PHI Group to Acquire Hybrid Renewable Energy Company
Jul 27, 2012 07:00 AM EST
FOR: PHI GROUP, INC.
LOS ANGELES, CA and HANOI, VIETNAM--(Marketwire - July 27, 2012) - PHI Group (OTCQB: PHIL) (PINKSHEETS: PHIL), a company focused on energy and natural resources, announced today that it has signed a letter of intent to acquire all of the issued and outstanding capital interests of Global Sun Wind and Power Corp ("GSWP"), a Nevada corporation, in exchange for common stock of PHI Group.
PHI Group and the majority shareholders of GSWP will exchange all of the issued and outstanding shares of GSWP for thirty percent of the then-outstanding shares of PHI Group. In addition, PHI Group will provide working capital for GSWP to implement its business plan and reserve a certain percentage of future net profits from the GSWP's project in Eastern Africa as a special compensation commitment for the key officers and staff of GSWP.
Both companies expect to sign a definitive agreement to consummate the proposed transaction within thirty days after the signing of this letter of intent.
Global Sun Wind & Power Corp manufactures one of the most innovative wind turbines in the world on the market today and provides complete hybrid power systems incorporating wind, solar, mini-hydro, diesel backup systems, and state-of-the-art battery storage technologies.
GSWP turbine technology has been a reliable source of renewable energy to small rural farms, villages and townships in over 12 countries since the early '80s. Efficient hybrid energy systems using GSWP patented technology have now been installed in: Africa, India, Malaysia, Indonesia, Hong Kong, Nepal, Australia, Tasmania, New Zealand, United States, Borneo, and the Philippines. New projects, which are currently pending, will provide over 500 MW of power to Central and Eastern Africa, numerous South Pacific Island nations, Israel, South America, Central America and the U.S.
About PHI Group
PHI Group, Inc. (OTCQB: PHIL) (PINKSHEETS: PHIL) focuses on energy and natural resources. Website: www.phigroupinc.com/
Safe Harbor: 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.
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