LOS ANGELES and FRANKFURT, Germany, April 22, 2010 (GLOBE NEWSWIRE) -- PHIGroup, Inc. (OTCBB:PHIE) (Frankfurt:PR7) (XETRA:PR7) (WKN A0RNQV), www.phiglobal.com, an M & A company with diversified holdings in real estate development, energy, natural resources and special situations, announced today that it has signed an agreement to take Thanh Chuong Co., a Vietnamese waste management company, public in the U.S. capital markets.
Thanh Chuong is the first Vietnamese company to build a waste management complex to recycle and treat household, medical, industrial and hazardous waste and to produce bio-organic fertilizer, electricity, building materials and other by-products.
Using proprietary environmentally green technologies developed by Russian-trained Vietnamese engineers and chemists, it is also the first waste treatment company in Vietnam with plans to sell carbon credits generated from its operations.
With registered capital of US$24 million, Thanh Chuong is currently funding its first project in Lam Dong Province with a treatment capacity of 200 tons of solid waste and 40 tons of medical and hazardous waste per day. The company plans to build five other waste treatment plants over the next three years in other areas of Vietnam. The potential for the waste treatment industry in Vietnam, a country with more than 80% of the population still living in rural areas, is extremely promising as the country continues to experience rapid urbanization and industrialization.
PHIGroup will advise and assist Thanh Chuong in its merger and acquisition efforts, funding and growth strategy and will receive compensations in cash and stock.
Chau Kim Huynh, CEO of Thanh Chuong, said, "PHIGroup's assistance in getting Thanh Chuong listed in the U.S. capital markets and accessing international funding is instrumental to our growth strategy. We plan to establish five more waste treatment plants in Vietnam in the next three years to produce bio-organic fertilizer, electricity, building materials and other by-products, using our unique proprietary environmentally green technologies. We aim to be a leading green waste management company in the South East Asian region."
Tai Vo, Managing Director of PHI Vietnam, Ltd., a wholly-owned subsidiary of PHIGroup, stated, "We are delighted to assist Thanh Chuong Co. in its execution plan and look forward to creating significant value for shareholders of both companies."
About Thanh Chuong Co.
Thanh Chuong Co. is a Vietnamese waste management company. The company has successfully developed environmentally friendly proprietary technologies for treatment of household, medical, industrial, and hazardous wastes and production of bio-organic fertilizer, electricity, building materials, and other by-products. The company's plant is located in Gia Hiep commune, Di Linh District, Lam Dong Province, Vietnam.
About PHIGroup, Inc.
PHIGroup develops real estate and natural resources, provides M&A advisory and consulting services and invests in special situations. PHIGroup, which specializes in raising capital and helping take companies public, is developing Philand Ranch, one of the largest master planned communities in Vietnam through its majority owned subsidiary Philand Ranch Limited (Frankfurt:1P8) (XETRA:1P8). This project includes Pointe91, a luxury resort and premium residential community in Quang Nam province in central Vietnam. PHIGroup is also engaged in mining in Southeast Asia through PHI Mining Group, Inc. (Pink Sheets:PHIG). Website: www.globenewswire.com/newsroom/ctr%3Fd=188820%26l=7%26a=www.phiglobal.com%26u=http%3A%2F%2Fwww.phiglobal.com">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.