LOS ANGELES, CA and JAKARTA, INDONESIA–(Marketwire – Nov 17, 2011) – PHI Group, Inc. (PINKSHEETS: PHIE) (OTCQB: PHIE), a company engaged in energy and natural resources, real estate development, and M&A advisory services, announced today that it has signed a letter of intent to acquire coal mine assets from PT Bindakar, an Indonesian corporation with headquarters in Riau Province, Indonesia.
According to the Letter of Intent, PHI Group will acquire an estimated mineable coal reserve of 10,000,000 metric tons located in an area of approximately 2,670 hectares in Rokan Hulu, Riau Province, Indonesia from PT Bindakar. Both parties expect to enter into a definitive agreement to fix the price, terms and conditions of the transaction within the next few weeks.
This transaction is part of the Company’s focus on energy and natural resource assets in the Southeast Asia region.
Sample analysis data of the coal assets conducted by Sucofindo, an Indonesian company, show ash content of 17.75%, total sulfur 0.55%, total moisture 2.82%, volatile matter 48.19%, fixed carbon 33.02% and gross caloric value of 6985 Kcal/kg.
Henry Fahman, Chairman of PHI Group, said, “We believe our focus on coal and other natural resource assets in Indonesia, in conjunction with PHI Energy Corporation and our cooperation with AXN Group, will accelerate our growth and create substantial value for our shareholders.”
About PHI Group Inc.
PHI Group (PINKSHEETS: PHIE) (OTCQB: PHIE) engages in energy and natural resources, 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. (www.philandranch.com) (FRANKFURT: 1P8). It also assists companies to go public and access the capital markets in the U.S. and Europe. Website: www.phiglobal.com.
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.
