NEW YORK, Aug. 25, 2017 (GLOBE NEWSWIRE) -- PHI Group, Inc., (www.phiglobal.com) (OTCQB:PHIL), a company focused on acquisitions and investments in natural resources, energy, agriculture, healthcare and special situations, announced today that a former subsidiary of the Company’s, E-Check Recovery, Inc., a Nevada corporation, has changed its name to Southeast Asia Capital Group, Inc. and engaged PLS CPAS, a PCAOB-registered independent auditing firm (http://www.plscpas.com), to perform the required financial audits in order to file a Registration Statement with the Securities and Exchange Commission to become a fully reporting publicly traded company.
Southeast Asia Capital Group has investigated a number of potential acquisition targets and strategic alliances in Southeast Asia, including Tra Ngo – Cai Lim Island Eco-tourist Complex located in Van Yen Commune, Van Don District, Bai Tu Long bay area, Quang Ninh Province, Northern Vietnam. This is a high potential project with a total scale of more than 121 hectares of development land over an island area of more than 1,000 hectares of natural forests, rock mountains and sea surface. According to the master plan design, this project intends to build 5-star hotels, VIP Resorts, golf-course area, entertainment club, casino and VIP beach. Estimated total investment is $US 300 million.
In addition, together with Phanet Holding Corp. and VIET HP AMA Corp., Southeast Asia Capital Group will also focus on other potential projects in Vietnam, such as the eco-resort of Tuy Lai lake located in Tuy Lai Commune, My Duc District, Hanoi with total scale of over 2,000 hectares and estimated total investment of $US 1.5 billion, and other real estate projects in Hanoi, Ho Chi Minh City, and the Provinces of Quang Ninh and Thanh Hoa in Vietnam.
Southeast Asia Capital Group expects to consummate a significant transaction before filing a Registration Statement with the Securities and Exchange Commission to become a publicly traded company.
Henry Fahman, Chairman and CEO of PHI Group, stated: “Since our shareholders have received 10% of stock dividend in E-Check Recovery in the past, we are glad that Southeast Asia Capital Group’s plan will potentially benefit our shareholders who hold its stock.”
About PHI Group
PHI Group primarily focuses on acquisitions and invests in select industries and special situations that may substantially enhance shareholder value. It also provides merger and acquisition advisory services through a wholly owned subsidiary, PHI Capital Holdings, Inc. (www.phicapitalholdings.com).
About Southeast Asia Capital Group, Inc.
Southeast Asia Capital Group, formerly established as E-Check Recovery, Inc., is engaged in finance, international trade and commercial projects with potential for high returns on investment.
Safe Harbor
This news release contains 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 pursuant to the “safe-harbor” provisions of the Private Securities Litigation Reform Act of 1995.