SOURCE: PHI Capital Holdings, Inc.
LOS ANGELES, CA and HANOI, VIETNAM--(Marketwire - Aug 15, 2012) - HP.ITA Corporation, a Nevada corporation, announced today that the Company has signed a definitive agreement 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 completion of the financial audits of the combined company to become publicly traded in the U.S.
According to HP.ITA JSC management, this company 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. Existing shareholders of HP.ITA JSC will receive newly issued shares of common stock of HP.ITA Corporation in exchange for their shares in HP.ITA JSC.
Richard Phan, Chairman and CEO of Phanet Holding Corp., the parent of HP.ITA JSC, commented: " We are glad to have signed the corporate combination agreement between the two companies and will proceed with the required filings to take HP.ITA Corporation public in the U.S.. We believe this will create additional value and enhance liquidity 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 Capital Holdings
PHI Capital Holdings, Inc., a subsidiary of PHI Group, Inc. (OTCQB: PHIL) (PINKSHEETS: PHIL), is engaged in M&A advisory and consulting services.
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.