NEW YORK, Feb. 21, 2017 (GLOBE NEWSWIRE) -- PHI Group, a U.S. public company focusing on acquisitions and investments in energy, natural resources and special situations ( www.phiglobal.com ) (OTCMarkets:PHIL), has submitted an application with the OTC Markets Group to upgrade its trading venue to OTCQB while continuing to work towards uplisting to a major exchange in the near future.
Historically fully reporting companies current in their filings with the Securities and Exchange Commission (SEC) like PHI Group, Inc. would be included on the OTCBB Market, which was regulated by the SEC and overseen by the Financial Industry Regulatory Authority (FINRA). However, when FINRA decided not to maintain the OTCBB Market as previously, the OTC Markets Group created the OTCQB as the middle tier of the OTC market to better distinguish OTC-traded companies that have made the substantial commitment to investor disclosure by being registered and reporting with a U.S. regulator. Recent changes and innovations have also caused the OTC Markets to become more attractive to large foreign firms that use it as a means to access U.S. investors.
As required, each company must verify via an annual OTCQB Certification, signed by the company CEO or CFO, that their company information is current, including information about a company’s reporting status, company profile, information on management and boards, major shareholders, law firms, transfer agents, and IR / PR firms. Investor confidence improves when there is more information about a company’s ownership structure, professional advisors and service providers. By segmenting the OTC marketplace, it is believed that issuers will be motivated to provide the highest level of disclosure and compliance that they are capable of supplying, which will ultimately lead to more efficient capital allocation by investors.
The trading of PHI Group’s stock is expected to be elevated to the OTCQB in the next few weeks after satisfactory review by the OTC Markets Group.
Henry Fahman, Chairman and CEO of PHI Group, Inc., stated, “We believe this an overdue step in the right direction, to demonstrate our commitment to investor disclosure as we prepare to reach a critical mass for uplisting to a national exchange in the near future.”
About PHI Group Founded in 1982, PHI Group primarily focuses on acquisitions as a principal and invests in energy, natural resources and special situations that may substantially enhance shareholder value. In addition, the Company also provides merger and acquisition advisory services through its wholly owned subsidiary PHI Capital Holdings, Inc. ( www.phicapitalholdings.com ) and earns revenues in forms of cash and equity for services rendered.
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
