Business
PHI Group Establishes New EB-5 Regional Center Under Immigrant Investor Program Targeting $15 Million Organic Farming Project
PHI Group Establishes New EB-5 Regional Center Under Immigrant Investor Program Targeting $15 Million Organic Farming Project.
About this update from Phi Group Inc. (wy)
[{"type":"text","content":"\n\n NEW YORK, March 20, 2017 (GLOBE NEWSWIRE) -- PHI Group, Inc. (“the Company”), a U.S. public company focused on acquisitions and investments in natural resources, other select industries, and special situations (www.phiglobal.com) (OTCMarkets:PHIL), announced today that it has engaged a leading EB-5 consulting firm to establish a new EB-5 regional center in Florida for an EB-5 project in connection with its organic farming business, Abundant Farms, Inc., a wholly owned subsidiary of the Company.\n Under the EB-5 Program, created by Congress to stimulate the U.S. economy through job creation and capital investment, foreign entrepreneurs (and their spouses and unmarried children under 21) are eligible to apply for a Green Card (permanent residence) if they make the necessary investment in a commercial enterprise in the United States that creates or preserves at least 10 permanent, full-time jobs for qualified U.S. workers. (https://www.uscis.gov/working-united-states/permanent-workers/employment-based-immigration-fifth-preference-eb-5/about-eb-5-visa-classification) The EB-5 consulting firm will assist the Company with document preparation and submission of the I-924 regional center designation application to U.S. Citizenship and Immigration Services (USCIS), the agency within the Department of Homeland Security (DHS) that administers the EB-5 Program. The EB-5 consulting firm has completed more than 100 EB-5 related transactions and has successfully maintained a 100% USCIS approval rate across multiple EB-5 regional center licenses. Henry Fahman, Chairman and CEO of PHI Group, stated, “We are delighted to work with this renowned EB-5 consulting firm on our EB-5 regional center application. We intend to raise up to $15 million for the first stage of our organic farming development program. Once approved, our EB-5 regional center will allow accredited foreign national investors to legally immigrate to the U.S. and enable us to access long-term investment capital at a below-market rate creating significant value for our shareholders.” PHI Group has opened escrow to acquire a 408-acre farm in Holmes County, Florida for a model organic farming program. Through this program, the Company plans to use proprietary, enhanced bioavailable nutrient and natural symbiotic immune systems without chemical pestici...