Business
PHI Group Forms Subsidiaries for Acquisition of Manufacturing Company and Joint Venture in Blockchain Businesses
PHI Group Forms Subsidiaries for Acquisition of Manufacturing Company and Joint Venture in Blockchain Businesses.
About this update from Phi Group Inc. (wy)
[{"type":"text","content":"\nClosing of acquisition, anticipated by September 30, would enable upgrading to Nasdaq\n New York, NY, July 30, 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 formed two new subsidiaries, namely American Pacific Plastics, Inc. and Pacific FinTech Corp, both Wyoming corporations, as special purpose vehicles for the acquisition of a majority interest in a profitable Vietnamese plastic manufacturing company (the “target”) and the joint venture (the “JV”) to develop and operate an offshore financial center and blockchain businesses with Regent Blockchain Group, Ltd., a Filipino company. The Company will proceed with the necessary steps, including the financial audits of the Vietnamese target according to U.S. Generally Accepted Accounting Principles (GAAP) and filing a registration statement with the Securities and Exchange Commission, for American Pacific Plastics to become a separate publicly traded entity. The Company intends to use this subsidiary as a platform to acquire other plastic manufacturing companies in Southeast Asia in the future. The Vietnamese target 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. It serves a growing list of well-established customers including Vinamilk, Nestle and Pepsi and is in the process of setting up a new factory to increase combined revenues to over $100 million per year. The Company believes the closing of this transaction, scheduled to occur before September 30, 2018, will enable PHI Group to upgrade to the Nasdaq Stock Market. The Company will also finalize a definitive agreement with Regent Blockchain Group for the joint venture company whose operating headquarters will be located in the Cagayan Economic Zone, Lai-lo Municipality, Cagayan, Philippines http://ceza.gov.ph/. Pacific FinTech Corp plans to quickly launch a number of Apps and ICO’s as well as a multilingual cryptocurrency exchange. PHI Group intends to provide special stock dividends in both American Pacific Plastics, Inc. and Pacific FinTech Corp to shareholders of the Company...