New York, NY, July 11, 2018 (GLOBE NEWSWIRE) — PHI Group, Inc., (www.phiglobal.com) (OTCQB: PHIL), a U.S. diversified holding company focused on mergers and acquisitions and investments in natural resources, energy, agriculture and special situations, today announced that it has signed a business cooperation agreement with Vietnam-based Fintech Green Investment JSC (“FGI”) to collaborate in the areas of fintech and blockchain technology.
According to the agreement, PHI Group plans to acquire a majority equity interest in FGI, assist FGI in its recapitalization plan and take it public on an international stock market to further its development and growth.
FGI provides solutions for financial applications with the Fourth Industrial Revolution (Industry 4.0) platform and practical blockchain deployment. With extensive experience and knowledge in blockchain technology and cryptocurrency mining, FGI will work with PT Mega Kencana Persada, an Indonesian company, and Smartway GmbH, a German company, to provide logistical and payment solutions for the Indonesian maritime transportation systems using blockchain technology, fintech and robust Smartway proprietary mathematical algorithms. In addition, FGI and PHI Group have also been in discussions with certain international partners to potentially cooperate in the development of an offshore financial center in Southeast Asia.
David D. Doan, Chairman of Fintech Green Investment, stated: “ We look forward to working with PHI Group and its other international partners and believe these strategic relationships will help us accelerate our growth and expansion otherwise not possible.”
Henry Fahman, Chairman and CEO of PHI Group, stated, “We are very delighted to partner with Fintech Green Investment and its highly talented professionals who will play a very important role in the development and implementation of our fintech and blockchain initiatives in the near future.”
On another note, during the past seven months PHI Group has also been diligently working with its other international partners on two major initiatives in the areas of institutional financial services and luxury consumer goods, which are expected to have unprecedented impact on the company’s valuation once completed. The Company expects to announce the progress of these transactions in the coming weeks when certain conditions are met.
About PHI Group, Inc.
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.