LOS ANGELES, CA and FRANKFURT, GERMANY--(Marketwire - February 8, 2011) - PHI Group, Inc. (
According to the agreement, AXNG and PEC will organize and arrange for sale and purchase of coal and other energy-related commodities between international sellers and buyers through PEC. In particular, PEC will engage in coal mining and coal trading in Southeast Asia, China, India, South America and South Africa. As part of the restructuring, AXNG will own 68% of PEC, PHI Group will own 27%, and 5% will be distributed as a special dividend to shareholders of PHI Group. PHI Group will be responsible for listing PEC shares on the OTCBB or a senior exchange in the U.S. stock market after six months of successful operations.
Allen Wu, Managing Member of AXNG and Chairman of PEC, stated: "As coal has been and will continue to be a key form of energy for steel mills and power plants, PEC aims to play a meaningful role supported by large long term offtake contracts."
Henry Fahman, Chairman of PHI Group, Inc., said, "We are delighted to cooperate with AXNG in this energy initiative and look forward to generating significant economic benefits for shareholders of both companies. We also plan to reorganize our other subsidiaries including Provimex, Inc., Touchlink Communications, Inc., E-check Recovery, Inc., and Irvine College of Medical Sciences, Inc. and to register previously distributed dividend shares to create value for Phi Group shareholders in the coming months."
About PHI Energy Corporation
Founded originally in 2005 as Providential Oil & Gas, Inc., PHI Energy Corporation has been engaged in oil and gas joint ventures with various U.S. companies in Texas, and California. The Company has signed an agreement with AXN Group, LLC to engage in coal and other energy-related commodities.
About AXN Group
AXN Group LLC (AXNG), founded in 1997, has been a global investor in natural resources sector, encompassing oil & gas, forestry/timber, and mining. In the mining area, AXNG focuses on gold, coal, iron ore/Iron sand, nickel and copper, with significant projects across the Americas, Africa and Association of South East Asian Nations (ASEAN, including Philippines, Myanmar, Laos, Cambodia, Vietnam, Malaysia, Thailand, Brunei, Indonesia and Singapore). For further information, inquire at info@axngroup.com.
About PHI Group
PHI Group (
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 Information:
Contact:
Henry Fahman
714-843-5455