New York, NY (GLOBE NEWSWIRE) - PHI Group, a U.S. public company focusing on acquisitions and investments in special situations (www.phiglobal.com) (OTCMarkets:PHIL), has signed a Memorandum of Understanding to acquire 100% of Abound Farms, Inc., a Nevada corporation with hydroponics operations using proprietary enhanced bioavailable nutrient and water treatment systems that can increase crop yields by up to 100 percent compared to prevalent existing methods.
The acquisition is part of the Company’s plan to combine this enhanced bioavailable nutrient and the natural symbiotic immune system developed by Mr. Van Pham, an agricultural expert previously trained under the auspices of the Food and Agriculture Organization (FAO) of the United Nations, for premium organic farming. The combined system is expected to reduce farm water irrigation and costs by as much as 22 percent while eliminating the need for harmful chemical pesticides, synthetic fertilizers and GMO seeds as well as substantially improving soil fertility.
The Company plans to use the combined enhanced bioavailable nutrient and natural symbiotic immune system to grow select medicinal plants for export. It also plans to raise premium organic poultry and other livestock for domestic sale and to develop model-farming programs to grow broader agricultural products without antibiotics and chemicals. This farm model may be replicated and licensed to other farmers in the U.S. and abroad.
The Company has set up a subsidiary “Abundant Farms, Inc.,” a Florida corporation, to acquire a 408-acre farm in Holmes County, Florida, which is a qualified Targeted Employment Area, as defined by the EB-5 Investor Visa Program of the U.S. Citizenship and Immigration Services. The plan is to provide opportunities for international investors to become U.S. permanent residents by investing $500,000 each directly in the company’s farming program. (https://www.uscis.gov/eb-5).
In addition, the Company intends to proceed with the purchase of C&D Fruit and Vegetable Co., a Floridian company that operates a 500-acre farm in Bradenton, Florida, and expects to close this transaction quickly if all the relevant terms and conditions can be met in a timely manner. On another note, PHI Group has recently investigated other special-situations investment opportunities that can potentially generate disruptive growth and help the company leapfrog to a new level in the near future.
Henry Fahman, CEO of PHI Group, said, “We believe by combining the enhanced bioavailable nutrient and natural symbiotic immune systems, we will be able to offer preferred solutions to farming worldwide. While the world is struggling to feed and provide healthcare to 7.2 billion people and while some 475 million acres of farm soil worldwide have lost the mineral nutrients necessary to grow crops, our proprietary technologies can greatly improve the health of crops and livestock that humans consume, thereby dramatically improving human health by reducing illness, cancer and premature death.”
“As global food retail sales surpass $4 trillion annually, we believe our premium organic farming programs have the potential to not only generate significant revenues and profitability but also to revolutionize part of the global farming industry,” Fahman reiterated.
About PHI Group
Founded in 1982, PHI Group primarily focuses on acquisitions as a principal and invests in special situations in large, growing markets that may substantially enhance shareholder value.
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 pursuant to the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995.
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