LOS ANGELES and JAKARTA, Indonesia, Jan. 10, 2012 /PRNewswire/ -- PHI Group, Inc.,
(OTCQB: PHIE), (Pinksheets: PHIE) a company focused on energy and
natural resources, announced today that it has signed a Letter of
Intent with PT. HBP, an Indonesian company, to jointly operate a
producing coal mine with operation and production license (IUP
Operasi Produksi) in South Kalimantan,
Indonesia.
According to the terms, PHI Group and PT. HBP will sign a
definitive Operation Agreement to jointly produce and process
thermal coal from an already producing mine with approximately
5,500,000 metric tonnes of mineable coal deposits of calorific
value range 5,900-6,500 Kcal/Kg in an area of 80.6 hectares located
in Jombang, Satui, Tanah Bumbu,
South Kalimantan Province,
Indonesia. Both parties expect to
finalize the terms and conditions of the Joint Operation Agreement
in January 2012 or shortly thereafter
following additional satisfactory due diligence review by the
company.
This transaction is part of PHI Group's plan to cooperate with
currently producing mines to generate current revenues for the
company through joint operation and coal trading. Subject to
operational and financial conditions, the company expects the joint
operation with HBP to produce about 50,000 metric tonnes of coal a
month and have a significant positive impact on the company's
financial results.
Henry Fahman, Chairman of PHI Group, said, "While we continue to
accumulate energy and natural resource assets in Southeast Asia, partner with coal-fired power
plants and introduce advanced clean coal combustion technology to
existing and new plants, we believe our activities in the area of
joint operation and coal trading with already producing mines will
enable the company to generate current revenues and profitability,
which will also help our overall long-term objectives."
Djoni Ismail, President and
authorized representative of HBP, stated, "We are very excited
about this collaboration with PHI Group and believe it will be good
for both parties."
About PT. HBP
PT. HBP is an Indonesian company with a production license
(IUP Operasi Produksi) to operate and produce thermal coal from a
concession of 80.6 hectares located in Jombang, Satui, Tanah Bumbu, South
Kalimantan Province, Indonesia. This concession contains
approximately 5,500,000 metric tonnes of mineable coal deposits
with calorific value ranging from 5,900 to 6,050 Kcal/Kg.
About PHI Group
PHI Group (OTCQB: PHIE.PK) (Pinksheets: PHIE.PK) focuses on
energy and natural resources in Southeast
Asia and engages in real estate development and M&A
advisory and consulting services.
The company has signed an agreement with a U.S. company to
provide a coal-combustion-to-steam-energy system that requires 50%
less coal to produce the same energy as presently combusted in
traditional coal-fired power plants.
This system has no NOx or Sox. Moreover, while 99.9% of the
mercury is trapped for commercialization, H2O is recycled, and
99.9999% of CO2 is captured for sequestration or commercialization.
The system can be installed at approximately 70% of the cost of
today's coal combustion plants based on a comparative system with
existing steam turbines and does not require the installation of
large, expensive, and comparatively ineffective gas emission
scrubbers as presently required on coal-fired power plants.
The energy efficiency of this innovative
coal-combustion-to-steam-energy system is clearly the best (100%),
compared to that of existing systems such as traditional Pulverized
Coal Combustion (38%), Fluidized Bed Combustion (40%), and
Integrated Gasification Combined Cycle (51%). The ease and
relatively inexpensive installation of this system, with virtually
no pollutants released, will make coal the least expensive source
of clean energy in the world.
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. Such
forward-looking statements are made based upon management's
beliefs, as well as assumptions made by, and information currently
available to, management pursuant to the "safe-harbor" provisions
of the Private Securities Litigation Reform Act of 1995.
Contact:
Henry Fahman
+1-714-843-5455
info@phiglobal.com
SOURCE PHI Group, Inc.