Phi Group Inc (OTC:PHIL)

New York, Nov. 20, 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 select industries and special situations, today commented on the operating results of the quarter ended September 30, 2018.

During the quarter ended September 30, 2018, the Company primarily focused on the establishment of the Luxembourg institutional bank fund and new M&A business development as a principal and did not generate any revenue from advisory and consulting services, as compared to $28,500 for the quarter ended September 30, 2017. The company incurred $280,497 and $134,295 in operating expenses for the comparable three months ended September 30, 2018 and 2017, respectively. The increase of $146,202 on total operating expenses between the two periods was mainly due to increases in professional services and general and administrative expenses.

Loss from operations for the quarter ended September 30, 2018 was $280,497, as compared to loss from operations of $105,795 for the corresponding period ended September 30, 2017. An increase of $174,702 in the loss from operations between the two periods was mainly due to the absence of revenue and increases in professional services and general and administrative expenses in the current quarter.

Net other expenses were $637,186 for the three months ended September 30, 2018, as compared to net other expenses of $455,623 for the three months ended September 30, 2017. The increase in other expenses of $181,563 between the two periods was mainly due to an increase of $413,328 in net interest expenses, offset by a decrease of $44,444 in other expense, and the absence of loss on debt settlement and on loan conversion during the current period.

Net loss for the three months ended September 30, 2018 was $917,682, as compared to net loss of $561,418 for the same period in 2017, which is equivalent to ($0.01) per share for the current period and ($0.02) per share for the corresponding period ended September 30, 2017, based on the weighted average number of basic and diluted shares outstanding at the end of each corresponding period.

During the quarter ended September 30, 2018, the Company successfully closed the acquisition of 51% ownership in Vinafilms Joint Stock Company (www.vinafilms.com.vn), which generated $25 million in revenues and $765,000 in EBITDA in 2017 according to Vinafilms’ domestically audited annual report containing financial statements for the year ended December 31, 2017.  Vinafilms has recently installed a German state-of-the-art plastic film processing system and plans to add two more of these to meet the growing domestic and international demand for its products. Vinafilms also plans to enter a joint venture with a leading Vietnamese plastic bag manufacturing company with an aim to bring combined revenues to over $150 million per year by the end of 2019.  PHI Group is currently conducting the financial audits of Vinafilms according to the U.S. Generally Acceptable Accounting Principles (GAAP) and will be able to report consolidated operating results from Vinafilms JSC for the quarter commencing October 1, 2018. 

Subsequently, on October 16, 2018, signed a Stock Swap Agreement with the majority shareholder of Saigon Pho Palace Joint Stock Company (“SGP”) (www.saigonphopalace.com) in order to exchange 51% of all the issued and outstanding ordinary stock of SGP for Preferred Stock or a promissory note of PHI Group, Inc., either of which may be convertible into shares of a new subsidiary of the Company. The amount of Preferred Stock or the value of the convertible note of the Company to be issued for the exchange of the 51% equity interest in SGP will be based on the results of a valuation of SGP’s business by a professional, independent appraisal firm. According to Mr. Quy Minh Le, SGP’s Chairman and General Director, its unaudited annual revenues are approximately over US$ 90 million and expected to rise sharply with the additional restaurant and coffee shop chains it plans to open. PHI Group’s management believes the additions of Vinafilms and SGP, subject to the Company’s meeting compliance standards, should enable PHIL to qualify for an uplist to the Nasdaq Stock Market in the near future.

PHI Group Chairman and CEO Henry Fahman said, “During the three months ended September 30, 2018, we mainly focused our energy and resources on the establishment of the Luxembourg institutional bank fund and M&A activities as a principal. Though the last quarter’s financial results were disappointing, we strongly believe that our recent acquisitions of Vinafilms and SGP as well as our efforts in the establishment of the Luxembourg institutional bank fund will potentially create very significant value for the Company and our shareholders in the near future.”

PHI Group CEO Henry Fahman will host a conference call for shareholders and investors at 04:30 P.M. Eastern, Tuesday, November 20, 2018 to discuss the special stock dividend and recent important corporate developments.

New York, NY, July 25, 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 an agreement to acquire a majority interest in an undisclosed profitable Vietnamese plastic manufacturing company (the “Target”) that has been in business for more than seventeen years, with last year’s revenues of approximately $46.2 million and EBITDA of $3.7 million, respectively.

According to the agreement, PHI Group will form a wholly owned subsidiary “American Pacific Plastics, Inc.” as the special purpose vehicle to hold the majority interest in the Target and will pay for the transaction with PHI Preferred Stock. The Company intends to file a registration statement with the Securities and Exchange Commission for American Pacific Plastics to become a separate publicly traded entity and use it as a platform to acquire other plastic manufacturing companies in Southeast Asia in the future.

The Target owns state-of-the-art laboratories and manufacturing facilities and caters to the needs of a growing list of well-established customers including Vinamilk, Nestle and Pepsi. It currently plans to set up a new factory to increase combined revenues to over $100 million per year.

Henry Fahman, Chairman and CEO of PHI Group, stated: “We believe the closing of this transaction will enable us to upgrade to the Nasdaq Stock Market in the near future and use the special purpose vehicle as a platform to consolidate other targets to create additional value for our shareholders.”

New York, NY, May 29, 2018 (GLOBE NEWSWIRE) -- PHI Group, Inc., (www.phiglobal.com) (OTCQB: PHIL), a company focused on mergers and acquisitions and investments in natural resources, energy, agriculture and special situations, today announced that the Company’s Board of Directors has passed amended resolutions to extend the Record Date for the special stock dividend in American Pacific Resources, Inc. (www.aprgold.com), a wholly owned subsidiary of the Company which will be spun off into a separate publicly traded entity.

According to the amended resolutions, the Company extends the Record Date for the special stock dividend in American Pacific Resources, Inc. to June 29, 2018 and fixes the minimum amount of Common Stock of PHI Group, Inc. held by each shareholder at five (5) shares to be eligible for the above-mentioned special stock dividend.

The Payment Date of the special stock dividend is still October 31, 2018 and the Dividend Ratio remains to be the same as announced before: for every five (5) shares of PHI Group, Inc. Common Stock held by eligible shareholders as of the new Record Date, these shareholders have the right to receive one (1) freely tradable share of Common Stock of American Pacific Resources, Inc., a subsidiary of PHI Group, Inc. that is currently awaiting SEC registration for its Common Stock.

In addition, the Company has also decided to round up the dividend shares of American Pacific Resources, Inc. Common Stock to the nearest whole number of shares when fractional shares occur in the calculations of the special stock dividend distribution.