(GlobeNewswire) - PHI Group, Inc., (www.phiglobal.com) (OTCQB:PHIL), a U.S. diversified holding company focused on mergers and acquisitions and investments in natural resources, energy, agriculture and special situations, today announced that it has signed an agreement with Regent Blockchain Group, Ltd., a Filipino company, to form a joint venture company to develop and operate an offshore financial center and blockchain businesses, including but not limited to Apps, ICOs and cryptocurrency exchanges. The joint venture company will be located in the Cagayan Economic Zone, Lai-lo Municipality, Cagayan, Philippines http://ceza.gov.ph/.
According to the agreement, PHI Group will contribute four million dollars in cash and/or preferred stock for a fifty-one percent ownership and management rights of the joint venture. Regent Blockchain Group will allocate a sublicense of the Financial Technology Solutions and Offshore Virtual Currency (FTSOV) License from the official agency of the Philippine Government which has the responsibility to issue such FTSOVC license. Currently only Cagayan Economic Zone Authority (CEZA) has such authority under FTSOVC Business Rules and Regulations of 2018 towards the joint venture for the operations of the offshore financial center and blockchain businesses.
CEZA believes that some of the best business opportunities in the Cagayan Economic Zone are ripe in the following ventures: IT Development, BPOs, Offshore Banking Units, Financial Institutions, Sports, Amusement and Recreation, Medical Tourism, Integrated Resorts, Casino Gaming Operations, Ship Building and Repair, Power and Water Plant Development, Logistics and Cargo Handling, Hotel and Restaurants, Duty-Free Shops and Outlets, Factories and Manufacturing, and Agricultural Production, among others.
CEZA has built a telecommunications network that has fiber-optic lines and redundant internet connectivity. With it, business locators could host their network and data storage equipment in a highly secured environment equipped with redundant power and cooling system. CEZA is also committed to build a new city and township equipped with world-class amenities; it is now working closely with private owners of exclusive resorts inside its jurisdiction to fulfill this dream.
Earlier this year, CEZA Secretary Raul Lambinoorganized a Fintech Summit in Bonifacio Global City during which he declared his commitment to transform the area into a landmark forblockchain technology, cryptocurrencies, and fintech. He said: We have a perfect setting for some of the young Filipino generations best minds and the worlds leading cryptocurrency companies to engage in the development of the next wave of technological innovations. The best of nature and cutting-edge technology will combine to bring about a new hub in Asia for the worlds leaders in the burgeoning global currency of the future. https://cryptonomist.ch/en/blockchain-en/cagayan-special-economic-zone/.
Allen Wu, Chairman and CEO of Regent Blockchain Group, Ltd., stated: We look forward to working with PHI Group, its Vietnam-based partner Fintech Green Investment JSC and other international participants to fast-track the development of the offshore financial center and blockchain businesses and believe that these could become a multi-billion dollar business in the next few years.
Henry Fahman, Chairman and CEO of PHI Group, concurred: We are delighted to work with Regent Blockchain Group on these major initiatives and are ready to embark on some imminent projects that can immediately create very significant value for the joint venture, thanks to the combined strengths with our partners.
On another note, the Company has recently satisfied certain conditions with respect to the two major initiatives in the areas of institutional financial services and luxury consumer goods, which it has been working on during the past eight months, and expects to announce the progress of these transactions in the coming weeks.
About PHI Group, Inc.
PHI Group (www.phiglobal.com) primarily focuses on mergers and acquisitions and invests in select industries and special situations that may substantially enhance shareholder value. PHI Group also provides M&A and consulting services through its wholly owned subsidiary, PHI Capital Holdings, Inc. (www.phicapitalholdings.com)
This news release contains forward-looking statements pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected", which are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements as a result of various factors.
PHI Group, Inc.
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