Business
PHI Group to Acquire 51% in a Joint Venture with Filipino Regent Blockchain Group to Engage in Offshore Financial Center and Blockchain Businesses
PHI Group to Acquire 51% in a Joint Venture with Filipino Regent Blockchain Group to Engage in Offshore Financial Center and Blockchain Businesses.
About this update from Phi Group Inc. (wy)
[{"type":"text","content":"\nNew York, NY, July 23, 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 with Regent Blockchain Group, Ltd., a Filipino company, to form a joint venture company to develop and operate an offshore financial center and blockchain businesses, including but not limited to Apps, ICO’s and cryptocurrency exchanges. The joint venture company will be located in the Cagayan Economic Zone, Lai-lo Municipality, Cagayan, Philippines http://ceza.gov.ph/.\n According to the agreement, PHI Group will contribute four million dollars in cash and/or preferred stock for a fifty-one percent ownership and management rights of the joint venture.  Regent Blockchain Group will allocate a sublicense of the Financial Technology Solutions and Offshore Virtual Currency (FTSOV) License from the official agency of the Philippine Government which has the responsibility to issue such FTSOVC license.  Currently only Cagayan Economic Zone Authority (CEZA) has such authority under FTSOVC Business Rules and Regulations of 2018 towards the joint venture for the operations of the offshore financial center and blockchain businesses. CEZA believes that some of the best business opportunities in the Cagayan Economic Zone are ripe in the following ventures: IT Development, BPOs, Offshore Banking Units, Financial Institutions, Sports, Amusement and Recreation, Medical Tourism, Integrated Resorts, Casino Gaming Operations, Ship Building and Repair, Power and Water Plant Development, Logistics and Cargo Handling, Hotel and Restaurants, Duty-Free Shops and Outlets, Factories and Manufacturing, and Agricultural Production, among others. CEZA has built a telecommunications network that has fiber-optic lines and redundant internet connectivity. With it, business locators could host their network and data storage equipment in a highly secured environment equipped with redundant power and cooling system. CEZA is also committed to build a new city and township equipped with world-class amenities; it is now working closely with private owners of exclusive resorts inside its jurisdiction to fulfill this dream. Earlier this year, CEZA S...