New York, April 04, 2019 (GLOBE NEWSWIRE) -- PHI Group, Inc. (www.phiglobal.com) (OTCMarkets: PHIL), a U.S. diversified holding company focused on mergers and acquisitions and investments in select industries and special situations, today provided a summary of the shareholder conference call that was held on April 2, 2019.
On the conference call, Henry Fahman, Chairman and CEO of PHI Group, Inc. discussed a number of recent developments of the company that are expected to have significant impact on the Company’s future.
I. Stock buy-back program: As mentioned in the previous press release and Form 8-K filed with the Securities and Exchange Commission recently, the Company plans to begin a stock repurchase program to buy back 5.3 billion shares of its common stock or more in the open market from time to time from April 15, 2019 to March 13, 2020. The purpose of the repurchase is to enhance shareholder value. The Company plans the proposed share repurchase program with the proceeds from the disposal of a portion of certain non-core assets and from future earnings of the Company. The share repurchase program will be in full compliance with state and federal laws and certain covenants with the Company’s note-holders.
II. Increase of authorized capital: The Company has recently increased its authorized common stock to 30.5 billion shares to provide for the reserve requirements in connection the Company’s convertible promissory notes. However, the Company intends to lower the amount of authorized common stock after the outstanding convertible notes are paid off.
III. Audits of Vinafilms Joint Stock Company: The Company’s auditors DylanFloyd Accounting & Consulting Co. has engaged Vietnam-based TTP Auditing Co. to assist in the financial audits of Vinafilms Joint Stock Company in accordance with the U.S. Generally Accepted Accounting Principles (GAAP) and the requirements of Public Company Accounting Oversight Board (PCAOB). The financial audits of Vinafilms are expected to be completed in time for PHI Group to consolidate Vinafilms’ operating results for the quarter ended March 31, 2019. The Company has acquired 51% equity interest in Vinafilms Joint Stock.
IV. Luxembourg bank funds: The Company has established PHI Luxembourg Development S.A. as the mother holding company for a number of Luxembourg bank funds, known as PHILUX GLOBAL FUNDS, which holds compartments for green agriculture, renewable energy, real estate and Asia Diamond Exchange. The funds are expected to be fully operational in the near future and provide the resources for the Company to execute its business plan.
V. Asia Diamond Exchange: The Company has been particularly focused on working with a distinguished group of international partners and the leaders of Quang Nam Province, Vietnam, to establish an Asia Diamond Exchange in an area of over 200 hectares in the Free-Trade Zone of the Chu Lai Open Economic Zone. PHI Luxembourg Development S.A. has recently signed a Memorandum of Agreement with “Building and Construction Material One-Member Ltd. Co. No. 27” (“COMA27”), a company belonging 100% to the Ministry of Construction of Vietnam, for COMA27 to participate in the Public Private Partnership (PPP) with our PHILUX Asia Diamond Center Development Fund. The Kimberley Process Certification Scheme (KPCS) acceptance was also signed last week as a prerequisite to allow for the organization of the Asia Diamond Exchange, according to the model of Dubai’s DMCC https://www.dmcc.ae/.
To put things into perspective, Dubai is one of the world’s leading physical gold markets and diamond trading hubs, accounting for $75 billion annually combined. On average Dubai Diamond Exchange imported $6.65 billion worth of rough diamond and exported about $5.22 billion of polished products per year during the last seven years. DMCC Free Zone covers an area of 200 hectares of business and residential community with over 100,000 living and working, 15,000 companies registered and 170 countries represented. Other distinguished diamond exchanges include Antwerp World Diamond Center (https://www.awdc.be/), with 570+ years history and total annual turnover of $46 billion, and Israel Diamond Exchange (https://www.en.isde.co.il/), officially established in 1930, which has 3,100 members and annual turnover of $28 billion. The same team that helped set up the Dubai Diamond Exchange will be in charge of setting up the Asia Diamond Exchange in Vietnam.
PHI Group believes that the Luxembourg bank fund and Asia Diamond Exchange initiatives will provide very significant long-term value for our company, along with our other corporate initiatives.
About PHI Group
PHI Group (www.phiglobal.com) primarily focuses on mergers and acquisitions and invests in select industries and special situations that may substantially enhance shareholder value. In addition, the Company’s wholly owned subsidiary, PHI Capital Holdings, Inc. (www.phicapitalholdings.com) provides M&A consulting services and assists companies to go public and access international capital markets. We have also been working diligently to launch PHILUX Global Funds with several subfund compartments for investment in renewable energy, agriculture, real estate and a diamond exchange center in Vietnam together with reputable international advisers and partners.
Safe Harbor Act and Forward-looking Statements
This news release contains “forward-looking statements” pursuant to the “safe-harbor” provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may,” “future,” “plan” or “planned,” “will” or “should,” “expected,” “anticipates,” “draft,” “eventually” or “projected,” which are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements as a result of various factors.
Contact:
PHI Group, Inc.
+1-702-475-5430
info@phiglobal.com