NEW YORK, Sept. 19, 2016 (GLOBE NEWSWIRE) -- PHI Group (www.phiglobal.com) (OTC Markets:PHIL), a U.S. diversified holding company engaged in mergers and acquisitions, announced today that the Company has accepted a counter offer from the seller to acquire an agriculture company (the “Target”) in Southeastern U.S. for a combination of 81% in cash and 19% in stock.
TCA Global Fund has agreed to fund the cash component of this transaction from the $15 million previously announced acquisition facility and the balance thereof will paid in PHI stock. PHI Group plans to complete the due diligence review of the Target as soon as possible, allowing for the subsequent closing of the transaction on or about October 31, 2016.
The Target has been in business for three decades and is one of the finest grower/packer/shipper operators in the Southeast, with average annual revenues of approximately $25 million. This company markets all types of southern produce and ships various products on a year-round basis, depending on the specific commodity and growing season. All facets of the growing, harvesting and shipping process are managed to maintain the highest quality and safety standards. Its systems and continual cold chain provide longer shelf life, reduced inventory shrink and better tasting fruits and vegetables to customers.
For post-acquisition growth and expansion, PHI Group has established working relationships with two partner companies that provide breakthrough nutrients and water treatment systems to grow organic produce of highest quality and potentially increase the harvest yield and annual revenues to $50-$75 million within a year.
Milost Advisors, PHI’s buy-side advisor, is acting as the lead and the only advisor with regards to this buyout transaction.
Henry Fahman, PHI’s Chairman and CEO, said, “We believe this acquisition will provide an excellent platform for us to enter the organic food market, especially with the breakthrough nutrients and water treatment systems that can set us apart from other growers without the use of insecticides or disinfectants. Not only do we expect yields to be two or three times higher, but we are confident we can produce premium organic foods that are healthier and will sell for higher prices.”
About PHI Group, Inc.
PHI Group, Inc., a U.S. publicly traded company established in 1982, is engaged in mergers and acquisitions and is currently in the process of acquiring controlling interest in a number of targets in select industries with intention to build a critical mass and uplist to a senior exchange as soon as practical.
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: email@example.com
Source: PHI Group, Inc.