LOS ANGELES and FRANKFURT, Germany, Feb. 4, 2010 (GLOBE NEWSWIRE) -- PHIGroup, Inc. (OTCBB:PHIE) (Frankfurt:PR7) (XETRA:PR7) (WKN A0RNQV), a company engaged in the development and management of real estate properties, mining interests and consulting and merger and acquisition advisory services, today reported on the results of the annual general meeting and the update provided to shareholders on the company's 2010 plans and outlook.
In business transacted at the meeting, Ghanshyam Dass was elected to the company's board of directors. He will serve until the 2011 annual meeting. Dass is a former managing director in the Asia Pacific area for Nasdaq and currently a senior advisor for KPMG and Intel Capital. He has had an extensive banking and business career including assignments with the British Bank of the Middle East and Hong Kong and Shanghai Banking Corporation. He currently serves on the boards of several international companies.
At the meeting, PHIGroup Chairman and CEO Henry Fahman reviewed the preceding year's operations and discussed the company's goals and objectives for 2010.
Fahman told shareholders that the company plans to complete a number of transactions for existing M&A clients, provide services for four new ones and expand operations into several Southeast Asian countries.
Commenting on the company's Pointe 91 development project in Chu Lai, Quang Nam Province, Central Vietnam that is managed by the company's subsidiary Philand Ranch, Fahman said 2010 plans call for completion of phases one and two, which include the entry gate, the guard house, the violin-shaped lake, the sales and interior design offices and the models for the Private Residence Club. Philand Ranch also plans to conduct a feasibility study for a branded theme park south of Hoi An, Quang Nam Province, in addition to one for a medical center.
In addition, the company's subsidiary PHI Mining Group will focus on Southeast Asian opportunities including surveys, feasibility studies, financing and initial operations at selective sites.
The company expects to complete the registration for the spin-off of at least two subsidiaries as separate public companies with their own business focus.
Fahman said, "Though 2009 was an extremely challenging year for our company and other businesses, we made notable progress on many fronts including listing Philand Ranch on the Frankfurt Stock Exchange. We look forward to accomplishing the objectives for 2010 and creating significant value for our shareholders."
Fahman will discuss these topics in further detail in an interview with Stockgoodies.com, a G6 Stocks community at 8:30 a.m. ET on February 04, 2010. The interview can be heard on the StockGoodies homepage, www.stockgoodies.com.
About PHIGroup, Inc.
PHIGroup develops real estate and natural resources, provides M&A advisory and consulting services and invests in special situations. PHIGroup, which specializes in raising capital and helping take companies public, is developing Philand Ranch, one of the largest master planned communities in Vietnam. This project includes Pointe91, a luxury resort and premium residential community in Quang Nam province in central Vietnam (www.philandranch.com). PHIGroup is also engaged in mining activities in Southeast Asia and Haiti (PHIMining Group, Inc.) (Pink Sheets:PHIG) (www.globenewswire.com/newsroom/ctr%3Fd=180955%26amp;l=8%26amp;a=www.phimining.com%26amp;u=http%3A%2F%2Fwww.phimining.com">www.phimining.com). Website: www.globenewswire.com/newsroom/ctr%3Fd=180955%26amp;l=8%26amp;a=www.phiglobal.com%26amp;u=http%3A%2F%2Fwww.phiglobal.com">www.phiglobal.com.
Safe Harbor Statement
This news release contains forward-looking statements that are subject to certain risks and uncertainties Such forward-looking statements are 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. Actual results may differ materially from those projected, on the basis of such forward-looking statements.