PHI Group PHI Energy Corp and Garuda Coal to Engage in Coal Mining and Coal Trading in Indonesia
24 Febrero 2011 - 6:30AM
Marketwired
PHI Energy Corporation, a minority owned subsidiary of PHI Group,
Inc., (OTCBB: PHIE) (FRANKFURT: PR7), a company engaged in
consulting services, real estate development, mining and energy,
announced today that it has signed a letter of intent with Garuda
Coal Pte Ltd, to establish a joint venture company to pursue coal
mining opportunities in Indonesia.
PHI Energy expects to conclude a joint venture agreement with
Garuda Coal within 30 days of the signing of the letter of intent.
PHI Energy will be the controlling shareholder in the joint venture
company, providing off-take contracts and financing to the project
while Garuda Coal will be responsible for securing necessary
concessions rights and managing local administrative and regulatory
affairs.
The contemplated joint venture company will be domiciled in the
Republic of Indonesia with key clients from China, India and Korea,
aiming to secure sufficient coal resources to support monthly
production of one to two million metric tons with 15 to 20 years of
life.
Edwin Cussoy Indradewa, Chairman of Garuda Coal, stated, "We
look forward to concluding the joint venture agreement,
implementing key tasks of the business plan and achieving major
milestones that will create tremendous synergies and economic
benefits for all parties involved."
Allen Wu, Chairman of PHI Energy Corp, said, "We are delighted
to cooperate with Garuda Coal in this important energy initiative
and are confident that with a potential large source of supply and
foreseeable sizable off-take contracts, the joint venture should be
very successful in the near future."
About PHI Energy Corporation Founded
originally in 2005 as Providential Oil & Gas, Inc., PHI Energy
Corporation has been engaged in oil and gas joint ventures with
various U.S. companies in Texas, and California. The Company has
signed an agreement with AXN Group, LLC (AXNG) to engage in coal
and other energy-related commodities.
About Garuda Coal Pte Ltd Garuda Coal Pte
Ltd is a subsidiary of Garuda Resources Pte Ltd (GRL), a holding
company established in Singapore to focus on investing in natural
resources of Indonesia. GRL also has subsidiaries Garuda Gold Pte
Ltd, Garuda Nickel Pte Ltd and Garuda Iron Pte Ltd.
About PHI Group PHIGroup (OTCBB: PHIE)
provides M&A advisory and consulting services, develops real
estate and natural resources and invests in special situations.
PHIGroup, which specializes in raising capital and helping take
companies public, is developing PHILand Ranch, (FRANKFURT: 1P8) one
of the largest master planned communities in Vietnam. This project
includes Pointe91, a luxury resort and premium residential
community in Quang Nam province in central Vietnam
(www.PHILandranch.com). PHIGroup is also engaged in mining
activities through its majority-owned subsidiary PHI Gold
Corporation (PINKSHEETS: PHIG). Website: www.phiglobal.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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Contact: Henry Fahman 714-843-5455 Email Contact
PHI (CE) (USOTC:PHIG)
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