NEW YORK, Oct. 31, 2017, PHIL, (GLOBE NEWSWIRE) — PHI Group, Inc. (OTCQB:PHIL), a company engaged in mergers and acquisitions and investments in special situations, announced today that it has appointed Mr. Lam T. Duong as Chief Technology Officer for Abundant Farms, a wholly owned subsidiary of PHIL that is focused on organic farming.
Holding a Master of Science in agriculture, Mr. Duong has held teaching and research positions at Nong Lam University, Vietnam, and Auburn University, Alabama, U.S.A. during the last sixteen years. He has researched, developed and successfully produced organic fertilizer with his proprietary formulations that has provided excellent results for a variety of crops. Mr. Duong will further enhance his methodologies and start production of organic fertilizer for Abundant Farms in North America and Eastern Europe.
Mr. Duong stated, “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.”
Horace Horumba, President of PHI Group – Eastern Europe said, “We are pleased and enthused to implement a complete production facility with a research and development arm in Timis County, Romania. Furthermore, due to its unique geographic position, Timis County can be compared to Mediterranean climate patterns and its University in Timisiora also creates a technical talent hub of human resources.”
Mr. Horumba added: “Whereas Romania has approximately 13.9 Million hectares with a marketable agriculture production of 15 to 16 Billion Euros and ranks in the top 10 of worldwide producers for grain and corn, we can safely address a market comprised of several hundred million Euros of which we intend through our fertilizer production plan to capture 5% to 10% as entry level in the next one to two years.
Through our collaboration with the President of AGRALIM Section & Member of managing board from Timis Chamber of Commerce, Industry & Agriculture, Mr. Darius Georgiu stated: “We are pleased to support and encourage all progressive development towards organic agricultural products as Romanian and European Union movements are towards organic development in the agriculture process.”
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)
About Abundant Farms
Abundant Farms is engaged in organic farming activity. It acquires farmland, forms joint ventures with governments and other farmers, and leases arable land to grow select crops and medicinal plants that potentially command superior return on investment. It also plans to produce proprietary organic fertilizer and provides special water treatment systems by PHI EZ Water Tech, Inc., also a subsidiary of PHI Group, for its own organic farming program and for sale to farmers worldwide.
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 pursuant to the “safe-harbor” provisions of the Private Securities Litigation Reform Act of 1995.