LOS ANGELES, SINGAPORE and FRANKFURT, Germany, April 28, 2011 /PRNewswire/ -- PHILand Ranch Ltd (Frankfurt:1P8), a majority owned subsidiary of PHI Group, Inc. (OTCQB:PHIE), a company engaged in consulting services, real estate development, mining and energy, announced today that its wholly owned subsidiary PHI Oil and Gas Ltd (POG), a Singapore public company limited by shares, has signed an agreement with AXN Group, LLC (AXNG), a Delaware corporation, to recapitalize and engage in independent oil and gas business activities.
According to the agreement, AXNG will organize, arrange, acquire and contribute oil and gas properties, assets and business opportunities across the upstream, midstream and downstream sectors to POG. In particular, AXNG will immediately introduce and arrange certain oil and gas properties, assets and business opportunities from China, Chile, Indonesia, Philippines, Sierra Leone, Thailand and Vietnam for acquisition by or joint venture and strategic alliance with POG. POG shall serve as the holding entity to finance and manage all such properties and businesses through its subsidiaries and affiliates.
As part of the restructuring, AXNG and its affiliates will own 70%, PHI Group will own 15% and PHILand Ranch will own 15% of POG. PHI Oil and Gas Ltd, which recently changed its name from PHI Medical Ltd, will be responsible for listing its shares on the Singapore Stock Exchange as soon as practical, but no later than six months following the acquisition of any oil and gas properties, assets or businesses through arrangements with AXNG. PHI Group will continue to pursue its healthcare initiatives in Southeast Asia through a strategic alliance to be announced in the near future.
Allen Wu, Managing Member of AXNG, said, "Since we have successfully assembled a portfolio of substantial oil and gas assets across all the sectors, we believe our cooperation with PHI Oil and Gas will create very significant value for shareholders of both companies."
Henry Fahman, Chairman of PHI Group, Inc., concurred, "We are confident that the restructuring of PHI Oil and Gas and the cooperation with AXNG will be good for both companies."
About PHI Oil and Gas Ltd
Founded originally in 2009 as a Singapore public company limited by shares, PHI Oil and Gas Ltd aims to engage in the area of independent oil and gas, including but not limited to acquisition, exploration, exploitation, development, production of crude oil and natural gas properties, and sale and distribution of refined oil products, primarily in Asia with reach into Latin America and West Africa.
About AXN Group
AXN Group LLC (AXNG), founded in 1997, has been a global investor in natural resources sector, encompassing oil & gas, forestry/timber, and mining. In the mining area, AXNG focuses on gold, coal, iron ore/iron sand, nickel and copper, with significant projects across the Americas, Africa and Association of South East Asian Nations (ASEAN, including Philippines, Myanmar, Laos, Cambodia, Vietnam, Malaysia, Thailand, Brunei, Indonesia and Singapore). For further information, inquire at [email protected].
About PHI Group
PHI Group (OTCQB:PHIE) provides M&A advisory and consulting services, develops real estate, engages in mining and energy, and invests in special situations. PHI Group takes companies public in the U.S. and international stock markets through its subsidiaries PHI Capital Holdings Inc. and PHI Vietnam Holdings Ltd (www.phiholdings.com) , develops real estate through PHILand Ranch Ltd (www.philandranch.com, Frankfurt:1P8), participates in coal mining through PHI Energy Corporation (www.phienergycorp.com), and engages in independent oil and gas activities through PHI Oil and Gas Ltd and in gold mining through PHI Gold Corporation (www.phigoldcorp.com, Pinksheets:PHIG). Website: www.phiglobal.com.
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.
SOURCE PHI Group, Inc.