PHIGroup Announces 75 Million Share Buy Back Authorization
LOS ANGELES and FRANKFURT, Germany, Dec 11, 2009 (GlobeNewswire via COMTEX) -- 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.
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: PHI Group, Inc.
By Staff
CONTACT: CONTACT: PHIGroup, Inc.
Henry Fahman
714-843-5455
henry@phiglobal.com
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