New York, April 21, 2022 (GLOBE NEWSWIRE) -- PHI Group, Inc. (www.phiglobal.com, PHIL), a diversified holding company currently engaged in PHILUX Global Funds, the Asia Diamond Exchange (“ADE”) project in Vietnam, mergers and acquisitions and investing in special situations (www.co2-1-0.io), is pleased to announce that Empire Spirits, Inc., a subsidiary of PHI Group, Inc., will be launching the first U.S. distilled USDA organic baijiu, a joint venture with Five-Grain Treasure Spirits Co., Ltd., (“Five-Grain”), a company with over one hundred years of tradition in Jilin Province, China. The product will mark the first in a series of ultra-premium organic baijiu spirits to be distilled in the United States.
Baijiu, a white spirit distilled from sorghum, similar to vodka but with a fragrant aroma and taste, is the world’s most consumed spirit that boasts sales of over USD 83 billion. Priced up to 10X that of a similarly aged Scotch Whiskey, baijiu is considered the king of all spirits.
In China, where over 90% of baijiu is consumed, there has been a concern in recent times of the safety of Chinese-made foods, particularly consumables. The Chinese have long realized their land, air and water are badly tainted. As Chinese consumers look increasingly to international goods, organic baijiu is one of the products that will fill a large void.
Empire Spirits, in cooperation with Five Grain Treasure Spirits Co., will use the finest, organically grown sorghum from Kansas and distill the product in California. The baijiu will then be shipped to China, where it will mature in our underground warehouses.
Whereas Kweichow Moutai Co., a baiju producer with a market of $350 billion, has become the largest alcohol company in the world, Empire Spirits aims to find a very lucrative niche in the baijiu business.
With over 90% of baijiu sold in China, there is a tremendous opportunity with the international and US markets. A case in point, Tequila had very low sales when it entered international markets, but soon captured a very significant portion of the alcoholic beverage market. We believe baijiu will even be a greater hit. The barrier so far has been because of the lack of marketing, harsh burn and the relative high alcohol content (53%) compared to traditional 40% of Western spirits.
While our product will still maintain the integrity and keep the alcohol content the same, our unique manufacturing process produces a soft palatable taste that the internationals will definitely enjoy.
Mr. Jimmy Wang, Vice President of Five-Grain, commented: “By partnering with Empire Spirits to launch the world’s first U.S. distilled USDA organic baijiu, we are confident we will be able to make a big difference and become a major player in this sector.”
Henry Fahman, Chairman and CEO of PHI Group, concurred: “We are delighted to cooperate with with Five-Grain in this very special opportunity and are confident that it will create very significant value for our shareholders and all other stakeholders.”
About PHI Group
PHI Group (www.phiglobal.com, PHIL) primarily focuses on advancing 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 (www.co2-1-0.io) 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.
Contact:
PHI Group, Inc.
+1-714-793-9227
info@phiglobal.com
