FRANKFURT, Germany and LOS ANGELES, Aug. 19, 2010 (GLOBE NEWSWIRE) -- PHI Group (OTCBB:PHIE) announced today that its subsidiary PHILand Ranch Limited, (WKN A0RPEA) (Frankfurt:1P8) (XETRA:1P8), through its wholly owned Singaporean business unit PHI Medical, Ltd., has signed a letter of intent to acquire 90% of two hospitals in Ho Chi Minh City, Vietnam.
PHILand Ranch (1P8) is engaged in the development of master-planned communities, residential and commercial properties, hospitality and health care in Vietnam and Southeast Asia.
These hospitals possess full licenses for general practice and cosmetic surgery, kidney dialysis, bone treatment, pharmacy distribution and import of medical equipment and supplies. The two hospitals have a total of 220 beds and 160 staff and are profitable.
PHI Medical intends to use this as a platform to expand medical services in Vietnam through additional acquisitions, strategic alliances, and medical parks by providing advanced mainstream medical and diagnostic equipment for healthcare and promoting regenerative medicine such as stem cell research and therapies.
The closing of this transaction is subject to the signing of a Definitive Purchase Agreement and satisfactory due diligence review and financial audits of the hospitals.
Daniel St. John, Corporate Strategist of PHI Group, Inc., said, "This is the first step in our vision to participate in the healthcare space in Southeast Asia. This provides us with a platform to launch medical service and related businesses in pharmaceuticals, distribution lab research and equipment, which we believe will set the stage for sustainable growth."
David Wood, Senior Partner of the ChinaCare Group, http://www.chinacaregroup.com/, the leading international healthcare consulting firm in China focused on providing business development and management services, believes healthcare parks will play a major role in serving the growing medical needs of Asia. "The medical park concept will find an ideal application in developing Asian countries and, in particular, Vietnam."
About PHILand Ranch Ltd.
PHILand Ranch Limited, a United Kingdom corporation, is engaged in the development of master-planned communities, residential and commercial properties, hospitality and health care in Vietnam and the growing economies of Southeast Asia. The company is currently developing the first phase of a multi-billion dollar project at Pointe91 in Bien Rang, Chu Lai, Quang Nam Province, Central Vietnam through its wholly owned Vietnam-based subsidiary PHILand Vietnam Ltd. PHILand Ranch's stock is traded on the Frankfurt Stock Exchange: 1P8.F, WKN A0RPEA. Website: www.PHILandranch.com/">www.PHILandranch.com.
About PHI Group, Inc.
PHI Group (OTCBB:PHIE) provides M&A advisory and consulting services, develops real estate and natural resources and invests in special situations. PHI Group, 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/">www.PHILandranch.com). PHI Group is also engaged in mining activities through its majority-owned subsidiary PHI Mining Group, Inc. (Pink Sheets:PHIG) (www.phimining.com). Website: www.phiglobal.com/">www.phiglobal.com.