NEW YORK and JAKARTA, Indonesia, May 15, 2015 (GLOBE NEWSWIRE) -- PHI Group, Inc. (OTCMarkets:PHIL), (www.phiglobal.com), a U.S. public company engaged in energy and natural resources, announced today that the Company has signed an agreement to acquire a 70% ownership in CV Berkat Do'A Mama ("BDM"), an Indonesian company that owns a 6,200-hectare coal concession in Kapuas, Central Kalimantan, Indonesia.
The calorific value of the coal is GCV 5,800-5,600 Kcal/kg ADB and estimated deposit is 33-50 million metric tons. BDM and the Company believe there are several favorable options for coal products from this mine, including exports to Vietnam and Thailand for coal-fired power plants and cement factories, shipping to a power plant to be built in Papua Province or building a mine-mouth power plant in Kapuas, Central Kalimantan, Indonesia.
The closing of this transaction is subject to the results of a drilling program to be conducted in the near future.
Oktavianus, President of BDM, stated: "We are pleased to partner with PHI Group, Inc. and look forward to building a long-term relationship between the two companies through this project and other energy-related business ventures in the future."
Henry Fahman, Chairman and CEO of PHI Group: "We are delighted to cooperate with BDM to develop this mine and eager to pursue other energy-related transactions together. This is part of our long-standing plan to secure both conventional and renewable energy assets to meet the growing global energy demand."
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.
Targeting both conventional energy and renewables, PHI Group, Inc. invests in energy-related assets and natural resources, cooperates with international partners to develop independent power plant projects, and provides renewable energy solutions in conjunction with select industry partners. In addition, the company is engaged in trading activity involving coal, oil, precious metals, sand, granite and other industrial commodities. The Company also provides M&A advisory and consulting services through its wholly-owned subsidiary PHI Capital Holdings, Inc. Website: www.phiglobal.com.