NEW YORK, Sept. 27, 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 signed a Letter of Intent to acquire an undisclosed Canadian educational company (“TARGET”) for a combination of cash and stock.
The TARGET, which has been in business for over 20 years and has generated an average annual revenue of approximately CND$70 million during the last three years, is an educational organization that provides premium education services at its private English as a Second Language ("ESL") Schools, High School, Career Colleges and Community Colleges in Canada, owns and operates 21 campuses and enrolls approximately 20,000 students yearly in various English language and career training educational courses. The identity of TARGET and other details will be kept confidential until completion of due diligence. The transaction is expected to close in October 2016, subject to additional due diligence and compliance with the US Securities and Exchange Commission and the Toronto Stock Exchange.
Milost Advisors, PHI's buy-side advisor and subsidiary of Milost Global Inc., has successfully arranged the required funding for the closing of TARGET and post-acquisition working capital. Milost Advisors Inc. is also acting as the lead and the only advisor with regards to this buyout transaction.
The closing of this transaction is expected to add $5 million monthly revenues to PHI Group. The Company also has plans to expand the TARGET’s international operations, add online programs for distance-learning and offer special tailor-made executive education curricula for emerging markets, which will undoubtedly widen its scope of business and generate significant additional revenues for the Company.
Henry Fahman, Chairman and CEO of PHI Group, added: “We highly value the benefits and impact of education and look forward to adding the TARGET to our portfolio of companies, fully confident that this acquisition will provide an excellent platform for us to expand into international markets in the near future.”
About PHI Group, Inc.
PHI Group, Inc., a U.S. publicly traded company established in 1982, is in the process of acquiring controlling interests in a number of targets in the areas of conventional energy, renewables, natural resources and special situations with intention to build a critical mass and uplist to the Nasdaq Stock Market or NYSE as soon as practical.
About Milost Advisors Inc
Headquartered in New York City, Milost Advisors Inc. is a global investment-banking firm for mid to large market clients and entrepreneurs globally. Milost team experience continues to enable it to offer its clients comprehensive advisory services including M&A, capital markets, legal, research as well as restructuring and strategic advisory.
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.