New York, June 23, 2022 (GLOBE NEWSWIRE) — PHI Group, Inc. (www.phiglobal.com, PHIL), a diversified holding company currently sponsoring PHILUX Global Funds (a group of Luxembourg bank funds), developing the Asia Diamond Exchange project (“ADE”) in Vietnam, engaging in mergers and acquisitions and investing in special situations (www.co2-1-0.io), is pleased to announce that the Company has jointly inked an agreement with Danang Rubber Joint Stock Company (DRC) (https://drctire.com/) and Tin Thanh Group (TTG) (https://tinthanhgroup.vn/en/) to cooperate in increasing DRC’s tire production and executing an innovative sales and marketing program targeting annual revenues of 5.5 billion dollars by 2025.
The DRC-TTG truck tire leasing service program with complete multi-function and insurance package will provide the following distinctive benefits to the consumers:
- Smart tires with mounted chips to track and manage journey.
- Saving of 10-20% compared to buying tires.
- No cost to change tires.
- No environmental fees when replacing old tires.
- No need to pay for periodic tire maintenance checks.
- No need to pay for buying tires when changing new tires.
- No need to pay for tire insurance.
- No increase in fuel or lubricant consumption compared to before using this service.
- Tires use clean and renewable energy thus also benefiting the environment.
Tin Thanh Group is a pioneer conglomerate with decades of experience in providing renewable energy and reducing global emissions covering the following fields: Environment, Energy, and Closed Circular Agro-Industrial Energy. It is supplying energy from renewable fuels to more than 40 industrial plants in Vietnam and around the world. The company specializes in sustainable development of closed circular agro-industrial energy by growing sorghum crops in order to create a clean energy source and reduce global emissions. It also transforms old waste dumps into new environmentally friendly urban residential areas. Tin Thanh Group currently holds 10 patents and 10 new valuable industrial solutions yet to be registered for patents. https://drive.google.com/file/d/1ipLNCaKkqxxK3m5xhUEjKI2iBpA6nC4o/view
DRC (https://drctire.com/) is the leading manufacturer of truck and passenger car tires in Vietnam and super heavy duty OTR tires in Southeast Asia. It is the most famous and prestigious brand in Vietnam which always grasps the development trend in the world and aspires to promote the export of tire product lines to potential international markets, strongly expanding and developing traditional tire products to serve the diverse needs of customers. The company continues to apply new advanced technology of the world to produce high-quality products at competitive prices to provide practical benefits to customers and make positive contributions to the economic development of Vietnam.
Mr. Tran Dinh Quyen, Chairman and Chief Executive Officer of Tin Thanh Group, stated: “We believe the cooperation among DRC, PHI Group and Tin Thanh Group is a predestined rendezvous at the right time to accelerate the fulfillment of a very innovative, well-planned program that will surely benefit a myriad of consumers and create tremendous value for all three companies and our shareholders. We are confident that by 2025 we can generate USD 5.5 billion in revenues from this program.”
Mr. Le Hoang Khanh Nhut, General Director of DRC, confirmed:” As we capitalize on the strengths of each and all parties, the expertise and experience in advanced manufacturing of DRC, the innovation of sales, marketing, product positioning and operation of TTG, and PHI’s international network of capital access, we are confident that we can provide high quality products at competitive prices to deliver meaningful benefits for consumers and make positive contributions to economic development for our respective countries.
Mr. Henry Fahman, Chairman, Chairman and Chief Executive Officer of PHI Group, Inc., concurred: “We are delighted to partner with Danang Rubber Company and Tin Thanh Group to accelerate the execution of this exciting program and look forward to creating very significant value for all three companies, our shareholders and the global community.”
About Tin Thanh Group
Tin Thanh Group is a Vietnamese joint stock company conglomerate with a vision to become a sustainable development corporation in the field of high-tech industry and agriculture in order to reduce global emissions and replace fossil fuels with renewable fuels. The Company supplies energy from renewable fuels to more than 40 industrial plants in Vietnam and around the world. It specializes in sustainable development of closed circular agro-industrial energy by growing sorghum crops in order to create a clean energy source and reduce global emissions and also transforms old waste dumps into new environmentally friendly urban residential areas. https://tinthanhgroup.vn/en/
About Danang Rubber Company
Starting in 1945 DRC (https://drctire.com/) tire brand has grown to be a major tire manufacturer in Asia and biggest brand tire in Vietnam for manufacturing all kind of tires for bicycles, motorcycles, bus, trucks, ATVs, off the road and agricultural tires. Vietnam DRC tire business has seen exponential growth since its beginning. For more than 45 years of development, DRC has established a strong worldwide distribution network with over 80 countries and global sales of over $500 million.
About PHI Group
PHI Group (www.phiglobal.com, PHIL) primarily focuses on PHILUX Global Funds, a group of Luxembourg bank funds organized as “Reserved Alternative Investment Fund” (“RAIF”) (www.philux.eu), and building the Asia Diamond Exchange (“ADE”) in Vietnam. The Company also engages in mergers and acquisitions and invests in select industries and special situations that may substantially enhance shareholder value.
Safe Harbor Act and Forward-looking Statements
This news release contains “forward-looking statements” pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may,” “future,” “plan” or “planned,” “will” or “should,” “expected,” “anticipates,” “draft,” “eventually” or “projected,” which are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements as a result of various factors.
PHI Group, Inc.