PHI Group, Inc. (“the Company”), a U.S. public company focused on acquisitions and investments in natural resources, other select industries, and special situations (www.phiglobal.com; OTCMarkets: PHIL), announced today that it has engaged a leading EB-5 consulting firm to establish a new EB-5 regional center in Florida for an EB-5 project in connection with its organic farming business, Abundant Farms, Inc., a wholly owned subsidiary of the Company.
Under the EB-5 Program, created by Congress to stimulate the U.S. economy through job creation and capital investment, foreign entrepreneurs (and their spouses and unmarried children under 21) are eligible to apply for a Green Card (permanent residence) if they make the necessary investment in a commercial enterprise in the United States that creates or preserves at least 10 permanent, full-time jobs for qualified U.S. workers. (https://www.uscis.gov/working-united-states/permanent-workers/employment-based-immigration-fifth-preference-eb-5/about-eb-5-visa-classification)
The EB-5 consulting firm will assist the Company with document preparation and submission of the I-924 regional center designation application to U.S. Citizenship and Immigration Services (USCIS), the agency within the Department of Homeland Security (DHS) that administers the EB-5 Program. The EB-5 consulting firm has completed more than 100 EB-5 related transactions and has successfully maintained a 100% USCIS approval rate across multiple EB-5 regional center licenses.
Henry Fahman, Chairman and CEO of PHI Group, stated, “We are delighted to work with this renowned EB-5 consulting firm on our EB-5 regional center application. We intend to raise up to $15 million for the first stage of our organic farming development program. Once approved, our EB-5 regional center will allow accredited foreign national investors to legally immigrate to the U.S. and enable us to access long-term investment capital at a below-market rate creating significant value for our shareholders.”
PHI Group has opened escrow to acquire a 408-acre farm in Holmes County, Florida for a model organic farming program. Through this program, the Company plans to use proprietary, enhanced bioavailable nutrient and natural symbiotic immune systems without chemical pesticides and synthetic fertilizers in order to grow select plants that can be used for medicinal purposes besides food. The Company will continue to purchase and lease additional farmland to expand its capacity over time.
About PHI Group
PHI Group primarily focuses on acquisitions as a principal and invests in select industries and special situations that may substantially enhance shareholder value. The Company also provides merger and acquisition advisory services through its wholly owned subsidiary, PHI Capital Holdings, Inc. (www.phicapitalholdings.com)
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.