NEW YORK and SINGAPORE, Oct. 2, 2015 (GLOBE NEWSWIRE) -- PHI Group, Inc. (Trading Symbol: PHIL), a U.S. public company engaged in energy and natural resources, announced today that the Company has signed agreements with two Vietnam-based companies to secure more than one billion cubic meters of sea sand in the southern provinces of Vietnam for export to Singapore, Brunei and other Asian markets. These agreements are in addition to the existing contracts between KHM JSC and PHI Group for reclamation sand from Central Vietnam.
The sources of the additional saline sand from these concessions are primarily from dredging projects to expand fairways and deepen anchorage areas for shipping vessels.
PHI Group is currently working with the appropriate government agencies, major end users, contractors, dregding, shipping and logistics companies in Southeast Asia to prepare for large-scale long-term supplies to reclamation and land expansion projects in Singapore, Brunei and other Asian countries.
Jalani Haniffa, PHI Group Vice President of Southeast Asia Operations, commented: "We are very pleased to have added substantial sources of sea sand through our partnerships with Vietnamese companies and will be able to meet the demand for reclamation sand in Singapore, Brunei and other Asian countries on a large-scale, cost-effective and long-term basis."
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.
About PHI Group, Inc.:
PHI Group, Inc. (website: www.phiglobal.com), 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 invests in mineral and natural resources.
The Company's activities include wood pellet projects in North America, reclamation sand for land extensions in Singapore, Brunei and other Asian countries, coal asset development in Indonesia, oleochemicals in Malaysia, and a LPG terminal project in Vietnam. In addition, the Company has been investigating various opportunities in gold, nickel, titanium and infrastructure developments in Indonesia, Cambodia, Laos and Vietnam. The Company also provides M&A advisory and consulting services through its wholly owned subsidiary PHI Capital Holdings, Inc. (www.phicapitalholdings.com)