NEW YORK, NY and HANOI, VIETNAM / ACCESSWIRE / March 31, 2014 / PHI Capital Holdings, Inc., a wholly owned subsidiary of PHI Group, Inc. (www.phigroupinc.com) (OTCQB:PHIL) (OTCMarkets:PHIL), today announced that it has signed an agreement to provide M&A advisory services to Asia Green Joint Stock Company, a Vietnamese company, and to assist Asia Green in becoming a fully reporting public company in the United States stock markets.
Asia Green JSC is engaged in afforestation and reforestation activity in Vietnam, particularly specializing in planting Paulownia trees for timber, producing carbon credits as a byproduct and growing bananas as an intermediate crop which can generate revenues for the company in the near term.
Asia Green JSC has signed a Letter of Intent to effectuate a business combination agreement with Touchlink Communications, Inc., a spin-off majority owned subsidiary of PHI Group, Inc., whereby Touchlink Communications will acquire 95% of Asia Green JSC. Touchlink Communications will change its name to Asia Green Corporation, a Nevada corporation, and file a registration statement with the U.S. Securities Commission to become a fully reporting company and serve as the holding company for agroforestry and reforestation programs in Vietnam and Southeast Asia. PHI Group, Inc. will hold a minority interest in Asia Green Corporation after the proposed business combination.
Danny Hung Tieu, President of Touchlink Communications, said, "We are delighted with the prospect of combining Asia Green JSC and Touchlink and turning the new company into a publicly traded vehicle in the U.S. stock market to facilitate financing and allow international investors to participate in our agroforestry and reforestation program."
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.
About Asia Green JSC
Asia Green JSC is a Vietnam-based company focused on growing and consulting management of various agroforestry and reforestation projects for both private and government interests in the South-East Asia region. Asia Green JSC is in the process of consummating a business combination with Touchlink Communications, Inc. to become a new publicly traded company in the U.S. stock market. Reference website: www.asiagreencorp.com
About PHI Capital Holdings and PHI Group, Inc.
PHI Capital Holdings (www.phicapitalholdings.com), a wholly owned subsidiary of PHI Group, Inc., is engaged in M&A advisory services, corporate finance, project financing and corporate turnaround. Targeting both conventional and renewable energy, PHI Group, Inc. invests in energy-related assets and other natural resources, cooperates with international partners to develop independent power plant projects, and provides renewable energy technologies in conjunction with select industry partners. In addition, the company is engaged in trading activity involving coal, oil, precious metals and other industrial commodities. Website: www.phigroupinc.com
SOURCE: PHI Capital Holdings, Inc.