PHI Group Inc (PHIL)

[gemmerling]

CC Transcript concerning the Stock Buyback

This is a very sensitive issue. I want to share this with you so far. We have worked with an investment bank and a broker dealer to assist us in the buyback program. There are a couple of individuals that have also offered to assist in the process.

The buyback program isn't a one day type thing. We have recently filed an extension until December 2021. It is a very sensitive issue on the one hand we will like to see our stock rise a lot and rise quickly for our shareholders but we cannot expect that to happen quickly. On the other hand the company wants to buyback a lot of shares so we have a conflicting point here in a certain sense. We need to be very prudent in doing the buyback.

Every time we are able to book and secure a certain block of shares we have to disclose it with the SEC. So far we have made certain arrangements. We have not closed those transactions directly on our books yet. But as soon as we do that it will be public information and then you will all see.

This is not the range we would like to see our stock at especially with the things we are doing. The buyback program is underway. Certain things have been arranged, certain things have been done but there is no booking on our books yet. We cannot say have many shares we have bought back or how many more we will do.

The goal is we want to retire as many shares as possible between now and December 2021. We also have to look at the reality of the market place and the opportunities that we have and we need to make a decision. Very soon we will be able to purchase our first block purchase so you will know what has been accomplished.