Los Angeles and Ho Chi Minh City, Vietnam, March 19, 2012 — PHI Group, Inc. formed Indochina Energy Ltd., a Nevada corporation, as a special purpose holding company for the development of power plant projects in Vietnam, especially a 2,000 MW coal-fired power plant in partnership with Hoang Ngoc Co. in An Giang Province and other plants with Sao Nam Group in Quang Tri Province with a combined capacity of 3,600 MW.
Indochina Energy Ltd. has also recently signed an investment agreement with Hoang Ngoc Co., following the terms previously agreed between PHI Group and the latter, to prepare for strategic and major institutional investors to participate in the An Giang power plant cluster project.
To date, PHI Group has worked with several international institutional investor groups in Asia and Europe that have indicated an interest in financing these power plant projects in Vietnam.
In addition, PHI Group has the capability to supply coal to power plants on a long-term offtake basis through its relationships in Southeast Asia and is able to provide a breakthrough coal-combustion-to-steam-energy system developed by a U.S. company that can save 50 percent of coal while producing the same energy as presently combusted in traditional coal-fired power plants.
As part of the agreement with Hoang Ngoc Co., PHI Group will provide long-term coal supply to the An Giang Province power plant cluster.