LOS ANGELES and HOCHIMINH CITY,
Vietnam, Feb. 14, 2012 /PRNewswire/ -- PHI Group,
Inc., (OTCQB: PHIE.PK), (Pinksheets: PHIE.PK) a company engaged in
energy and natural resources, real estate development, and merger
and acquisition consulting services, announced today that its
majority-owned subsidiary PHI Asia Holdings, Inc. has signed an
agreement to take HP.ITA Joint Stock Company public in the U.S and
to arrange funding for its various real estate projects in
Vietnam. HP.ITA JSC, a Vietnamese company, is a wholly owned
subsidiary of Phanet Holding Corp., a Nevada corporation, U.S.A.
According to the agreement, PHI Group will assist Phanet Holding
Corp to list its Vietnam-based
subsidiary HP.ITA JSC in the U.S stock market by a business
combination with a U.S corporation and filing the necessary
paperwork with the Securities and Exchange Commission to become a
fully reporting publicly traded company. PHI Group will also
assist HP.ITA to raise additional capital through international
institutional and individual investors for its various real estate
projects in Vietnam.
To date, HP.ITA has invested VND 1.866
Billion (approximately US$ 89.7
Million) in various real estate development projects in
Vietnam, including three
residential towers with 17, 38 and 40 stories and a commercial
center in Ha Noi, Vietnam.
Phanet Holding has also successfully arranged $50 million and is ready invest this amount
towards the additional $200 million
budget required to complete these projects.
As part of the compensation for the services rendered to Phanet,
PHI Group and PHI Asia Holdings will retain approximately 5% equity
ownership in the combined public company.
Tai Vo, Chief Executive Officer
of PHI Asia Holdings, commented: "We are delighted to help Phanet's
subsidiary HP.ITA create a public platform to access international
capital sources not only to complete these current development
projects but also position the company for future expansion."
Richard Phan, Chairman and CEO of
Phanet Holding Corp., concurred: " We look forward to turning
HP.ITA into a U.S. public company to create additional value for
our shareholders and make it easier for investors to participate in
our growth."
About PHI Group
PHI Group, Inc. focuses on energy and natural resources in
Southeast Asia and holds majority
interests in subsidiaries engaged in real estate development and
M&A consulting services. Website: www.phiglobal.com.
About Phanet Holding Corp. and HP.ITA JSC
Phanet Holding Corp. is one of the first Vietnamese global angel
and capital investor groups. HP.ITA Joint Stock Company, a wholly
owned subsidiary of Phanet Holding Corp., is a Vietnamese company
engaged in real estate development. The Company has invested over
VND 1.8 Billion (approximately
US$ 89.7 million) in five real estate
projects in Vietnam, including
three apartment towers with 17, 38 and 40 stories and a commercial
center in Ha Noi, Vietnam.
Website: http://www.phanetholdingcorp.com
Safe Harbor: This news release contains forward-looking
statements that are subject to certain risks and uncertainties.
Such forward-looking statements are 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. Actual
results may differ materially from those projected, on the basis of
such forward-looking statements.
Contact
Tai Vo
Tel: +84 8 3844 6181
Email: taiv@phiholdings.com
SOURCE PHI Group, Inc.