PHI Group Forms Subsidiaries for Acquisition of Manufacturing Company and Joint Venture in Blockchain Businesses


Closing of acquisition, anticipated by September 30, would enable upgrading to Nasdaq

New York, NY, July 30, 2018 (GLOBE NEWSWIRE) -- PHI Group, Inc., (www.phiglobal.com) (OTCQB: PHIL), a U.S. diversified holding company focused on mergers and acquisitions and investments in natural resources, energy, agriculture and special situations, today announced that it has formed two new subsidiaries, namely American Pacific Plastics, Inc. and Pacific FinTech Corp, both Wyoming corporations, as special purpose vehicles for the acquisition of a majority interest in a profitable Vietnamese plastic manufacturing company (the “target”) and the joint venture (the “JV”) to develop and operate an offshore financial center and blockchain businesses with Regent Blockchain Group, Ltd., a Filipino company.

The Company will proceed with the necessary steps, including the financial audits of the Vietnamese target according to U.S. Generally Accepted Accounting Principles (GAAP) and filing a registration statement with the Securities and Exchange Commission, for American Pacific Plastics to become a separate publicly traded entity. The Company intends to use this subsidiary as a platform to acquire other plastic manufacturing companies in Southeast Asia in the future. The Vietnamese target has been in business for more than seventeen years, with last year’s revenues of approximately $46.2 million and EBITDA of $3.7 million, respectively. It serves a growing list of well-established customers including Vinamilk, Nestle and Pepsi and is in the process of setting up a new factory to increase combined revenues to over $100 million per year. The Company believes the closing of this transaction, scheduled to occur before September 30, 2018, will enable PHI Group to upgrade to the Nasdaq Stock Market.

The Company will also finalize a definitive agreement with Regent Blockchain Group for the joint venture company whose operating headquarters will be located in the Cagayan Economic Zone, Lai-lo Municipality, Cagayan, Philippines http://ceza.gov.ph/. Pacific FinTech Corp plans to quickly launch a number of Apps and ICO’s as well as a multilingual cryptocurrency exchange.

PHI Group intends to provide special stock dividends in both American Pacific Plastics, Inc. and Pacific FinTech Corp to shareholders of the Company in the near future when these subsidiaries go public.

Cagayan Economic Zone Authority believes that some of the best business opportunities in this economic zone are ripe in the following ventures: IT Development, BPOs, Offshore Banking Units, Financial Institutions, Sports, Amusement and Recreation, Medical Tourism, Integrated Resorts, Casino Gaming Operations, Ship Building and Repair, Power and Water Plant Development, Logistics and Cargo Handling, Hotel and Restaurants, Duty-Free Shops and Outlets, Factories and Manufacturing, and Agricultural Production, among others.

As mentioned earlier, CEZA has built a telecommunications network that has fiber-optic lines and redundant internet connectivity. With it, business locators could host their network and data storage equipment in a highly secured environment equipped with redundant power and cooling system. CEZA is also committed to build a new city and township equipped with world-class amenities; it is now working closely with private owners of exclusive resorts inside its jurisdiction to fulfill this dream.

Previously, CEZA Secretary Raul Lambino organized a Fintech Summit in Bonifacio Global City during which he declared his commitment to transform the area into a landmark for blockchain technology, cryptocurrencies, and fintech. He said: “We have a perfect setting for some of the young Filipino generation’s best minds and the world’s leading cryptocurrency companies to engage in the development of the next wave of technological innovations. The best of nature and cutting-edge technology will combine to bring about a new hub in Asia for the world’s leaders in the burgeoning global currency of the future.” https://cryptonomist.ch/en/blockchain-en/cagayan-special-economic-zone/.

On another note, the Company has made further progress with respect to the two major initiatives in the areas of institutional financial services and luxury consumer goods and will announce updates on these transactions with definitive information at the appropriate time.

About PHI Group, Inc.

PHI Group (www.phiglobal.com) primarily focuses on mergers and acquisitions and invests in select industries and special situations that may substantially enhance shareholder value. PHI Group also provides M&A and consulting services through its wholly owned subsidiary, PHI Capital Holdings, Inc. (www.phicapitalholdings.com)

Safe Harbor

This news release contains “forward-looking statements” pursuant to the “safe-harbor” provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected", which are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements as a result of various factors.


            

Contact Data