NEW YORK and SINGAPORE, June 17, 2015 (GLOBE NEWSWIRE) -- PHI Group, Inc. (Trading Symbol:PHIL) (OTCMarkets:PHIL), a U.S. public company engaged in energy and natural resources, announced today that the Company has signed a definitive contract with Vietnam-based KHM Joint Stock Company to supply up to 125 million metric tons of reclamation sand from Vietnam to Singapore and Asian markets over a period of five years.
According to the contract, the saline sand shall have been checked and tested to meet the specification requirements according to international industrial standards for usage in Singapore and other Asian government projects. Minimum monthly transaction volume will be 1.6 million MT and may increase by 30% as needed. Contract price is set at FOB mother vessels.
PHI Group is currently coordinating with logistical and other related partners to begin shipment as soon as practical.
Jalani Haniffa, PHI Group Vice President of Southeast Asia Operations, stated: "We are very pleased to have secured a stable long-term supply of reclamation sand to meet the growing needs of the Singapore and Asian markets."
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.