016, subject to certain terms and conditions.
Henry Fahman, CEO of Phi Group, said, "This target company has been in operation for more than 10 years and is expected to add to PHI Group's overall consolidated revenues and bottom lines when it becomes a part of the Company." Henry added, "We will continue with our acquisition plan of both conventional energy, renewables, and special situation opportunities to create a critical mass and reposition the Company to qualify for uplisting to a senior exchange."
About PHI Group
PHI Group, Inc. (www.phiglobal.com), a U.S. publicly traded company established in 1982, is in the process of acquiring controlling interests in a number of targets in the areas of conventional energy, renewables and special situations with intention to create a critical mass and uplist to the Nasdaq Stock Market.
Safe Harbor: This news release and the featured interview contain 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. Such forward-looking statements are made based upon management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995.