PHI Group, Inc., (OTCQB: PHIL), a company focused on mergers and acquisitions and investments in natural resources, energy, agriculture and special situations, announced today has that its former subsidiary E-Check Recovery, Inc. has changed the corporate name to Southeast Asia Capital Group, Inc. (“SEA Capital”) and has signed an agreement with Asia Petroleum Joint Stock Company (“Asia Petro”) for a total of 2,500,000 MT of D2 supply to be delivered from time to time as requested by SEA Capital.
The volume, quality, purchase price, payment schedule, time and place of delivery will be determined and agreed by SEA Capital and Asia Petro in sales contracts for each shipment. SEA Capital Group is confident that the fulfillment of this agreement will generate very significant revenues and profits for the company.
PHI Capital Holdings, Inc. a wholly-owned subsidiary of PHI Group, Inc. (www.phicapitalholdings.com) is currently assisting SEA Capital Group to go public in the U.S. Stock Market. Previous shareholders of PHI Group have received dividend shares in Southeast Asia Capital Group (formerly E-Check Recovery, Inc.) and PHI Group will also retain a minority interest in SEA Capital. This could add significant value to PHI Group when SEA Capital becomes a publicly traded company.
About Southeast Asia Capital Group, Inc.
Southeast Asia Capital Group is a Nevada company established in 2004. The Company is engaged in finance, international trade and commercial projects with potential for high returns on investment.
About PHI Group
PHI Group (www.phiglobal.com) primarily focuses on mergers and acquisitions and invests in select industries and special situations that may substantially enhance shareholder value. PHI Group also provides M&A and consulting 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.