PHI Group Signs Definitive Agreement to Acquire Indonesian Coal Deposits
(firmenpresse) - LOS ANGELES, CA and JAKARTA, INDONESIA -- (Marketwire) -- 12/22/11 -- PHI Group, Inc., (OTCQB: PHIE) (PINKSHEETS: PHIE), a company focused on energy and natural resources, announced today that it has signed a definitive agreement to acquire approximately ten million metric tons of mineable coal deposits from PT. Bindakar, an Indonesian corporation with headquarters in Riau Province, Indonesia.
Subject to additional technical due diligence by the Company and the possession of the operation and production license (Izin Usaha Pertabangan (IUP) Operasi Produksi) by PT. Bindakar, both parties expect to close the contemplated transaction in the next three months. Consideration for the purchase will be in cash, unless otherwise agreed by both parties prior to closing.
This transaction is part of PHI Group's focus to accumulate energy and natural resource assets in the Southeast Asia region.
Henry Fahman, Chairman of PHI Group, said, "We look forward to completing additional technical due diligence and receiving the operation/production license from PT. Bindakar for the closing of this transaction. In the meantime we have also investigated other coal and natural resource assets with operation/production licenses and will select those that meet our requirements for acquisition."
PHI Group (OTCQB: PHIE) (PINKSHEETS: PHIE) focuses on energy and natural resources in Southeast Asia and engages in real estate development and M&A advisory and consulting services. The company is developing Pointe91, a luxury resort and premium residential community in Chu Lai, Quang Nam Province, and other real estate projects in Vietnam through PHILand Ranch Ltd. (). (FRANKFURT: 1P8). It also assists companies to go public and access the capital markets in the U.S. and Europe. Website: .
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.
Contact:
Henry Fahman
+1-714-843-5455
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Datum: 22.12.2011 - 10:30 Uhr
Sprache: Deutsch
News-ID 1068440
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LOS ANGELES, CA and JAKARTA, INDONESIA
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Alternative Energy
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