PHI Group Signs Definitive Agreement to Acquire Majority Ownership in a Baijiu (“bye-joe”) Distiller

Thursday, 20. January 2022 15:45

* Shareholder and Investor Conference Call Scheduled at 4:30 pm EST, January 20, 2022

New York, Jan. 20, 2022 (GLOBE NEWSWIRE) -- PHI Group, Inc. (www.phiglobal.comPHIL), a holding company currently engaged in PHILUX Global Funds (a group of Luxembourg bank funds), the Asia Diamond Exchange project (“ADE”) in Vietnam, mergers and acquisitions and investing in special situations (, is pleased to announce that it has signed an Agreement of Purchase and Sale (the “Agreement”) to acquire a seventy percent (70%) ownership in Five-Grain Treasure Spirits Co., Ltd., (“Five-Grain”) a company with over one hundred years of tradition in Jilin Province, China. This is a unique, special situation transaction that is expected to create substantial value for the Company, our shareholders and all other stakeholders.

According to the Agreement, PHI Group has agreed to acquire a seventy percent (70%) ownership in Five-Grain for a total purchase price of one hundred million U.S. dollars (USD 100,000,000), to be paid primarily in three tranches. The Closing of this transaction is scheduled to occur upon the payment of the final tranche on September 18, 2022; however, it is expected to close sooner whenever the total purchase price is paid in full. PHI Group has changed the name Provimex, Inc., one of its subsidiaries, to “Empire Spirits, Inc.” and will use this entity as the special purpose vehicle to hold the purchased equity ownership and grow sorghum for Five-Grain.

Baijiu is a white spirit distilled from sorghum. It is similar to vodka but with a fragrant aroma and taste. It is currently the most consumed spirit in the world. Mainly consumed in China, it is gaining popularity in the rest of the world. 

Five-Grain specializes in the production and sales of spirits and the development of proprietary spirit production processes. It also possesses a patented technology to grow red sorghum for baiju manufacturing. The patented grain produces superior yield and quality. Five-Grain is a reputable bulk alcohol supplier to some of the largest spirits companies in the world.

According to the new Five-Grain/Empire Spirits development plan, the companies will follow a three-prong growth strategy: (1) grow sorghum using its proprietary seed and technology, (2) ferment and process sorghum to produce bulk spirits and supply to other beverage companies and (3) develop its own brand using proprietary manufacturing methods and preferred distribution channels. By reaching these goals, Empire Spirits would be able to generate an average of $3.5 billion in revenues and $1.6 billion in net profit per year from operations during the first two years.

Kweichow Moutai, the largest alcohol company in the world, has crossed the $500 billion dollar valuation mark not too long ago. With a single Baijiu product, it enjoys a trailing twelve months’ Price/Earning ratio of approximately 50 times. Five-Grain will supply bulk spirits to them as well as other major spirits companies.

With this type of multiple, Empire Spirits is confident it will be able to create very significant value for PHI Group’s shareholders and investors. 

Mr. Jimmy Wang, Vice President of Five-Grain, reiterated: “By partnering with PHI Group and having access to international capital sources, we are confident we will be able to accelerate our execution to meet our growth targets and become a major player in this sector.”

Henry Fahman, Chairman and CEO of PHI Group, concurred: “We are delighted to work with Five-Grain in this very rare opportunity to create special value for our shareholders and all other stakeholders. While continuing to fulfill our major initiatives regarding PHILUX Global Funds, the Asia Diamond Exchange in Vietnam, CO2-1-0 (Carbon) Corp ( and other projects, we also are currently expanding our mergers and acquisitions activities to increase consolidated revenues and operating results for the company.”

You are cordially invited to a scheduled Zoom conference call with PHI Group:
Jan 20, 2022 at 4:30 PM EST, 21:30 UTC,, ID: 417 780 6661, Passcode: phil, or Tel: +1 669 900 6833, ID: 417 780 6661, Passcode: 729062. Find your local number:

About PHI Group, Inc.

PHI Group (www.phiglobal.comPHIL) primarily focuses on advancing PHILUX Global Funds, a group of Luxembourg bank funds organized as “Reserved Alternative Investment Fund” (“RAIF”) (, 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.


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