PHI Group Acquires Vietnamese Agricultural Company Specializing in Cultivation and Processing of Turmeric
NEW YORK, Jan. 27, 2017 (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 Agreement to acquire a minimum of 51% interest in Hoang Minh Chau Hung Yen LLC, a Vietnamese company located in Chi Tan Village, Khoai Chau District, Hung Yen Province, Vietnam (“HMC”), that specializes in cultivating and processing of turmeric (curcuma longa).
According to the agreement, the Company will pay a combination of cash and stock in exchange for a majority interest in HMC. The acquisition is part of the Company’s plan to apply the proprietary enhanced bioavailable nutrients and natural symbiotic immune system to grow organic turmeric in Hung Yen Province, Vietnam and at the same time utilize HMC’s expertise and experience to grow premium organic turmeric in the U.S. for Abundant Farms, a PHI Group’s agricultural subsidiary.
HMC grows turmeric and buys harvested crops from other local farmers for its turmeric processing plant. It produces turmeric powder for food, healthcare and beauty supply and also contracts with the Vietnamese Institute of Industrial Chemistry to process curcuminoids from turmeric for various usages.
According to www.webmd.com, turmeric can be used for arthritis, heartburn (dyspepsia), joint pain, stomach pain, Crohn's disease and ulcerative colitis, bypass surgery, hemorrhage, diarrhea, intestinal gas, stomach bloating, loss of appetite, jaundice, liver problems, Helicobacter pylori (H. pylori) infection, stomach ulcers, irritable bowel syndrome (IBS), gallbladder disorders, high cholesterol, a skin condition called lichen planus, skin inflammation from radiation treatment and fatigue and a variety of other ailments.
In food and manufacturing, the essential oil of turmeric is used in perfumes. Its resin is used as a flavor and color component in foods.
http://www.webmd.com/vitamins-supplements/ing...ientid=662
Dong Quang Hoang, Director of HMC stated: “We look forward to working with PHI Group to utilize its enhanced bioavailable nutrients and natural symbiotic immune system to grow premium organic turmeric in Hung Yen Province to provide better quality and yields for our turmeric crops.”
Henry Fahman, Chairman and CEO of PHI Group, said: “Since traditional turmeric rhizomes in Chi Tan Village, Hung Yen Province are among the very best in the world in terms of size and curcumin contents, we believe PHI Group’s Abundant Farms can greatly benefit from using these seed roots and HMC’s expertise and experience in our turmeric farming program.”
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