Wednesday, September 28, 2016 1:25:05 PM
NEW YORK, Sept. 27, 2016 (GLOBE NEWSWIRE) -- PHI Group (www.phiglobal.com) (OTC Markets:PHIL), a U.S. diversified holding company engaged in mergers and acquisitions, announced today that the Company has signed a Letter of Intent to acquire an undisclosed Canadian educational company (“TARGET”) for a combination of cash and stock.
The TARGET, which has been in business for over 20 years and has generated an average annual revenue of approximately CND$70 million during the last three years, is an educational organization that provides premium education services at its private English as a Second Language ("ESL") Schools, High School, Career Colleges and Community Colleges in Canada, owns and operates 21 campuses and enrolls approximately 20,000 students yearly in various English language and career training educational courses. The identity of TARGET and other details will be kept confidential until completion of due diligence. The transaction is expected to close in October 2016, subject to additional due diligence and compliance with the US Securities and Exchange Commission and the Toronto Stock Exchange.
Milost Advisors, PHI's buy-side advisor and subsidiary of Milost Global Inc., has successfully arranged the required funding for the closing of TARGET and post-acquisition working capital. Milost Advisors Inc. is also acting as the lead and the only advisor with regards to this buyout transaction.
The closing of this transaction is expected to add $5 million monthly revenues to PHI Group. The Company also has plans to expand the TARGET’s international operations, add online programs for distance-learning and offer special tailor-made executive education curricula for emerging markets, which will undoubtedly widen its scope of business and generate significant additional revenues for the Company.
Henry Fahman, Chairman and CEO of PHI Group, added: “We highly value the benefits and impact of education and look forward to adding the TARGET to our portfolio of companies, fully confident that this acquisition will provide an excellent platform for us to expand into international markets in the near future.”
Recent PHIL News
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 03/11/2024 10:05:47 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/21/2024 12:34:23 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 12/26/2023 03:00:09 PM
- US Airforce Contract Awarded to Epazz, Inc. (OTC Pink: EPAZ) • InvestorsHub NewsWire • 12/14/2023 11:48:21 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 12/13/2023 08:40:50 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 11/20/2023 09:15:52 PM
- Form NT 10-Q - Notification of inability to timely file Form 10-Q or 10-QSB • Edgar (US Regulatory) • 11/13/2023 09:33:15 PM
- Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405] • Edgar (US Regulatory) • 10/13/2023 08:10:38 PM
- Form NT 10-K - Notification of inability to timely file Form 10-K 405, 10-K, 10-KSB 405, 10-KSB, 10-KT, or 10-KT405 • Edgar (US Regulatory) • 09/28/2023 08:30:15 PM
- Airbus, PHI Group Sign Deal for 28 Helicopters • Dow Jones News • 09/12/2023 01:58:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/03/2023 12:00:11 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 06/29/2023 03:30:15 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 06/28/2023 09:00:23 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 06/28/2023 08:45:44 PM
Axis Technologies Group and Carbonis Forge Ahead with New Digital Carbon Credit Technology • AXTG • Apr 24, 2024 3:00 AM
North Bay Resources Announces Successful Equipment Test at Bishop Gold Mill, Inyo County, California • NBRI • Apr 23, 2024 9:41 AM
Epazz, Inc.: CryObo, Inc. solar Bitcoin operations will issue tokens • EPAZ • Apr 23, 2024 9:20 AM
Avant Technologies Launches Advanced AI Supercomputing Network and Expansive Data Solutions • AVAI • Apr 23, 2024 8:00 AM
BestGrowthStocks.com Issues Comprehensive Analysis of Triller Merger with AGBA Group Holding Limited • AGBA • Apr 22, 2024 1:00 PM
Cannabix Technologies to Present Marijuana Breathalyzer Technology at International Association for Chemical Testing (IACT) Conference in California • BLO • Apr 22, 2024 8:49 AM