NEW YORK, April 06, 2016 (GLOBE NEWSWIRE) -- PHI Group (OTC Markets:PHIL), a U.S. public company focused on conventional energy and renewables, announced today that it has formed “American Pacific Resources, Inc.,” a Wyoming corporation, as its wholly owned subsidiary to manage the Company’s non-energy businesses, particularly its existing projects and transactions in the area of natural resources.
PHI Group will negotiate with its partner companies to assign and transfer current contracts and agreements related to mining, minerals and natural resources together with the rights and obligations thereof to American Pacific Resources.
These existing business opportunities include reclamation and construction sand projects in Zambales Province, the Philippines with Spartan Mining and Development Co. and in Vietnam with several Vietnamese companies, a nickel project in Bulikhamsay Province, Laos with Cavico Lao Mining Ltd., an antimony project in Khammuane Province, Laos with Khamchaleun Investment Sole Co., a titanium refinery project in Binh Thuan Province, Vietnam with HTMI, an oleochemical plant in Malaysia with Fusion Crest Sdn Bhd, and others.
The Company and its new subsidiary will re-evaluate these projects and transactions and focus on those of highest priorities based on economic benefits, required resources, risks, and time horizons. For practical purposes, we may not renew some of the existing projects but consider new ones instead.
PHI Group will issue two million shares of its restricted common stock to American Pacific Resources in exchange for 20 million shares of common stock in this new subsidiary. The Company intends to register between 10 to 15 million shares of American Pacific Resource’s common stock with the Securities and Exchange Commission to make it a new publicly traded company and distribute 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 near future.
Henry Fahman will host a conference call at 04:30 P.M. EST on Wednesday April 13, 2016. To participate in the conference call, dial +1-641-715-3274 and enter 767368#.
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 conventional energy and renewables. The Company is in the process of acquiring 50.90% of Pacific Petro Trading Corp. (http://www.pacificpetro.com.vn/) and spinning off its non-energy businesses.
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 email@example.com
Source: PHI Group, Inc.