PHI Group Inc. (OTCPK:PHIL) entered into an agreement to acquire Gridline Communications, Inc. and GridlineX on December 15, 2017. Under the transaction, PHI Group will form a special purpose vehicle under the name of Matrix Communications, Inc., as the holding company to acquire all the stock of Gridline Communications and GridlineX. After the completion of transaction, management team of Gridline Communications and GridlineX will work with PHI. Board of Directors of the Matrix Communications will be designed by Gridline and PHI shall be allowed to select one member of the Board of Directors. The transaction is subject to customary closing conditions, including approval by Board of Directors and shareholders of PHI Group, due diligence and creation of special purpose vehicle. The transaction is expected to close on January 15, 2018.