Tuesday, February 14, 2012

PHI Group to List Phanet Holding Corp's Vietnam-based Subsidiary HP.ITA in the U.S. Stock Market

LOS ANGELES, CA and HOCHIMINH CITY, Vietnam, Feb. 14, 2012 /PRNewswire/ -- PHI Group, Inc., (OTCQB: PHIE.PK), (Pinksheets: PHIE.PK) a company engaged in energy and natural resources, real estate development, and merger and acquisition consulting services, announced today that its majority-owned subsidiary PHI Asia Holdings, Inc. has signed an agreement to take HP.ITA Joint Stock Company public in the U.S and to arrange funding for its various real estate projects in Vietnam.

HP.ITA JSC, a Vietnamese company, is a wholly owned subsidiary of Phanet Holding Corp., a Nevada corporation, U.S.A.

According to the agreement, PHI Group will assist Phanet Holding Corp to list its Vietnam-based subsidiary HP.ITA JSC in the U.S stock market by a business combination with a U.S corporation and filing the necessary paperwork with the Securities and Exchange Commission to become a fully reporting publicly traded company.

PHI Group will also assist HP.ITA to raise additional capital through international institutional and individual investors for its various real estate projects in Vietnam.

To date, HP.ITA has invested VND 1.866 Billion (approximately US$ 89.7 Million) in various real estate development projects in Vietnam, including three residential towers with 17, 38 and 40 stories and a commercial center in Ha Noi, Vietnam.

Phanet Holding has also successfully arranged $50 million and is ready invest this amount towards the additional $200 million budget required to complete these projects.

As part of the compensation for the services rendered to Phanet, PHI Group and PHI Asia Holdings will retain approximately 5% equity ownership in the combined public company.

Tai Vo (top right photo), Chief Executive Officer of PHI Asia Holdings, commented: "We are delighted to help Phanet's subsidiary HP.ITA create a public platform to access international capital sources not only to complete these current development projects but also position the company for future expansion."

Richard Phan, Chairman and CEO of Phanet Holding Corp., concurred: " We look forward to turning HP.ITA into a U.S. public company to create additional value for our shareholders and make it easier for investors to participate in our growth."