PHI GROUP, INC. Changes Trading Symbol, Updates on Subsidiary's Mining Business
May 15 2009 - 8:00AM
Marketwired
PHI GROUP, INC., formerly Providential Holdings, Inc. (OTCBB: PHIE)
(FRANKFURT: PR7) (WKN 935160), a company engaged in mergers and
acquisitions, real estate development, mining, and investing in
special situations, today announced its new trading symbol and
recent development regarding PHI Mining Group, Inc., a
majority-owned subsidiary of the Company (PINKSHEETS: PHIG).
As a result of the change of the Company's name to PHI GROUP,
INC. and the par value of its common stock to $0.001 per share, as
approved at the annual shareholder meeting on April 10, 2009, PHI
GROUP's common stock will begin trading under the new symbol "PHIE"
starting May 15, 2009. These changes will not affect the rights and
privileges of the Company's shareholders in any way.
On another note, the Company's majority-owned subsidiary PHI
Mining Group has recently entered into a joint venture agreement
with Phnom Penh-based Paul Cham Group Co., Ltd. to engage in mining
of limestone in Cambodia. According to the agreement, PHI Mining
Group will own 60% of the joint venture company, which will be
operating in Cambodia.
PHI GROUP's CEO Henry Fahman said, "We are excited to announce
our new trading symbol and to update on the recent development with
our partner Paul Cham Group in Cambodia. We will continue to report
further progress on this new business opportunity, which we believe
will generate extraordinary results for our shareholders in the
near future."
About PHI GROUP, INC.
PHI GROUP, INC., formerly known as Providential Holdings, Inc.,
focuses on M&A and consulting services, real estate
development, mining and investing in special situations. The
Company assists companies to go public and raise capital, develops
"Pointe 91," a luxury resort and premium residential community in
Chu Lai, central Vietnam (www.philandranch.com), and engages in
mining in Southeast Asia (www.phimining.com). The Company's main
web site address is www.phiglobal.com.
Safe Harbor: This news release contains 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.
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Contact: Henry Fahman Tel: 714-843-5455 Email Contact
PHI (CE) (USOTC:PHIG)
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