NEW YORK, NY and HANOI, Vietnam / ACCESSWIRE / April 16, 2014 / PHI Capital Holdings, Inc., a wholly owned subsidiary of PHI Group, Inc. (http://www.phigroupinc.com/) (OTCQB:PHIL), today announced that Asia Green Corporation’s Vietnam-based subsidiary Asia Green LLC has signed an agreement to acquire 75% equity ownership in Hoan Vu LLC, a Vietnamese company that has been granted 1,400 hectares of land in Dak Lak Province, Vietnam, for the first phase of its agroforestry and reforestation program.
Phuong Xuan Le, the majority principal of Hoan Vu LLC will transfer 75% chartered capital ownership to Asia Green LLC in exchange for common stock of Asia Green Corporation. In addition, Asia Green Corp. is committed to providing eleven million US dollars towards Hoan Vu’s equity capital in twelve months.
Hoan Vu’s lease term for the 1,400 hectares of land is 50 years. While the land clearing is almost 100% completed, Hoan Vu has already planted 200 hectares of bananas and expects to bring in revenues for the Company in 2014.
Asia Green Corp., through its majority-owned subsidiary 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. The Company is the pioneer and only company in Vietnam that uses the U.S. public company model to access international capital markets and develop a sustainable agroforestry program by planting Paulownia trees together with bananas in order to protect the environment and maximize both short-term and long-term economic benefits.
Phuong Le, President of Hoan Vu LLC, said, “Teaming up with Asia Green will undoubtedly give us the strength and resources to fully develop and execute our business plan. We strongly believe that our cooperation will greatly benefit shareholders of both companies in the near future.”
Danny Tieu, President of Asia Green Corp., concurred, “ We are pleased to have Hoan Vu as our local partner for the agroforestry development program in Vietnam. Together we will make a great team and expect to make a big difference with our business model that Hoan Vu has already begun to implement.”
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 Group, Inc.