(MENAFN- GlobeNewsWire - Nasdaq) New York, Oct. 26, 2021 (GLOBE NEWSWIRE) -- PHI Group, Inc. ( , PHIL ), a company engaged in advancing PHILUX Global Funds, a group of Luxembourg bank funds organized as“Reserved Alternative Investment Fund” (“RAIF”), and developing the Asia Diamond Exchange (“ADE”) in Vietnam, is pleased to announce the launch of the ADE token in South Korea in connection with the Asia Diamond Exchange.
The token is designed to optimize transparency and fair pricing to the diamond industry to provide enhanced benefits to all stakeholders. By validating transactions on a blockchain, there are no chances of counterfeiting or substandard pieces. Consumers will be able to design and purchase custom diamond jewelry and loose gemstones at significantly better prices by using the ADE tokens.
The ADE tokens will be deflationary by setting aside profits to purchase and burn tokens as well as systematically continuing the buy-back of PHIL stock on an ongoing basis in the future. International investors may purchase and trade the tokens once they are listed on top exchanges such as Coinbase and Binance.
The Asia Diamond Exchange is a modern bourse to be established in affiliation with the World Federation of Diamond Bourses (WFDB). It will be the first-ever vital rough diamond exchange in Asia, comparable to the diamond exchanges in Antwerp (Belgium) ( ) and Dubai (UAE) ( ).
Located in a Free-Trade Zone in Vietnam near an international airport in the new Global Multi-Commodities Center (“GMCC”) similar to the Dubai Multi-Commodities Centre ( ), the ADE is a modern bourse to be established in affiliation with the World Federation of Diamond Bourses (WFDB) and fully compliant with the Kimberley attestation process. ADE membership will serve as a mark of distinction, opening doors and allowing access to those active in the diamond trade. The ADE ensures that its members will have the safety of only trading with reputable companies adhering to its compliance guidelines that are bound by a strict code of good business practices and ethics.
The ADE will have exceptional facilities, providing fully equipped trading halls for its members and a complete service environment for everyone in the diamond pipeline. In addition to providing a full range of services to support members in their daily transactions, the ADE will also provide a complete line of ancillary services related to the diamond industry. Members and their guests will have convenient access to networking and a Trade Lounge, boiling and polishing, secure transportation, Kimberley Process Office, insurance and financing partners, gemological services, education and more.
The ADE's tender and auction services will play an important role in the Vietnam diamond trade, matching the right goods from seller to buyer. The ADE will have the optimal infrastructure to host diamond tenders, using state of the art facilities, equipment and personnel to ensure secure, transparent tenders for the benefit of the seller and buyer.
Henry Fahman, Chairman and CEO of PHI Group, Inc., stated:“In spite of the global Covid-19 pandemic and the resultant adversities, our international team of organizational, legal, financial and domain experts have worked tirelessly over the past few years to prepare for the Asia Diamond Exchange. We now have all the ingredients to make the ADE a reality. Similar to the successes of the Dubai Multi-Commodities Centre and the Dubai Diamond Exchange, this will bring tremendous benefits to all the stakeholders, including the diamond-producing countries, the people and economy of Vietnam, international diamantaires, companies and businesses that will come to the zone, consumers and our own shareholders and investors.”
About PHI Group, Inc.
PHI Group ( , PHIL ) is committed to creating long-term shareholder value by primarily focusing on advancing PHILUX Global Funds, a group of Luxembourg bank funds organized as“Reserved Alternative Investment Fund” (“RAIF”) ( ), and building the Asia Diamond Exchange (“ADE”) in Vietnam. In addition, the Company also engages in mergers and acquisitions, invests in select industries and special situations and adopts blockchain and crypto technologies to provide innovative solutions that may potentially create additional value for our shareholders.
Safe Harbor Act and Forward-looking Statements
This news release contains“forward-looking statements” pursuant to the“safe-harbor” provisions of the Private Securities Litigation Reform Act of 1995.“Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as“may,”“future,”“plan” or“planned,”“will” or“should,”“expected,”“anticipates,”“draft,”“eventually” or“projected,” which are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements as a result of various factors.
PHI Group, Inc.
Tags PHI Group Inc. PHIL PHILUX Global Funds ADE RAIF Blockchain WFDB GMCC Coinbase Binance diamond industry Henry Fahman shareholder
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