(MENAFN- EIN Presswire) PHI GROUP INC (OTCMKTS:PHIL)NEW YORK, NEW YORK, USA, March 27, 2023/einpresswire.com / -- PHI Group, Inc. (n/k/a philux global group Inc., , PHIL), a diversified holding company currently sponsoring Philux Global Funds, developing the Asia Diamond Exchange project (“ADE”) in Vietnam, engaging in mergers and acquisitions and investing in select opportunities that may have potential for high growth, is pleased to provide a business update regarding our transactions with saigon silicon city jsc ('SSC”), tin thanh group ('TTG”) and certain Luxembourg sub-fund participants.
Due to additional administrative and legal requirements in connection with the closing and release of committed funds to the Company, on March 21, 2023, Saigon Silicon City JSC ( ) and the Company signed an amendment to the Investment Commitment Agreement dated February 21, 2023 to extend the date of the first investment disbursement to SSC to be within thirty days of the signing of this Amendment. The Company will provide or cause to be provided fifty million U.S. dollars (USD 50,000,000) in the first tranche for SSC to resume the implementation of its building plan. Additional amounts of capital will be provided by the Company to SSC at various intervals as needed to ensure uninterrupted construction until the completion of the project. The Company expects to close one or more investment management agreements with certain international investor groups in the coming weeks and will be able to provide the funds to SSC during that time frame.
On another note, the Company has received a notice dated March 20, 2023 from TTG to formally terminate the Stock Transfer Agreement that was signed on August 13, 2022 between TTG and the Company. The Company has discussed further with TTG and intends to renegotiate a new deal after closing one or more of the pending financing packages to primarily invest in the Tin Thanh Group Americas'“Smart-Tire” project in Allendale County, South Carolina, USA with cash from these investment management agreement programs and not by issuing the Company's shares.
In addition, the Company also sent notices to Vietnam-based Thanh Nam Long Construction Co., Ltd. and AZ Holdings Investment JSC to terminate the respective Agreements for Participation in Philux Global Infrastructure and Real Estate sub-funds with these companies due to their inability to fulfill stipulated obligations in connection with those fund participation agreements.
The Company intends to hold a shareholder conference call soon after the closing of the first investment management package and will provide specific information regarding the conference call to our shareholders and investors ahead of time in the near future.
About PHILUX Global Group
PHI Group (n/k/a Philux Global Group Inc., , (PHIL) primarily focuses on 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. The Company also engages in mergers and acquisitions and invests in selective industries and special situations that may substantially enhance shareholder value.
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.
Contact:
Philux Global Group Inc.
Email:
Tel: +1-714-793-9227
HENRY FAHMAN
PHILUX GLOBAL GROUP INC
+1 7147939227
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