PHI Group Announces Restructuring Plan, Provides Corporate Update
LOS ANGELES, March 13, 2012 /PRNewswire/ -- PHI Group, Inc., (OTCQB: PHIE.PK), (Pinksheets: PHIE.PK) a company engaged in energy and natural resources, real estate development, and merger and acquisition consulting services, today announced the Company's restructuring plan.
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The Company has amended its Articles of Incorporation to effectuate a reverse split of its common stock. Effective March 15, 2012, every one thousand five hundred (1,500) shares of the Company's outstanding common stock, par value $0.001, issued and outstanding as of March 14, 2012 will automatically and without action on the part of the shareholder of record be reclassified as and changed into one (1) share of the Company's new common stock, par value $0.001, CUSIP number 69338D208. Any fractional pre-split share interest will be converted to one full post-split share. Beginning March 15, 2012, PHI Group's new ticker symbol will be "PHIL". However, a letter "D" will be attached to the new symbol for 20 business days, after which the symbol will revert back to "PHIL". |
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Creditors of the Company will have the option to convert all or any portion of their debt balances with the Company into post-split common stock of the Company at a conversion price equal to a twenty-five percent (25%) discount to the ten-day average closing price of the Company's Common Stock on the OTCQB immediately prior to such conversion. The effective period for debt conversions into new common stock of the Company will be from March 15, 2012 to June 15, 2012. |
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The Company has declared a special stock dividend to shareholders of common stock of the Company as follows: (a) Declaration date: March 16, 2012; (b) Record date: June 15, 2012; (c) Payment date: September 17, 2012; (d) Dividend ratio: All eligible shareholders of common stock of the Company as of the record date will receive three (3) new shares of common stock of the Company for each share held by such shareholders as of the record date. |
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Beginning 9:00 pm EDT March 14, 2012 the Company's new website will be www.phigroupinc.com. |
PHI Group management believes the restructuring plan will strengthen the Company's financial position and enable it to better focus on its current energy and natural resource initiatives as well as preparing to upgrade its listing to NASDAQ Capital Market or NYSE Amex Equities in the near future.
About PHI Group
PHI Group, Inc. focuses on energy and natural resources in Southeast Asia and holds majority interests in subsidiaries engaged in real estate development and M&A consulting services. Website: www.phiglobal.com.
Safe Harbor: This news release contains forward-looking statements that are subject to certain risks and uncertainties. Such forward-looking statements are 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. Actual results may differ materially from those projected, on the basis of such forward-looking statements.
Contact
Henry Fahman
Tel: +1-714-843-5455
Email: [email protected]
SOURCE PHI Group, Inc.
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