NEW YORK, March 07, 2016 (GLOBE NEWSWIRE) -- PHI Group (OTC Markets:PHIL), a U.S. public company currently engaged in energy and natural resources, announced today that it will spin off all non-energy businesses to focus on completing the acquisition of Pacific Petro Trading Corporation, a company engaged in liquefied petroleum gas (LPG) packaging, distribution and retail in Southern Vietnam, http://www.pacificpetro.com.vn/.
The Company intends to use Pacific Petro as a platform to acquire and consolidate other liquefied petroleum gas (LPG) and energy-related businesses in Southeast Asia where demand and growth are expected to accelerate at an unabated pace for several decades to come.
The Company will form a wholly owned subsidiary as the holding company for all business activities related to mining, minerals and natural resources, but not related to energy, and assign and transfer to it all existing contracts and agreements related to mining, minerals and natural resources between the Company and various parties, together with all inherent rights and obligations therein.
PHI Group will issue two million shares of its restricted common stock to the new subsidiary in exchange for twenty million shares of common stock in the new subsidiary. Subsequently, the Company will register between 10 to 15 million shares of common stock in the new subsidiary with the Securities and Exchange Commission to make it a new publicly traded company and distribute these free trading special dividend shares to PHI Group’s shareholders. The Company will fix the record date for the dividend shares in the new subsidiary in the very near future.
In addition, the Company will transfer all earned assets and liabilities from PHI Capital Holdings, Inc., currently a wholly owned subsidiary of the Company, to PHI Group’s books and discontinue all and any interest in PHI Capital Holdings as soon as practical.
On another note, the Company will include the 5,673,327 shares of common stock of PHI Group that have been previously reserved for a special dividend distribution in an upcoming registration statement with the Securities and Exchange Commission.
The Company expects to report further progress with the Pacific Petro transaction and new acquisitions in the following weeks.
About PHI Group
PHI Group, Inc. (www.phiglobal.com), a U.S. publicly traded company established in 1982, adopts a double-tracked strategy to cater to the needs of both conventional energy and renewables.
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.
Contact: Henry Fahman +1-702-475-5430 firstname.lastname@example.org
Source: PHI Group, Inc.