PHI Group, Inc. announced that the Company has signed a business cooperation and investment agreement in conjunction with a letter of intent to acquire a 65% equity interest in Nord Energy Co. Ltd. ("NE"), a Vietnam-based company with proprietary advanced light-emitting diode (LED) lighting systems that can save 80% of electricity compared to traditional sodium lights.
The Company is conducting the due diligence review of NE and will enter into a definitive agreement for the closing of this transaction. PHI Group will pay the majority shareholders of NE a combination of cash and stock and will invest in NE to increase the production and sale of LED street lighting systems as well as launch its kinetic power supply products in Asia Pacific. Nord Energy has successfully installed its 56W LED street lighting units in several provinces in Southern Vietnam, Nigeria, Mexico and Germany, using a combination of proprietary German and Japanese technologies and production facilities in Vietnam.
Tom Lam, General Director of NE, stated: "We are delighted to partner with PHI Group to capitalize on our strengths in both the product and capital markets aiming to take our companies to higher levels from here."
Henry Fahman, Chairman and CEO of PHI Group, concurred: "We believe our partnership with Nord Energy is a perfect fit for our double-tracked energy strategy to provide better solutions for the ever-growing energy demand in the years to come."
