PHI Group Forms Subsidiary, Signs LOI to Acquire European Pharmaceutical and Medical Device Distribution Company
NEW YORK, GLOBE NEWSWIRE) -- PHI Group, Inc., (www.phiglobal.com) (PHIL), a company focused on mergers and acquisitions and investments in natural resources, energy, agriculture, healthcare and special situations, announced today that it has formed PHIVITAE Corp., a Wyoming corporation, to serve as a holding subsidiary of the Company for pharmaceutical and healthcare-related business and signed a Letter of Intent (“LOI”) to acquire 80% of a 20-year old profitable European company that is engaged in pharmaceutical and medical device distribution.
According to the LOI, the Company will enter into a definitive purchase and sale agreement with the European target and will make cash payments for the purchase price, which will be finalized after completion of ongoing due diligence.
The Company intends to use the European target as a platform to distribute prized organic medicines developed by Tho Xuan Duong JSC, a company recognized by Guinness World Records with nearly four centuries of history in Vietnamese traditional medicine and herbs (www.thoxuanduong.com). It will also distribute FDA-cleared innovative medical devices using Low Level Laser Light Therapy technologies developed by American Laser Healthcare Corp, a Delaware corporation (Youtube: Mac Beam Inc), and other selective pharmaceutical products to the European markets.
The Company will announce further details after the signing of the definitive purchase and sale agreement and plans to close this transaction in six to eight weeks.
Henry Fahman, CEO of PHI Group, said, “We are very excited to acquire a majority interest in this European target which can serve as a platform to provide a variety of prized pharmaceutical products and medical devices to European countries and other geographical areas. The conclusion of this transaction will allow us to immediately consolidate its revenues and profits, which will potentially help our top and bottom lines as well as enhance our valuation in the market.”
