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PHIGroup Announces 75 Million Share Buy Back Authorization
LOS ANGELES and FRANKFURT, Germany, Dec. 11, 2009 (GLOBE NEWSWIRE) -- PHIGroup, Inc. (OTCBB:PHIE) (Frankfurt:PR7) (Xetra:PR7.DE) (WKN A0RNQV), a company engaged in the development and management of real estate properties, mining interests and consulting, merger and acquisition advisory services, announced today that the company has been authorized to buy back up to 75 million shares of its common stock in the open market.
The company's board of directors approved the stock repurchase program, effective immediately, to buy back up to 75 million shares of its common stock from the open market over the next twelve months at price levels that are deemed beneficial for the company.
Management is expecting to have a number of liquidity events that will enable the company to meet its financial commitments and to buy back shares for retiring to treasury. PHIGroup currently has approximately 195 million shares outstanding and 126 million shares in the float. PHIGroup Chairman and CEO Henry Fahman, said, "We believe a prudent share repurchase program will help increase the potential return on equity for our long-term shareholders."
About PHIGroup, Inc.
PHIGroup develops real estate and natural resources, provides M&A advisory and consulting services and invests in special situations. PHIGroup, which specializes in raising capital and helping take companies public, is developing Philand Ranch, one of the largest master-planned communities in Vietnam. This project includes Pointe91, a luxury resort and premium residential community in Quang Nam province in central Vietnam. PHIGroup is also engaged in mining in Southeast Asia and Haiti (PHIMining Group, Inc., Other OTC: PHIG, www.phimining.com). Website: www.phiglobal.com.
About Philand Ranch Ltd.
Philand Ranch Limited, a United Kingdom corporation, Company No. 6923797, is engaged in the development of real estate, hospitality and master-planned community properties in Vietnam and the growing economies of Southeast Asia. The company is currently developing the first phase of a multi-billion dollar project at Pointe91 in Bien Rang, Chu Lai, Quang Nam Province, Central Vietnam through its wholly owned Vietnam-based subsidiary Philand Vietnam Ltd. Philand Ranch's stock is traded on the Frankfurt Stock Exchange: 1P8.F and Xetra: 1P8.DE; WKN A0RPEA. Website: www.philandranch.com.
About Pointe91
Located on a majestic bluff overlooking the South China Sea in Chu Lai, Quang Nam Province, central Vietnam, Pointe91 will offer exclusive luxury accommodations including 227 grand private residences, a five-star beach hotel and spa with 180 rooms and 30 detached premium residences that will be part of a private residence club.
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: PHIGroup, Inc.
Henry Fahman
714-843-5455
henry@phiglobal.com
volume is coming in
.07 ask
Picked up some more today.
I haven't received anything since the 7th, should I sign up again or am a blocked for some readon?
Bought today also, looks good
I don't have the chart experience that you have, but until the bid goes above .05 I'm not to sure about the support line
Bid was at .045 at close
wow, there were 4 assistance mods and they all left
Redstick, can you give me your thoughts on PHIE?
It formed a DOJI Friday with a long upper line, is there any meaning to a doji having that long of a line above the crossbar.
There needs to be volume, otherwise it just hit the upper bband and will not break above it. I see it trading between the upper and lower bband until real volume comes in.
Just my opinion
What filing said it would be soon?
Nice chart explanation- always educational
How did you come up with .30 cents?
Are you expecting an announcement before the end of the year?
mathew, question reagarding the charts you posted in particular the acum/dist
Why is it that all the charts show the accum. heading north, but mwis is still pointing south?
What does it mean for mwis?
It has already been a 10 bagger in the last two week. I think it falls back to .15 before she takes off again.
Just my opinion, still looking good but needs consolidation
The close was painted with 100 shares.
We will see tomorrow if the seller is done.
Todays candlestick looks like an inverted hammmer (a bullish reversal pattern that needs confirmation).
If gold and silver are going up, does copper follow?
Thanks once again, very helpful information.
Pay
I am long on this one also.
Pay
BM
Redstick, I was looking at the FRTW chart and I see three support lines .02, .015, and .01
What indicators should I be looking for that might indicate this stock will hold at .02 or fall to the next support line?
Thanks for your input on CHRI
Pay
Love the Wave Picks
Thanks Dave
Volume alert
Thank you
Redstick - could you do a chart reading on CHRI?
Added some today, I think she's ready make a run
Pushhhhhhhhhhhhh 18 gone
bookmarked and took a nice position today.
I show .25 on the ask?
She's going to bust out soooooooooooooooooooooon
Here ya go:
rbakker@stemulite.com
I will be moving on soon.
I e-mailed him this:
Just a thought
Q filing today and a morning PR showing total sales for the year and a breakdown of sales for each quarter showing the % of growth each quarter. That plus the Q filing would turn some heads in my opinion.
I tried to smack .22 and they filled me at .21
I asked Robert for a PR in the morning and gave him a list of what I would like to see in it.
I'm not sure he will though
This company is so close to turning a profit. In my opinion 2010 will be very profitable.
Just look at the mark-ups on this product:
3 months ending Sept. 30th 2009
Net Sales $ 2,016,947
Cost of Sales $ 355,677
Gross Profit $ 1,661,270
Revenues for the three months ended September 30, 2009 were $2,016,947 compared to $1,063,444 for the same period of 2008. Net Loss for the three months ended September 30, 2009 was $1,712 compared to a net loss of $557,385 for the same period of 2008.
FUTURE OUTLOOK
The Company anticipates continued growth in sales based on wide acceptance in the market of its initial product “Stemulite™ Fitness Formula for Men” and “Stemulite™ Fitness Formula for Women”. The Company anticipates introducing at least one new product during the fourth quarter of 2009. The Company may also consider any business opportunity that may involve a future acquisition from a private entity having an operating business that may provide opportunities, products or services of a complementary nature to the Company's current product offerings.
end of day
gapper