** CORRECTIONS **
Company Announces October 21 Conference call
NEW YORK, Oct. 17, 2016 (GLOBE NEWSWIRE) -- PHI Group, a U.S. diversified holding company engaged in mergers and acquisitions ( www.phiglobal.com ; PHIL ), announced today that the press release published on August 31, 2016 regarding the line of credit facility with TCA Global Credit Master Fund, LP (the Lender”) is hereby corrected to read as follows:
On August 30, 2016, the Company signed a non-binding term sheet with TCA Global Credit Master Fund, LP for a maximum $15,000,000 senior secured line of credit, of which up to $4,000,000 will be made available to the Company on the first drawdown (the “Initial Line of Credit”) for acquisition financing pending due diligence, background checks on the company, principals, history of the public vehicle, final approval by TCA’s investment committee and subject to completion and execution of full and final binding documentation.
The Company, at the sole discretion of the Investor, may request an increase in the line of credit at agreed upon time periods and agreed upon amounts. The sum of the Initial Line of Credit and the subsequent line increases, if any, (the “Then Current Line Size”) shall not exceed the maximum line of credit. Each subsequent line increase will require the Company to execute and deliver a new or revised revolving note to the Investor and be responsible for any fees and expenses associated with the line increase.
Henry Fahman, CEO of PHI Group, said, “Access to this credit facility will greatly enhance our ability to carry out our acquisition program in North America. The Company will work with TCA to fulfill the requirements mentioned above in order to close an initial draw on the facility to be used to acquire an agribusiness and/or a construction material company with positive cash flows in Southeastern U.S. and we believe that the leverage that this facility will afford us will enable us to minimize equity dilution compared to all-equity alternatives.”
The Company will host a conference call to update shareholders at 04:00 P.M. EST Friday, October 21, 2016. Please use one of the following dial-in numbers and access code 797977:
| US: | +1-641-715-3580 | |
| Germany: | + 49 302 255550324 | |
| South Africa: | + 27 87825 0124 | |
| United Kingdom: | + 44 330 998 1214 | |
About PHI Group PHI Group, Inc., established in 1982, is engaged in mergers and acquisitions and seeking to acquire operating companies in select industries with intention to build a critical mass and uplist to a senior exchange as soon as practical.
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 pursuant to the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995.
Contact: Henry Fahman +1-702-475-5430 henry@phiglobal.com
