NEW YORK and SINGAPORE, Aug. 7, 2015 (GLOBE NEWSWIRE) -- PHI Group (OTC Markets:PHIL), a U.S. public company engaged in energy and natural resources, announced today that the Company has completed the acquisition of 10 acres of land from Klausner Holding, U.S.A., a Georgia corporation, for the Cornerstone Biomass Corporation 200,000 MT wood pellet project in Live Oak, Suwannee County, Florida. This parcel of land is adjacent to Klausner Lumber One, http://www.klausner-group.com/87-1-New-Sa, one of the largest lumber factories in the United States and a preferred source of feedstock for our wood pellet mill.
Cornerstone Biomass Corporation has diligently vetted the required equipment and machinery, product end users, potential logistical partners, and additional financing sources for this project. At the same time, PHI Group is in the process of raising $60 million through a private placement under the auspices of Regulation 506(c) and plans to use a portion of the proceeds for the Cornerstone Biomass Corp. renewable energy development program. It is anticipated that this wood pellet mill will generate approximately $42 million in revenues and $9 million in profits before interest, taxes, depreciation and amortization (EBITDA) per year when running at full capacity.
On another note, the Company had very successful meetings with its Singaporean and Vietnamese partners during the final weeks of July 2015 to coordinate the logistical details for shipping reclamation sand from Vietnam to Singapore for land extension projects. For additional information, visit the Company's website: www.phiglobal.com.
About PHI Group, Inc.:
PHI Group, Inc., a U.S. publicly traded company established in 1982 (Trading symbol: "PHIL"), adopts a double-tracked strategy to address the needs of both conventional energy and renewables and also participates in mineral and natural resources. The Company's projects include reclamation sand for Singapore land extensions, limestone for the cement industry and precipitated calcium carbonate (PCC), coal, biomass, and oleochemicals. In addition, the Company is has been investigating various opportunities in gold, iron sand, nickel, titanium and infrastructure development in Indonesia, Cambodia, Laos and Vietnam.
Safe Harbor: This news release and the featured interview contain 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.