SOURCE: PHI Group

June 25, 2012 13:35 ET

Vietnam-Based HP.ITA JSC Announces Progress in Going Public in the U.S. Stock Market

LOS ANGELES, CA and HO CHI MINH CITY, VIETNAM--(Marketwire - Jun 25, 2012) - HP.ITA Corporation, a Nevada corporation, announced today that the Company has signed a letter of intent to acquire 100% of Vietnam-based HP.ITA Joint Stock Company, a wholly owned subsidiary of Phanet Holding Corp., and will file a registration statement with the Securities and Exchange Commission following the consummation of the business combination to become a publicly traded company in the U.S.

To date, HP.ITA JSC has invested VND 1,866 Billion (approximately US$ 89.7 Million) in the Bao An Project consisting of three residential and commercial towers with 17, 38 and 40 stories at An Khanh Industrial Complex, Hoai Duc District and the Xuan Phuong Nursing Center and Villa Project in Tu Liem District, both in Ha Noi, Vietnam. 

Richard Phan, Chairman and CEO of Phanet Holding Corp., the parent of HP.ITA JSC, commented: "We will promptly consummate the business combination between the two companies and will proceed with the required filings to take HP.ITA Corporation public in the U.S. to create additional value for our shareholders as well as making it easier for investors to participate in our growth."

About HP.ITA Corporation

HP.ITA Corporation, a Nevada corporation established in 2004, will serve as a holding company for real estate investments in Vietnam, including the Bao An Tower Project and the Xuan Phuong Nursing Center and Villa Project in Ha Noi, Vietnam. Website: www.hpitacorp.com

About Phanet Holding Corp. and HP.ITA JSC

Phanet Holding Corp. is one of the first Vietnamese global angel and capital investor groups. HP.ITA JSC, a wholly owned subsidiary of Phanet Holding Corp., is a Vietnamese company engaged in real estate development. Website: http://www.phanetholdingcorp.com

About PHI Group

PHI Group (OTCQB: PHIL) (PINKSHEETS: PHIL) focuses on energy and natural resources in Southeast Asia and holds majority interests in subsidiaries engaged in M&A consulting services and real estate development.

Safe Harbor: This news release contains forward-looking statements that are subject to certain risks and uncertainties. Such forward-looking statements are 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. Actual results may differ materially from those projected, on the basis of such forward-looking statements.

Contact Information