PHI Group to Acquire Hybrid Renewable Energy Company
PHI Group (OTCQB: PHIL) announced that it has signed a letter of intent to acquire all of the issued and outstanding capital interests of Global Sun Wind and Power Corp ("GSWP"), a Nevada corporation, in exchange for common stock of PHI Group.
PHI Group and the majority shareholders of GSWP will exchange all of the issued and outstanding shares of GSWP for thirty percent of the then-outstanding shares of PHI Group. In addition, PHI Group will provide working capital for GSWP to implement its business plan and reserve a certain percentage of future net profits from the GSWP's project in Eastern Africa as a special compensation commitment for the key officers and staff of GSWP.
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