Vinafilms

**Background**
Vinafilms - “In accordance with Vinafilms’ domestically audited annual report containing financial statements for the year ended December 31, 2017, it generated $25 million in revenues and $765,000 in EBITDA in 2017. It has recently installed a German state-of-the-art plastic film processing system and will add two more of these to meet the growing domestic and international demand for its products. Vinafilms also plans to enter a joint venture with a leading Vietnamese plastic bag manufacturing company with an aim to bring combined revenues to over $150 million per year by the end of 2019.”

Address - New Vinafilms JSC, Đường số 9, Đức Hòa Hạ, Đức Hòa, Long An Province, Vietnam

https://finance.yahoo.com/news/phi-group-comments-operating-results-142859060.html

Homepage - http://vinafilms.com.vn/en/About-Us/

Business and Clients - http://vinafilms.com.vn/en/About-Us/Business-And-Clients/

https://www.globenewswire.com/news-release/2018/10/10/1619434/0/en/PHI-Group-Closes-Acquisition-of-Vinafilms-JSC.html ←- PHI Group Closes Acquisition of Vinafilms JSC 10/10/2018

PHIL owns 51% of Vinafilms

Here is on the ground video of Vinafilms -- > https://www.youtube.com/watch?v=p4slrCkJ7ps

Proof the company does exist and is showing enough activity to meet the revenue claims

**Directors and Officers**
NGHIEU THI DO, Director
https://opencorporates.com/companies/us\_wy/2018-000813419
https://vietnamcredit.com.vn/products/companies/new-vinh-nam-phat-packaging-films-joint-stock-company\_581168

**Speculation**
100% Speculation --> After hours spent we believe this is the building for Vinafilms --- You can see the extra height - That would coincide with the German state of art plastic film processing systems. With the PR we believe they have 3 as of now. Talking to an expert from Sri Lanka he has confirmed our theory on the design of the building as well as mentioning it would have room for at least 6 of the German Systems.

Here is an interesting Youtube video explaining  the reason for the additional height of the building -- https://youtu.be/ckUPYLkqPvU?t=92

**Press**
PHI Group Engages Grant Thornton Vietnam Ltd. for Valuation of Vinafilms JSC

New York, NY, Sept. 13, 2018 (GLOBE NEWSWIRE) -- PHI Group, Inc. (www.phiglobal.com) (OTCQB: PHIL), a U.S. diversified holding company focused on mergers and acquisitions and investments in select industries and special situations, today announced that the Company has engaged Grant Thornton Vietnam Ltd. to conduct an independent valuation to determine the fair-market value of Vinafilms Joint Stock Company (www.vinafilms.com.vn), a Vietnamese plastic manufacturing company of which PHI Group has signed an agreement to acquire a majority interest.

Vinafilms, a profitable privately-owned Vietnamese company that has been in business for more than thirteen years, has recently installed a German state-of-the-art processing system and will add two more of these to meet the growing domestic and international demand for its products. Vinafilms also plans to engage in a joint venture with a plastic bag manufacturing company to bring combined revenues to over $150 million per year by the end of 2019. PHI Group’s management believes the acquisition of Vinafilms should enable PHIL to qualify for an uplist to the Nasdaq Stock Market in the very near future.

PHI Group will use its wholly owned subsidiary “American Pacific Plastics, Inc.” as the special purpose vehicle to hold the majority interest in Vinafilms and plans to file a registration statement with the Securities and Exchange Commission for it to become a separate publicly traded entity, which should help facilitate financing Vinafilms’ growth and accelerate its rollup strategy.

Grant Thornton is ranked as one of the top six firms in all major markets and has member firms with 40,000 people in over 130 countries worldwide, which audit more than 2,500 listed companies and work with some of the world’s largest organizations. Grant Thornton (Vietnam) Ltd. has been operating since 1993, when it was the second international accounting firm to receive a license in Vietnam, and it is the only foreign firm with a business valuation license issued by the Vietnamese Ministry of Finance. Website: www.grantthornton.com.vn.