NEW YORK, Sept. 21, 2017 (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 the Company, in conjunction with Vietnam-based Hung Vuong Export Import and Construction JSC has given notice to the Provincial People’s Committee of Yen Bai Province, Vietnam, to replace the previously contemplated kinetic energy and employ AQuarius Power, Inc.’s systems for the renewable power plant project in Yen Binh District, Yen Bai Province. In addition, the Company has also notified the Provincial People’s Committee that the project would be staged into two phases of 60-MW’s each.
PHIL has invested in AQP to become a strategic shareholder and will continue making additional investments in the near future. PHIL and AQP have also agreed on the exclusive right to sublicense, sell, build, own and/or operate the AQP energy systems in Vietnam.
AQuarius Wave Energy System is a land-based wave energy system that uses a combination of gravity and buoyancy found within the interaction between air and water to produce power that can be used to generate electricity and / or produce potable water. It is a baseload zero carbon footprint that uses no consumables and can be installed virtually anywhere on the planet that is cost effective against any fossil fuel alternatives. The system, which can be built turn-key within 6 months of obtaining permits, has an operating life of over 60 years and is clean, scalable, reliable, and extremely flexible. Its operating cost is comparably low as hydroelectric systems.
Ha Hoang Vuong, Chairman of HVJSC, stated, “We are excited to work with PHIL to bring this amazing technology to Yen Bai Province and are confident that we can provide affordable baseload renewable energy to both rural and urban areas throughout Vietnam in the near future.”
Henry Fahman, Chairman and CEO of PHIL, concurred, “We are delighted to partner with AQP and HVJSC and look forward to installing this innovative technology for the first 60-MW cluster in Yen Binh District. PHIL also plans to launch a similar project in Eastern Europe soon.”
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)
AQuarius Power Inc., a Texas Corporation, was created for the purpose of developing and licensing certain revolutionary technologies with the potential to provide clean, baseload energy technologies.
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.