NEW YORK, Dec. 04, 2017 (GLOBE NEWSWIRE) -- PHI Group, Inc., ( (OTCQB:PHIL), a company focused on mergers and acquisitions and investments in natural resources, energy, agriculture and special situations, announced today that its former subsidiary Southeast Asia Capital Group, Inc., a Nevada company established in 2004 and engaged in finance, international trade and project investments, has signed two contracts with a Russian refinery for 2,400,000 MT of D2 Gas Oil and High Speed Diesel Euro-IV and will start the first shipment of 200,000 MT to Singapore in December 2017.

Southeast Asia Capital Group is confident that these contracts from the refinery will enable it to fulfill the existing purchase orders from selective buyers and generate very significant revenues and profits in the near future.

PHI Capital Holdings, Inc. a wholly-owned subsidiary of PHI Group, Inc. ( is currently assisting Southeast Capital Group to go public in the U.S. Stock Market.  Previous shareholders of PHI Group have received dividend shares in Southeast Asia Capital Group (formerly E-Check Recovery, Inc.) and PHI Group will also retain a minority interest in this company. This could add significant value to PHI Group when Southeast Capital becomes a publicly traded company.

Richard Phan, Chairman of Southeast Asia Capital Group, stated: “We are very pleased to have signed these contracts for D2 and HSD Euro-IV and will be able to start the first shipment within this month for our customers in Singapore.”

About Southeast Asia Capital Group, Inc.

Southeast Asia Capital Group is a Nevada company established in 2004.  The Company is engaged in finance, international trade and commercial projects with potential for high returns on investment.

About PHI Group

PHI Group ( primarily focuses on mergers and acquisitions and invests in select industries and special situations that may substantially enhance shareholder value.  PHI Group also provides M&A and consulting services through its wholly owned subsidiary, PHI Capital Holdings, Inc. (

Safe Harbor
This news release contains 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 pursuant to the “safe-harbor” provisions of the Private Securities Litigation Reform Act of 1995.

Henry Fahman
Chairman & CEO
PHI Group, Inc.