PHI Group Inc (PHIL)

[MasterFeldan]

This is a recap of Saigon Pho Palace. Some of it is DD and some of it has been posted on the board in the past. But the “too long; didn’t read” version is that she’s dead, Jim. This wasn’t going to be our bread winner anyway. We’re no worse for wear.

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Repost:

https://www.globenewswire.com/news-release/2018/11/05/1645058/0/en/PHI-Group-Forms-New-Subsidiary-for-M-A-Transaction-with-Saigon-Pho-Palace-JSC.html

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I was waiting to put this out until I heard back... but the link had already been posted prior (the post that I'm replying to) so there's really nothing new or that hasn't been said already.

The deal with MHD Hanoi had been terminated in favor of the deal with Saigon Pho Palace (SGP)

When the agreement was signed in 2018, SGP had been operating a chain of restaurants catering to weddings and conventions. The Foreign Agricultural Service of the USDA had SGP listed as a major institutional caterer, along with its website and location (Ho Chi Minh City, formerly known as Saigon). The stated goal of SGP was to build 35 more catering restaurants by 2025, as well as 50 “SGP Bulkoki” restaurants by 2025 and 200 “SGP X-N Coffee” shops by 2027. They also wanted to capture 20-30% of the “$8 billion market segment in the next five to seven years.” SGP claimed its unaudited financials already exceeded $90 million USD.

The last time Grant Thornton has been mentioned in any financial report was the 10Q filed 5/20/19.

There is evidence that SGP continued through at least December 2019. The office address on Google shows that the SGP primary office address was permanently closed.

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