SINGAPORE and HANOI, VIETNAM--(Marketwire - Jan 30, 2013) - PHI Group, Inc., (OTCQB: PHIL) (PINKSHEETS: PHIL), a company focused on energy and natural resources, announced today that its Chairman and CEO Henry Fahman attended and spoke at the 11th Annual Coal Markets Conference held January 28-31, 2013 at the Hilton Hotel, Singapore.
This conference, organized by IBC Asia(s) Pte Ltd., an Informa Business company, is the highest acclaimed annual conference on coal and logistics that brings together industry regulators, global and regional coal miners, buyers, traders, supply chain experts, international banks and investors, analysts and risk management leaders, and the media to address and update critical issues relating to international coal business.
Salient topics of the conference included Indonesian coal mining policies and trade outlook; coal industries in Australia, Indonesia, China, India, and the United States; measuring China's impact on global markets; Asian coal price trends; managing buyer expectation in coal trade; logistics and supply chain expectations from suppliers, etc.
Major international players in the energy industry present included State Electricity Company of Indonesia (PT PLN), PT Adaro Indonesia, PT Kaltim Prima Coal, India-based Tata Power, China Coal Importers Association, Alstom Power, Filipino AboitizPower, and Seoul-based Doosan, to name a few. PHI Group was honored to be the only U.S. public company to present at the conference.
In another development the company announced today that it has signed a Letter of Intent to acquire 95% of PT HMM, an Indonesian producing coal mining company with 10,000,000 MT of indicated coal resources in East Kalimantan, Indonesia. The company will complete an independent due diligence review of this concession and prior to signing definitive agreements to fix the final price, terms and conditions for closing, subject to satisfactory verification results. This transaction is part of PHI Group's on-going program to build a growing portfolio of energy resource assets and provide long-term coal supplies to Vietnam and other Asia Pacific countries.
In addition, a shareholder conference call will be held at 4:30 pm EST, Tuesday, February 5, 2013 to update on acquisitions, trading activity, financing, and other recent corporate developments. To participate in the conference call, dial +1-209-647-1000 and enter Conference ID 767368#. Questions can be 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 accumulates coal assets in Indonesia, cooperates with international partners to develop power plants, 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 pursuant to the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995.