New York, NY, April 06, 2018 (GLOBE NEWSWIRE) -- PHI Group, Inc., (www.phiglobal.com) (OTCQB: PHIL), a company focused on mergers and acquisitions and investments in natural resources, energy, agriculture and special situations, announced today that it has signed a definitive contract to acquire a 600-acre farm in Levy County, Florida for its subsidiary Abundant Farms, Inc. to set up an organic fertilizer factory and a model organic farming program.
According to the commercial contract, the Company will pay $1,320,000 for the 600-acre farm, which includes 70% of land that can be readily certified for organic farming. The closing of this transaction is scheduled to occur in about fifty days, subject to further due diligence and other conditions.
Abundant Farms, Inc., a subsidiary of PHI Group, Inc. plans to use a combination of proprietary enhanced bioavailable nutrient and natural symbiotic immune systems without chemical pesticides and synthetic fertilizers, to initially grow select plants that can be used for medicinal purposes such as bitter melon (momordica charantia) and turmeric (curcuma longa), which have much higher commercial value than regular crops.
At the same time, Abundant Farms will develop a model organic farming program to grow other agricultural products and medicinal plants, which can be replicated and licensed to farmers on a global basis.
In addition, Abundant Farms will also produce organic fertilizers by using proprietary formulations developed by Lam Duong, the Company’s Chief Technology Officer, who has held teaching and research positions at Nong Lam University, Vietnam, and Auburn University, Alabama, U.S.A. during the last sixteen years.
Henry Fahman, CEO of PHI Group, said, “We are pleased to have found this farmland property which can be quickly certified for organic farming. In addition, this location has better-suited weather pattern for tropical medicinal plants and is closer to sources of raw materials for organic fertilizer, as compared to the site we planned to purchase in Holmes County, Florida before.”
Mr. Duong reiterated, “After many years working in plant pathology field and organic farming as a scientist to develop sustainable agriculture system, I am excited to start producing the organic fertilizer for sale both in the U.S. and in Eastern Europe, as well as for our own organic farming activity. My objective is arming farmers worldwide to use the bio control method for plant diseases, bio fertilizers combined with certain live microorganisms as benefit bacterial, and resistant fungus in bio control to increase the plant's abilities to resist adverse conditions of the environment for all crops to improve the soil nutrient, environment, crop yields and quality of products for better human heath in the world. Our product is a culmination of the best results from numerous researches and studies of professors and scientists through the years in many colleges and universities in the US and other countries.”
On another note, the Company wishes to inform our shareholders that we have recently been working on a number of crucial initiatives, including but not limited to blockchain technology, institutional funds, precious stones, major cross-border acquisitions and strategic alliances which may impact the future of company in extraordinary ways. In particular, the preparations for the Gildex tokens associated with the gold reserve assets of American Pacific Resources, a subsidiary of PHI Group, have been completed and are ready for launch after April 18, 2018. We will continue to update our shareholders in the coming weeks.
About PHI Group
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)
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: Henry Fahman PHI Group, Inc. email@example.com
Source: PHI Group, Inc.