PHI Group Inc (PHIL)

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PHI Group Signs Contract to Purchase Farm in Florida

March 06, 2017 09:00 ET | Source: PHI Group, Inc.

NEW YORK, March 06, 2017 (GLOBE NEWSWIRE) -- PHI Group, a U.S. diversified holding company engaged in mergers and acquisitions, investing in special situations and providing M&A advisory services to international clients (www.phiglobal.com) (OTCMarkets:PHIL), announced today that the Company had signed a definitive contract to acquire a 408-acre farm in Holmes County, Florida, U.S.A. for its model organic farming program.

According to the commercial contract, the Company will pay $1,500,000 for the farm, which includes 408 acres of land, buildings, barns, fixtures, certain equipment and water pumping rights for irrigation. The final closing is scheduled on or about July 3, 2017.

Abundant Farms, Inc., a subsidiary of PHI Group, Inc. plans to use a combination of proprietary enhanced bioavailable nutrient and natural symbiotic immune systems without chemical pesticides and synthetic fertilizers, to initially grow select plants that can be used for medicinal purposes including bitter melon (momordica charantia), turmeric (curcuma longa), Ming aralia (polyscias fruticosa), xao tam phan (paramignya trimera), drumstick tree (moringa oleifera) and others that command higher profit margins than regular vegetables. This is designed to meet growing demand of large Asian customers, particularly in China.

Abundant Farms also plans to raise premium organic poultry and other livestock and to develop a model organic farming program, which can be replicated and licensed to other farmers on a global basis.

Abundant Farms will continue to purchase and lease more farmland to increase its capacity and also complete the required procedures to provide opportunities for international investors to participate in its organic farming project through the EB-5 Investor Visa Program https://www.uscis.gov/eb-5.

Henry Fahman, CEO of PHI Group, said, “We are pleased to move forward with the purchase of the Holmes County farm and look forward to starting our first planting season in the next few months. We are confident this operation will produce revenues and profits for the Company in the coming quarters.”

About PHI Group
Founded in 1982, PHI Group primarily focuses on acquisitions as a principal and invests in energy, natural resources and special situations that may substantially enhance shareholder value. In addition, the Company also provides merger and acquisition advisory services through its wholly owned subsidiary PHI Capital Holdings, Inc. (www.phicapitalholdings.com) and earns revenues in forms of cash and equity for services rendered.

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 pursuant to the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995.

Contact:

Henry Fahman
[phone]
[e-mail]

https://globenewswire.com/news-release/2017/03/06/931882/0/en/PHI-Group-Signs-Contract-to-Purchase-Farm-in-Florida.html