NEW YORK and SINGAPORE, June 25, 2015 (GLOBE NEWSWIRE) -- PHI Group, Inc. (OTCMarkets:PHIL), a U.S. public company engaged in energy and natural resources, today provided an update on the previously announced definitive contract with Vietnam-based KHM JSC to supply up to 125 million metric tons of reclamation sand from Vietnam to Singapore and Asian markets.
PHI Group is in the process of selecting and coordinating with international and domestic dredging, loading and shipping companies that are capable of handling large volume requirements by using specially designed methodologies.
In addition, PHI Group will assist KHM JSC to set up an onsite laboratory to pretest all the products to make sure they meet the required specifications according to international industrial standards for usage in specific government projects. According to the agreement, PHI Group will also utilize its international networks, including its subsidiaries and affiliates, to help facilitate and strengthen KHM's access to international trade channels in order to market and sell KHM's products, including reclamation sand, construction sand and granite especially in the Singapore and Southeast Asian markets.
PHI Group is working with its Singaporean partner Primearth Resources Asia Pte. Ltd.to coordinate further administrative details. Shipments are expected to begin in 45 to 60 days or as soon as practical.
Jalani Haniffa, PHI Group Vice President of Southeast Asia Operations, commented: "We are pleased to have made good progress with respect to logistic and other arrangements and look forward to our first shipment for this contract in the very near future."
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About PHI Group, Inc.
Targeting both conventional energy and renewables, PHI Group, Inc. invests in energy-related assets and natural resources, cooperates with international partners to develop independent power plant projects, and provides renewable energy solutions in conjunction with select industry partners. In addition, the company is engaged in trading activity involving coal, oil, precious metals, sand, granite and other industrial commodities. The Company also provides M&A advisory and consulting services through its wholly-owned subsidiary PHI Capital Holdings, Inc. Website: www.phiglobal.com.