New York, July 01, 2022 (GLOBE NEWSWIRE) -- PHI Group, Inc. (n/k/a Philux Global Group Inc., www.phiglobal.com, PHIL), a diversified holding company currently sponsoring PHILUX Global Funds (a group of Luxembourg bank funds), developing the Asia Diamond Exchange project (“ADE”) in Vietnam, engaging in mergers and acquisitions and investing in special situations (www.co2-1-0.io), is pleased to announce that Tin Thanh Group (TTG) (https://tinthanhgroup.vn/en/) and the Company signed a Definitive Agreement for Collaboration on June 30, 2022 to establish a new subsidiary Philux Fidelity Global Group (“PFGG”), a Wyoming corporation, as the parent company to carry out the scope of business cooperation previously covenanted.
According to the Business Cooperation Agreement signed by Tin Thanh Group and PHI Group Inc. on May 20, 2022, both companies will jointly cooperate in the following fields:
Global business development for leasing of smart truck tires under the DRC-TTG brand by Tin Thanh Group by using digital technology.
Development of hi-tech agro-industrial projects for closed circular energy from sorghum crops (energy – agriculture – environment).
Development of renewable energy projects from domestic and industrial wastes (from both currently generated wastes and previous landfills that have been buried underground for many years) by using Tin Thanh Group’s exclusive proprietary technology.
Development of global renewable energy projects from discarded tires using Tin Thanh Group’s exclusive proprietary technology.
Construction of low-income housing using areas of previous waste landfills that are cleared by Tin Thanh Group’s exclusive proprietary technology.
Assisting Tin Thanh Group and affiliates to access capital sources and list on major international stock exchanges (such as The Nasdaq Stock Market or New York Stock Exchange).
Initially, Tin Thanh Group will consolidate the majority of its 40 plants that supply energy from reusable sources to industrial factories in Vietnam and other parts of the world under Philux Fidelity Global Group and take this subsidiary public on the U.S. Nasdaq Stock Market. Alongside, both companies will continue to develop and implement the other projects and programs through this subsidiary.
The stock ownership in Philux Fidelity Global Group will be determined by both companies based on fairness and merits. For the first phase of the envisaged consolidation of TTG’s 40 waste-to-energy plants under PFGG, TTG will hold 70% and PHIL will hold 30% of the issued and outstanding stock of PFGG immediately after the combination. As the other projects are added under PFGG, both parties will determine the updated stock ownership structure based on fairness and economic significance of each transaction.
Mr. Tran Dinh Quyen, Chairman and Chief Executive Officer of Tin Thanh Group, stated: “We are excited to enter into this Definitive Agreement for Collaboration with Philux Global Group and launch Philux Fidelity Global Group as the holding company for our joint venture businesses. We look forward to taking it public in the U.S. stock market and working with Philux Global Group to access international capital sources to execute our business plan and create very significant value for our companies, shareholders and the global community.”
Mr. Henry Fahman, Chairman and Chief Executive Officer of PHI Group, Inc., concurred: “We are blessed to partner with Tin Thanh Group and capitalize on its expertise and experience to accelerate this joint venture program which we believe will greatly benefit shareholders of both companies and all stakeholders.”
About Tin Thanh Group
Tin Thanh Group is a pioneer conglomerate with decades of experience in providing renewable energy and reducing global emissions covering the following fields: Environment, Energy, and Closed Circular Agro-Industrial Energy. It is supplying energy from renewable fuels to more than 40 industrial plants in Vietnam and around the world. The company specializes in sustainable development of closed circular agro-industrial energy by growing sorghum crops in order to create a clean energy source and reduce global emissions. It also transforms old waste dumps into new environmentally friendly urban residential areas. Tin Thanh Group currently holds 10 patents and 10 new valuable industrial solutions yet to be registered for patents. https://drive.google.com/file/d/1ipLNCaKkqxxK3m5xhUEjKI2iBpA6nC4o/view
About PHI Group
PHI Group (n/k/a Philux Global Group Inc., www.phiglobal.com, PHIL) primarily focuses on PHILUX Global Funds, a group of Luxembourg bank funds organized as “Reserved Alternative Investment Fund” (“RAIF”) (www.philux.eu), and building the Asia Diamond Exchange (“ADE”) in Vietnam. The Company also engages in mergers and acquisitions and invests in select industries and special situations that may substantially enhance shareholder value.
Safe Harbor Act and Forward-looking Statements
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PHI Group, Inc.