NEW YORK, NY and HANOI, Vietnam / ACCESSWIRE / April 14, 2014 / PHI Capital Holdings, Inc., a wholly owned subsidiary of PHI Group, Inc. (http://www.phigroupinc.com/) (OTCQB:PHIL) (OTCMarkets:PHIL), today announced that Touchlink Communications, Inc. has changed its name to Asia Green Corporation and signed a corporate combination agreement with Asia Green Limited LLC, a Vietnamese company, to officially launch its agroforestry and reforestation program in Vietnam.
Asia Green LLC 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 to maximize both short-term and long-term potential economic benefits.
According to the corporate combination agreement, Asia Green Corp. acquires 95% of Asia Green LLC in exchange for common stock of the company and is committed to raising the required capital to implement its development program in Vietnam and Southeast Asia. Asia Green Corp. will complete the financial audits of the combined company and file a registration statement with the U.S. Securities Commission to become a fully reporting publicly traded company in the U.S. stock market.
Danny Hung Tieu, President of Asia Green Corporation, said, "We are delighted to have acquired Asia Green LLC as a key part of our business strategy, thus becoming the pioneer in developing a sustainable agroforestry program in Vietnam by planting Paulownia trees together with bananas in order to protect the environment and maximize both short-term and long-term economic benefits". Danny added: "We are also the very first company in Vietnam using the U.S. public company model in the agroforestry business to access international capital markets and provide an opportunity for worldwide investors to participate".
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 Corporation
Asia Green Corporation is a Nevada corporation focused on agroforestry and reforestation projects in Vietnam and Southeast Asia. The Company has signed an agreement to acquire 95% of Asia Green LLC, a Vietnamese company and will file a registration statement with the Securities and Exchange Commission to become a publicly traded company in the U.S. stock market. Website: http://www.asiagreencorp.com/
About PHI Capital Holdings and PHI Group, Inc.
PHI Capital Holdings (http://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: http://www.phigroupinc.com/
PHI Capital Holdings Inc.
SOURCE: PHI Capital Holdings Inc.