LOS ANGELES, SINGAPORE and FRANKFURT, Germany, April 28, 2011 /PRNewswire/ -- PHILand Ranch Ltd
(Frankfurt:1P8), a majority owned subsidiary of PHI Group, Inc.
(OTCQB:PHIE), a company engaged in consulting services, real estate
development, mining and energy, announced today that its wholly
owned subsidiary PHI Oil and Gas Ltd (POG), a Singapore public company limited by shares,
has signed an agreement with AXN Group, LLC (AXNG), a Delaware corporation, to recapitalize and
engage in independent oil and gas business activities.
According to the agreement, AXNG will organize, arrange, acquire
and contribute oil and gas properties, assets and business
opportunities across the upstream, midstream and downstream sectors
to POG. In particular, AXNG will immediately introduce and arrange
certain oil and gas properties, assets and business opportunities
from China, Chile, Indonesia, Philippines, Sierra
Leone, Thailand and
Vietnam for acquisition by or
joint venture and strategic alliance with POG. POG shall serve as
the holding entity to finance and manage all such properties and
businesses through its subsidiaries and affiliates.
As part of the restructuring, AXNG and its affiliates will own
70%, PHI Group will own 15% and PHILand Ranch will own 15% of POG.
PHI Oil and Gas Ltd, which recently changed its name from PHI
Medical Ltd, will be responsible for listing its shares on the
Singapore Stock Exchange as soon as practical, but no later than
six months following the acquisition of any oil and gas properties,
assets or businesses through arrangements with AXNG. PHI
Group will continue to pursue its healthcare initiatives in
Southeast Asia through a strategic
alliance to be announced in the near future.
Allen Wu, Managing Member of
AXNG, said, "Since we have successfully assembled a portfolio of
substantial oil and gas assets across all the sectors, we believe
our cooperation with PHI Oil and Gas will create very significant
value for shareholders of both companies."
Henry Fahman, Chairman of PHI Group, Inc., concurred, "We are
confident that the restructuring of PHI Oil and Gas and the
cooperation with AXNG will be good for both companies."
About PHI Oil and Gas Ltd
Founded originally in 2009 as a Singapore public company limited by shares,
PHI Oil and Gas Ltd aims to engage in the area of independent oil
and gas, including but not limited to acquisition, exploration,
exploitation, development, production of crude oil and natural gas
properties, and sale and distribution of refined oil products,
primarily in Asia with reach into
Latin America and West Africa.
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 (OTCQB:PHIE) provides M&A advisory and consulting
services, develops real estate, engages in mining and energy, and
invests in special situations. PHI Group takes companies public in
the U.S. and international stock markets through its subsidiaries
PHI Capital Holdings Inc. and PHI Vietnam Holdings Ltd
(www.phiholdings.com) , develops real estate through PHILand Ranch
Ltd (www.philandranch.com, Frankfurt:1P8), participates in coal
mining through PHI Energy Corporation (www.phienergycorp.com), and
engages in independent oil and gas activities through PHI Oil and
Gas Ltd and in gold mining through PHI Gold Corporation
(www.phigoldcorp.com, Pinksheets:PHIG). Website:
www.phiglobal.com.
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:
Timmy Phan
714-843-5457
info@phiglobal.com
SOURCE PHI Group, Inc.