LOS ANGELES, CA and HANOI, VIETNAM--(Marketwire - Oct 29, 2012) - PHI Group, Inc. (OTCQB: PHIL), a company focused on energy and natural resources, today announced that the Company has signed new Letters of Intent to acquire two coal concessions with total estimated resources of approximately 210 million metric tons in South Kalimantan and West Sulawesi, Indonesia.
These concessions cover roughly 10,000 hectares of land and have been granted the operation and production licenses from appropriate Indonesian government agencies.
According to the agreements, PHI Group will complete due diligence reviews of both concessions and prior to signing definitive agreements to fix the final prices, terms and conditions for closing, subject to satisfactory due diligence results.
The transactions are part of the Company's on-going program to accumulate natural resource assets and provide long-term coal supplies to Vietnam and other Asian countries. It is estimated that Vietnam will need to import about 24 million tons of coal a year by 2017.
The Company has been in discussions with major international engineering firms and mining contractors in Indonesia to assist in the evaluation, mine planning, and operation of these and other potential concessions. The Company is in the process of investigating other opportunities and will also enter into letter of intent and complete the required due diligence for each transaction in order to make further acquisition decisions. This accumulation program of coal and other natural resource assets will continue for several years to come.
About PHI Group Inc.
Focused on energy and natural resources, PHI Group, Inc. (OTCQB: PHIL), cooperates with local companies in Asia to develop power plants, accumulates long-term coal 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. 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.