PHI Group, Inc., (www.phiglobal.com; OTCQB: PHIL), a company focused on acquisitions and investments in natural resources, energy, agriculture and special situations announced today that PHI Group Regional Center LLC has filed an application with the United States Citizenship and Immigration Service (USCIS) for the PHI Group EB5 Regional Center in Florida.
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).
Since its inception in 1990, the EB-5 program has attracted at least $15 billion in investments ($4.2 billion in FY15 alone), created at least 77,150 American jobs and provided more than 44,400 visas to the United States. EB-5 program investors have helped finance a Hollywood movie studio, a New York sports arena, office parks in Texas and the FBI office building in San Diego, among hundreds of successful projects.
The Company intends to raise $15 million and create 300 new full-time jobs through the PHI Group EB5 Regional Center during the first phase of its organic farming program and other business activities in Florida. PHI Group has opened an escrow account to acquire a farm in Holmes County, Florida, which includes 408 acres of land, buildings, barns, fixtures, certain equipment and water pumping rights for irrigation. The Company also continues to look for new business opportunities in the U.S. and abroad that may potentially add significant shareholder value.
Abundant Farms, Inc., a subsidiary of PHI Group, plans to use a combination of proprietary enhanced bioavailable nutrient and natural symbiotic immune systems without chemical pesticides and synthetic fertilizers, to grow select plants that can be used for medicinal purposes including bitter melon (momordica charantia), turmeric (curcuma longa), Ming aralia (polyscias fruticosa) and others that command higher profit margins than regular vegetables. The Company has received indication of interest from an Asian buyer for $45 million worth of bitter melon product. Abundant Farms also plans to raise premium organic livestock and develop a model organic farming program, which can be replicated and licensed to other farmers on a global basis.
Henry Fahman, Chairman and CEO of PHI Group, stated, “We look forward to the approval of our EB-5 regional center application, which will not only allow qualified foreign investors to participate in our future growth and legally immigrate to the U.S. but also enable us to raise low-cost non-dilutive long-term capital that can be mutually beneficial.”
About PHI Group
PHI Group (www.phiglobal.com) primarily focuses on acquisitions as a principal and invests in select industries and special situations that may substantially enhance shareholder value. PHI Group 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.