PHI Group announced that the company has completed the acquisition of 10 acres of land from Klausner Holding, U.S.A. for the Cornerstone Biomass Corporation 200,000 MT wood pellet project in Live Oak, Suwannee County, Florida. This parcel of land is adjacent to Klausner Lumber One. Cornerstone Biomass Corporation has diligently vetted the required equipment and machinery, product end users, potential logistical partners, and additional financing sources for this project.

At the same time, PHI Group is in the process of raising $60 million through a private placement under the auspices of Regulation 506(c) and plans to use a portion of the proceeds for the Cornerstone Biomass Corp. renewable energy development program.